Chart Analysis
HAR Daily Timeframe Chart as of 25 May 2026
Haranga Resources (ASX: HAR) — Lincoln Gold Project Delivers Maiden JORC Resource of 402,000oz at 5.1 g/t Au in California's Mother Lode Belt With Existing Infrastructure and Mining Permits
On 25 May 2026, Haranga Resources Limited (ASX: HAR) announced the maiden JORC 2012 Mineral Resource Estimate for its wholly owned Lincoln Gold Project in Amador County, California, USA. The combined resource totals 2.46Mt at 5.1 g/t Au for 402,000 ounces of gold at a 2.0 g/t Au cut-off, comprising Lincoln-Comet (1.50Mt at 5.7 g/t Au for 275,000 oz, split Indicated 429kt at 6.6 g/t for 91,000 oz and Inferred 1.07Mt at 5.4 g/t for 184,000 oz) and Medean (0.96Mt at 4.1 g/t Au for 127,000 oz, entirely Inferred). The maiden JORC resource represents 40.6% more ounces than the historical non-compliant NI 43-101 foreign estimate. The project is supported by approximately A$90 million of prior capital investment, including a 315 ktpa processing plant (operated as recently as 2022), an 880-metre underground decline (String Bean Alley) with 900 metres of development drives, workshops, offices, and key mining permits in place. Rapid Restart studies will now commence to assess the key workstreams required to support potential near-term production.
Key Details at a Glance
| Detail | Value |
|---|---|
| Project | Lincoln Gold Project, Amador County, California, USA (100%-owned) |
| Location | Mother Lode Gold Belt, ~70 km ESE of Sacramento |
| Combined MRE (2.0 g/t cut-off) | 2.46Mt @ 5.1 g/t Au for 402,000 oz Au |
| Lincoln-Comet (Indicated) | 429kt @ 6.6 g/t Au for 91,000 oz |
| Lincoln-Comet (Inferred) | 1,068kt @ 5.4 g/t Au for 184,000 oz |
| Lincoln-Comet Total | 1,497kt @ 5.7 g/t Au for 275,000 oz |
| Medean (Inferred) | 961kt @ 4.1 g/t Au for 127,000 oz |
| At 4.25 g/t cut-off (NI 43-101 comparable) | 264,000 oz @ 8.41 g/t Au |
| Previous Foreign Estimate (2015 NI 43-101) | 959kt @ 9.29 g/t Au for 286,000 oz (non-JORC compliant) |
| Growth vs Foreign Estimate (at 2.0 g/t) | +40.6% more ounces |
| Exploration Target (South Spring Hill) | 1.16–1.64Mt @ 5.4–5.8 g/t Au for 202,000–308,000 oz |
| Existing Infrastructure | 315 ktpa processing plant, 880m underground decline, mining permits |
| Phase 1 Drilling | 44 HQ diamond holes for 3,237m (Nov 2025 – Apr 2026) |
| Competent Person (MRE) | Alfred Gillman, FAusIMM (Odessa Resources) |
| Competent Person (Exploration) | Craig Hall, MAIG (Chief Operating Officer, Haranga) |
Lincoln-Comet Resource — High-Grade Core With 33% Indicated
The Lincoln-Comet resource of 1.50Mt at 5.7 g/t Au for 275,000 oz is the more advanced of the two deposits, with 33% of the total classified as Indicated (91,000 oz at 6.6 g/t Au). The Indicated classification applies to the 100 and 200 zones, which together contain approximately 71% of the Lincoln-Comet metal count (195,000 oz). The resource spans 12 separately modelled mineralised domains (zones 100 through 1100), with the system dipping to the southwest at approximately 70 degrees within the Brower Creek Volcanic Member of the Mariposa Formation.
At a higher 4.25 g/t Au cut-off (comparable to the 2015 NI 43-101 estimate), the Lincoln-Comet resource grades 9.17 g/t Au for 194,000 oz — demonstrating a high-grade core within the broader resource.
