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Haranga Resources’ Unveil Significant Maiden High-Grade Uranium Mineral Resource

25 September 2023 10:07
ASX: HAR
Uranium 1 1

Haranga Resources Ltd (ASX:HAR; FRA:65E0) has revealed a significant milestone in uranium exploration with its Saraya Uranium Deposit in Eastern Senegal, West Africa, releasing a maiden global mineral resource estimate (MRE) of 16.1 million pounds of eU3O8 at 587 ppm grade, emphasising the Project’s substantial potential.

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Figure 1: Saraya Permit Location

Project Overview

Haranga Resources secured a significant stake in the 1,650 square-kilometre Saraya Uranium Deposit in Senegal through a joint venture with Mandinga Resources SARL, leveraging the uranium potential originally identified by the French Atomic Energy Commission in the late 1950s.

Exploration activities have occurred intermittently over the years, with organisations such as COGEMA (now Orano) and Areva conducting investigations.

These efforts revealed uranium mineralisation associated with brecciated corridors within Episyenite in a sodic metasomatism context. However, these activities faced interruptions and shifts in priorities.

In 2022, Haranga Resources assumed control of exploration activities at the Saraya prospect and embarked on a drilling program to validate the geological model and seek extensions to the known uranium mineralisation. This initiative encompassed 22 diamond drill holes, totalling 3,021 metres of drilling, conducted in collaboration with IDC (International Drilling Company-West Africa) and Terratec Geophysical Services (Germany).

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Figure 2: Senegal Geology

Maiden Inferred Mineral Resource Estimate

The culmination of these efforts is the JORC 2012 Inferred Resource Estimate, which unveils an estimated 16.1 million pounds (7,300 tonnes) of eU3O8 (Uranium Trioxide) at an average grade of 587 parts per million (ppm).

The Resource covers only 0.2 square kilometres of permit area, with this estimate employing a conservative 250 ppm eU3O8 cut-off grade, and is divided into two primary zones:

+30RL Zone: This Inferred resource encompasses 9.40 million tonnes at a high grade of 641 ppm eU3O8, containing 13.29 million pounds (6,000 tonnes) of uranium trioxide. Importantly, this high-grade component lies within 160 metres of the surface, potentially allowing for open-pit mining.

-30RL Zone: The Inferred resource in this zone consists of 3.05 million tonnes at an average grade of 419 ppm eU3O8, with a total contained eU3O8 of 2.82 million pounds (1,300 tonnes).

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Table 1: Saraya Mineral Resource Estimate – 250ppm cutoff, Indicator Kriging. (30RL is a depth measurement – approximately 160m below the topographic surface)

The resource estimate underscores the substantial mineralisation potential within the Saraya Uranium Deposit, which remains open along strike, down-dip, and down-plunge.

It is important to note that this estimate relies on a comprehensive database encompassing data from 541 historical drill holes, supplemented by data from Haranga’s 2022 drilling campaign.

Exploration Upside and Growth Prospects

Beyond the maiden resource estimate, Haranga Resources recognises significant exploration potential across the expansive Saraya permit area.

The company has identified six additional uranium radiometric and coincident geochemical uranium anomalies, indicating the possibility of further resource expansion.

Notably, some of these regional anomalies surpass the size of the known Saraya resource mineralisation. For instance, the Diobi prospect is five times larger than Saraya.

The Company is currently awaiting sampling results from the southern half of the permit, where historic radiometric anomalies suggest potential mineralisation.

Haranga Resources Managing Director Peter Batten said the Company is very pleased with both the size and the grade of this initial Mineral Resource Estimate.

“This marks a significant milestone for the Company and was based on solid work by our professional team in digitising, translating and validating existing data, a fitting reward for their efforts,” he said.

“The deposit size and grade, place it at the forefront of junior exploration companies.”

“The Saraya permit has a real prospect of significant growth through the Saraya deposit extensions, the six surrounding geochemical and radiometric coincident anomalies already identified and the radiometric anomalism that sits in the 60% of the permit yet to be explored.”

HAR’s Australian Stock Exchange-listed share price is currently trading at 15c (10 am UTC+ 8 hours).

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