Haranga Resources (ASX:HAR) has acquired around 24.28 hectares adjacent to its Lincoln Gold Project in California, US, for US$1.55 million ($2.18 million).
The company entered into a purchase and sale agreement with Land Club Sutter Creek to acquire 100% of the surface and mineral rights to two contiguous properties totalling 24.3 hectares.
The purchase marks the first footprint expansion of the Lincoln Project in approximately two decades.
According to Haranga, the acquired land is immediately adjacent to its wholly owned Lincoln Project, which hosts a JORC mineral resource estimate of 402,000 ounces of gold at 2.45 million tonnes grading 5.10 grams per tonne gold.
Chairman Michael Davy says the acquisition builds on Lincoln’s advantages as a ‘compelling’ gold opportunity.
“After several months of planning and negotiation, we are very pleased to have executed this agreement to acquire these strategically located properties,” Davy says.
“Haranga is in a commanding position within the Mother Lode Gold Belt, supported by extensive existing infrastructure, underground decline, and key permits, including a conditional use permit to mine.
“This gives Lincoln multimillion-ounce potential and a clear pathway to development, and this acquisition builds further on those considerable advantages.”
The acquisition provides improved operational access for drilling, development, and potential mining around Lincoln-Comet. It also enables the extension of the existing String Bean Alley decline north towards the Medean, South Spring Hill, and Keystone deposits, which have a combined historical production of around 1 million ounces of gold.
Haranga says it is still assessing other consolidation opportunities across the Mother Lode Gold Belt while advancing growth objectives at Lincoln.
The company is also progressing preparations for a drilling program commencing at XC11 late this month (August).
Haranga Resources is a gold explorer and developer with assets across California’s Mother Lode Gold Belt and Senegal’s Kéniéba Inlier.
Write to Paula Fabe at Mining.com.au
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