The MRE was prepared using Ordinary Kriging in Leapfrog Edge with 5m × 5m × 5m parent blocks and 1.5m sub-cells. A 75 g/t Au top cut was applied based on log probability analysis. Bulk density was estimated using inverse distance squared interpolation, with a modelled average of 2.60 t/m³ for mineralised domains, considered slightly conservative relative to previous estimates.
Medean Resource — Inferred, With Grade Conservatism
The Medean resource of 961kt at 4.1 g/t Au for 127,000 oz is entirely Inferred, estimated using inverse distance squared (not kriging) due to the relatively limited drilling dataset. Approximately 53% of the Medean metal count (67,000 oz) occurs within the higher-grade M300 zone at 4.59 g/t Au.
The Medean grade is lower than the 2015 NI 43-101 foreign estimate because historic underground sampling results (including 26m at 8.8 g/t Au from backs sampling in an upper tunnel) were excluded from the 2026 calculation as the company was unable to verify these values. This represents a conservative approach that reduced the estimated grade in the Medean area.
Existing Infrastructure — A$90 Million of Prior Investment
The Lincoln Gold Project is differentiated from typical early-stage gold explorers by the presence of approximately A$90 million of prior capital investment:
The String Bean Alley decline extends 880 metres into the hillside with 900 metres of crosscut development, providing underground drilling platforms and potential future mining access to the Lincoln-Comet resource. Dewatering of the decline is ongoing and currently clearing Crosscut 9. A 315 ktpa processing plant operated as recently as 2022 (though it did not achieve sustained commercial production). The project holds a Conditional Use Permit from Amador County permitting mining up to 1,000 short tons per day and processing of 350,000 short tonnes (315 kt) per annum. Workshops, offices, and surface infrastructure are in place.
Rapid Restart Studies and Growth Pathway
Following the maiden MRE, the company has outlined several near-term workstreams:
Rapid Restart studies will assess mining method selection for the narrow vein system, the operation's ability to sustain ~315 ktpa throughput, the development approach required to access and grow the resource, and key risks and decision points. In parallel, a milling strategy review will audit the current plant, identify replacement or upgrade items, and estimate restart costs.
Resource growth opportunities include conversion of the South Spring Hill Exploration Target (1.16–1.64Mt at 5.4–5.8 g/t Au for 202,000–308,000 oz) to JORC resource, additional deep and targeted drilling planned for July 2026, systematic assessment of further Exploration Target opportunities at Old Lincoln, Wildman-Mahoney, and Keystone Deeps, and testing of mineralisation repetitions at depth (high-grade gold is known to repeat across southwest-plunging corridors extending as far as ~2,000 metres below surface).
Tailings reprocessing — approximately 3,000 tonnes at 1.2 g/t Au from prior milling (2013 and 2022) has been presented for characterisation testwork to assess gold recovery via gravity methods.
Mother Lode Belt — Historic Gold Province
The Lincoln Gold Project is located within the Mother Lode Gold Belt — a 200 km long system of linked gold-quartz veins in California's Sierra Nevada foothills. Haranga holds a 6 km mineral rights and permitting position within this historically prolific belt, which has produced over 13 million ounces of gold from hard rock mining over the past 170 years. Historic hard rock gold production within Haranga's 6 km tenure totals approximately 3.4 million ounces. Mining at Lincoln ceased during World War II as manpower was redirected to the war effort, leaving behind significant known gold within historical shafts.
Market Context
HAR closed at $0.145 on the announcement day, up +31.8% from a previous close of $0.110, with an intraday high of $0.150. The 52-week range spans $0.052 to $0.250. The maiden JORC resource positions the Lincoln Gold Project as one of the highest-grade gold development opportunities on the ASX, with existing underground access, a processing plant, and mining permits in place.
Risks & Considerations
Narrow vein mining complexity: The Lincoln-Comet mineralised zones are narrow, structurally controlled quartz veins hosted within shear zones. Mining narrow veins at depth introduces dilution, grade control, and operational challenges that have not been assessed through a scoping or feasibility study. No mining method has been selected.
Processing plant not proven for sustained commercial production: While the 315 ktpa plant operated as recently as 2022, it did not achieve sustained commercial production. A plant audit, replacement of key items, and restart cost assessment are required. Capital expenditure for restart has not been disclosed.
