Highlights

  • Haranga Resources (ASX: HAR) completed a 3,250m HQ diamond drilling programme at the Lincoln Gold Project — the first diamond drilling at Lincoln-Comet in over 12 years — with standout intercepts including 4.8m @ 25.40 g/t Au, 2.4m @ 38.01 g/t Au, and 9.2m @ 9.58 g/t Au.
  • Deep holes DDH0280 and DDH0281, targeting potential lode repetitions below the Comet decline, intersected gold mineralisation more than 150m below the current workings, confirming the system remains open and mineralised at depth.
  • HAR shares gained 3.8% to $0.135 on Volume of 3,681,484 shares as the company confirmed the maiden JORC-compliant Mineral Resource Estimate for Lincoln-Comet and Medean remains on track for mid-May 2026.

Haranga Resources Limited (ASX:HAR) shares gained 3.846% to close at $0.135 on 4 May 2026, with Volume of 3,681,484 shares — one of the more actively traded sessions for the company. The bid/offer spread at close was $0.135–$0.140, and the company's Market Capitalisation stood at approximately $57.85 million. The share price response reflects positive investor sentiment toward the drilling results released that day, as Haranga reported the outcomes of its 3,250-metre HQ diamond drilling programme at the Lincoln Gold Project — the first systematic diamond drilling at Lincoln-Comet in over twelve years.

Programme Overview: First Diamond Drilling in Over a Decade

The 3,250m HQ diamond drilling programme at the Lincoln Gold Project in Western Australia represents a pivotal step in Haranga's transition from a resource company reliant on a non-JORC-compliant NI 43-101 estimate toward a JORC-compliant resource framework. The existing NI 43-101 (non-compliant with Australian reporting standards) Mineral Resource Estimate for Lincoln-Comet and Medean stood at 958,910 tonnes at 9.29 g/t Au for approximately 286,000 oz Au at a 4.2 g/t cut-off. Conversion to a JORC-compliant MRE is a prerequisite for the asset to be fully valued and financed within the Australian market.

The programme is now complete, with assays returned from all holes except four at crosscut 8 (XC8), expected in the week following the announcement. The drilling targeted crosscuts XC3 through XC8, a spatial coverage designed to provide the density of sampling required for JORC compliance, while also testing multiple areas of the ore body and deeper extensions below the current underground decline.

Key Drilling Intercepts and Grade Profile

The results across the drill programme confirm a high-grade gold system with multiple significant intercepts. The most notable results include 4.8m at 25.40 g/t Au from 36.4m depth (including 2.4m at 48.84 g/t Au) in DDH0278; 2.4m at 38.01 g/t Au from 26.3m (including 1.0m at 63.8 g/t Au) in DDH0274, which also returned 3.0m at 15.35 g/t Au from 56m depth; and 9.2m at 9.58 g/t Au from 1m in DDH0279, which includes 0.6m at 69.1 g/t Au. Additional high-grade intervals were returned across DDH0285 (4.5m at 18.74 g/t Au from surface), DDH0286 (2.5m at 29.94 g/t Au from surface), and DDH0267 (5.9m at 13.13 g/t Au from 37.3m).

The drilling also included a suite of lower-grade holes designed to provide spatial coverage for JORC compliance rather than to maximise headline intercepts. These holes tested peripheral areas of the ore body to establish geological continuity and delineate boundaries — necessary work for resource classification that does not always generate standout assays but is critical for underpinning a defensible resource estimate.

Depth Extensions: System Remains Open Below Current Workings

Of particular geological significance are the results from DDH0280 and DDH0281, two deep holes drilled from crosscut 7 (XC7) to test for potential lode repetitions at depth below the Comet decline. These holes intersected gold mineralisation within broader zones of alteration, veining, silicification, and sulphide mineralisation more than 150 metres below the current decline development. While the grade and thickness of the deep intercepts have not been disclosed in detail in the announcement, the presence of gold-associated alteration at these depths is interpreted as confirmation that the Lincoln-Comet system remains open and mineralised below the current development horizon.

Haranga describes these results as providing 'geological vectors for follow-up drill targeting of potential higher-grade repetition lodes at depth.' In gold Mining, lode systems in shear-hosted deposits frequently exhibit structural repetition at depth — where the same gold-bearing shear geometry repeats below known ore — and if confirmed through targeted drilling, this could materially expand the resource envelope beyond what the current programme has defined.

Existing Infrastructure: A Material Derisking Factor

A defining characteristic of the Lincoln Gold Project is the level of existing infrastructure inherited from prior development. The project is supported by approximately $90 million of prior Capital Investment including a 315 ktpa processing plant, an 880-metre underground decline, 900 metres of development drives, workshops, offices, and key Mining permits already in place. This infrastructure asset is significant in the context of the company's current Market Capitalisation of approximately $57.85 million — the infrastructure alone represents more than the company's current Equity value.

The processing plant and underground development reduce the Capital intensity of any future production decision compared to a greenfield gold project of equivalent resource size. The key Mining permits being in place also removes a significant approvals risk that can add years to the development timeline of otherwise technically advanced projects.

Upcoming Catalysts and Timeline

Haranga has outlined a concentrated newsflow schedule over the coming weeks. The remaining assays from the four XC8 holes were expected in the week of the announcement. The Medean Exploration Target is expected in mid-May, and the maiden JORC-compliant MRE for Lincoln-Comet and Medean is also targeted for mid-May 2026. Further resource growth opportunities include additional deep and targeted drilling scheduled for July and additional Exploration Targets in the second half of 2026. The company's cash position as at 31 March 2026 stood at $9.3 million, providing operational runway to execute these near-term workstreams.

Conclusion

Haranga Resources' diamond drilling programme at Lincoln has delivered high-grade gold intercepts that are expected to underpin a meaningful JORC-compliant resource in mid-May 2026. The combination of confirmed high-grade mineralisation across multiple crosscuts, depth extensions suggesting the system remains open below the current workings, and approximately $90 million of prior infrastructure Investment provides the company with a differentiated development case relative to its Market Capitalisation. The upcoming maiden JORC MRE and Medean Exploration Target will be closely watched by the market as the next step in establishing the scale and grade profile of the Lincoln Gold Project.