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Haranga sets sights on Uranium Resource

8 February 2023 08:32
ASX: HAR
HAR Saraya Online 1

With the finalisation of a 22-hole diamond drilling campaign for over three thousand metres at Saraya last December, Haranga Resources poised itself to begin the year bringing in a heady flow of news, packed with the modern glow of uranium and the eternal lustre of gold from southeast Senegal.

First up will be drill results aimed at confirming a uranium target of up to 35 million pounds of U3O8 over only 0.2km2 of a 1,650km2 permit, directed at establishing Saraya’s maiden JORC resource by the end of this quarter.

Assays are set to soon come in, but the logging of drill core has already confirmed wide zones of alteration in the exploration target envelop — results which indicate uranium was potentially intersected in every single hole.

And resting near the Saraya camp is a recently acquired and highly prospective South Ibel gold permit, brought in as target ready with known anomalies and primed to rapidly move to drill-readiness.

Haranga exploration at Ibel has been concentrated around known historical gold anomalies showing up to 180 parts per billion gold at surface, last year’s infill termite mound program collected 2,200 samples with assays pending, and the explorer plans to strike any confirmed anomalies with the drill.

Acquiring Ibel set up a pair of projects moving in sync in the mining friendly nation, moving on resources trading at increasingly high prices.

The race against emissions targets and the need for energy security has caused the price of uranium to ascend over the past five years, now back over 50 US dollars a pound, with some experts holding eye catching expectations for yellowcake’s near-term future.

“Today I think we are where we were at the beginning of the big move like back in the early 2000s, it has the same feel to it,” 35-year nuclear veteran Sashi Davies told Resources Rising Stars.

Talking to figures across the industry, she saw the start of a wave which would cause uranium to reach record highs and break the US$140 per pound mark set in 2007.

And while uranium has the power of a future-facing energy source, gold is simply the subject of eternal fascination, a chemically unremarkable metal highly sought after for millennia with its own bullish outlooks.

With the possibility of a large uranium JORC resource, a gold package working in harmony, and a market cap sitting at only $7.81 million, Haranga might not just be primed for heavy newsflow, but a significant re-rating.

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