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Haranga eye Saraya Uranium Exploration Target Conversion

28 February 2023 07:36
ASX: HAR

Haranga Resources continue to build up the Saraya project’s uranium potential, having just finished up an over three thousand metre drilling program, with initial downhole gamma logging results confirming shallow widespread uranium mineralisation across the Saraya Prospect covering only 0.2 square kilometres of the 1,650 square kilometre permit.

These results come in at the upper end of the Saraya project’s considerable exploration target — marking a significant step towards converting to a maiden JORC mineral resource.

The 22-hole drilling campaign uncovered 524 metres of mineralisation from 45 intercepts at an average grade of 775 parts per million triuranium octoxide, well above the cut-off of 300ppm and with best intersections including 5.7 m @ 3,176 ppm eU3O8 from 26.8 m and 36.4 m @ 1,246 ppm eU3O8 from 78.7 m.

The results come from a contained area where sampling has already revealed multiple new uranium anomalies extending over 25 kilometres with anomalous values up to 17ppm.

The objectives of drilling were to validate the geological model used to estimate Saraya’s exploration target of up to 20 MT of uranium with a grade range between 350 to 750 ppm eU308, as well as validate historical drilling data and extend known mineralisation.

The company said they would now aim to convert Saraya’s exploration target into a maiden JORC resource in the second quarter of this year.

“Following the release of our Exploration Target last year, we are excited to report that the average grade from all intercepts was 775 ppm eU3O8, which is at the high end of the Exploration Target grade range, as we head into preparing the Company’s initial Mineral Resource,” non-executive Chairman Michael Davy said.

“These positive drill results further follow previous news, where the Company defined a number of additional uranium anomalies outside of the Saraya Prospect. With some of these anomalies coinciding with historical uranium mineralisation from drilling, these anomalies point to the potential for further discoveries across the 1,650 square km permit.”

HAR’s Australian Stock Exchange-listed share price is currently trading at 21.5c (7.31 am UTC+ 8 hours).

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