Predominantly Inferred Resource: Of the 402,000 oz total, 311,000 oz (77%) is classified as Inferred. Inferred Resources carry a lower level of geological confidence. The Medean resource (127,000 oz, 32% of the total) is entirely Inferred, estimated using ID² rather than kriging.
Historic data reliance: A substantial portion of the drill database predates 2006, with limited documented QAQC for early campaigns. The Competent Person has noted moderate risk to database integrity from the lack of QAQC information and variable quality of pre-2006 assay data, though the 2025–2026 Phase 1 drilling has provided validation.
Coarse gold: The deposit has a confirmed coarse gold component, which introduces inherent sampling variability. Screen fire assays have been employed to mitigate this, but variability between sampling methods remains a characteristic of the deposit.
Permitting for development: While a Conditional Use Permit allows mining and processing, additional permits — including reinstatement of blasting permits and lapsed mining development permits — would be required to extend the decline or commence production activities.
No economic study: No scoping, pre-feasibility, or feasibility study has been completed. Mineral Resources that are not Ore Reserves do not have demonstrated economic viability.
Funding: The company reported approximately A$2.7 million in cash at the end of the March 2026 quarter. The cost of Rapid Restart studies, additional drilling, and any decline extension or plant restart activities has not been disclosed. Further capital may be required.
Key Dates & Timeline
| Date | Event |
|---|---|
| March 2025 | Haranga announces acquisition of Lincoln Gold Project |
| July 2025 | Acquisition completed |
| November 2025 | Phase 1 underground diamond drilling commences (44 holes, 3,237m) |
| March 2026 | South Spring Hill Exploration Target announced (202,000–308,000 oz @ 5.4–5.8 g/t) |
| April 2026 | Phase 1 drilling completed |
| 15 May 2026 | Final Phase 1 assay results released |
| 25 May 2026 | Maiden JORC MRE — 2.46Mt @ 5.1 g/t Au for 402,000 oz; share price moved +31.8% |
| July 2026 | Additional deep and targeted drilling planned |
| H2 2026 | Additional Exploration Targets and Rapid Restart studies |
| TBC | Mill audit, mining method selection, Scoping Study |
Price Data
- Previous Close: $0.110
- Close Price (25 May 2026): $0.145
- Change (25 May 2026): +31.8%
- 52-Week Range: $0.052 – $0.250
Notable Price Levels
- $0.150 — intraday high on announcement day and near the session close
- $0.158 — prior trading level within the 52-week range
- $0.168 — earlier consolidation zone
- $0.145 — announcement-day close
- $0.133 — intermediate level
- $0.124 — prior consolidation zone
- $0.110 — pre-announcement close
- $0.107 — near the pre-announcement trading range
Key Takeaways
- HAR moved +31.8% on 25 May 2026 following a price-sensitive ASX disclosure, with an intraday high of $0.150.
- The announcement — Lincoln delivers 402koz @ 5.1g/t Gold Maiden JORC Resource — was the primary catalyst for the price movement.
- The maiden JORC MRE totals 2.46Mt at 5.1 g/t Au for 402,000 oz gold across Lincoln-Comet (275,000 oz at 5.7 g/t, 33% Indicated) and Medean (127,000 oz at 4.1 g/t, entirely Inferred) — a 40.6% increase in ounces over the 2015 NI 43-101 foreign estimate.
- The project is supported by approximately A$90 million of prior capital investment, including an 880-metre underground decline, a 315 ktpa processing plant (operated as recently as 2022), and key mining permits in place.
- Rapid Restart studies will now commence, alongside additional deep drilling planned for July and assessment of further Exploration Targets at South Spring Hill (202,000–308,000 oz), Old Lincoln, Wildman-Mahoney, and Keystone Deeps.
- The resource is 77% Inferred. No economic study has been completed. The processing plant has not achieved sustained commercial production. The company held approximately A$2.7 million in cash at end March 2026.
Summary
Haranga Resources announced the maiden JORC Mineral Resource Estimate for its Lincoln Gold Project in California's Mother Lode Belt — 2.46Mt at 5.1 g/t Au for 402,000 ounces of gold, comprising Lincoln-Comet (275,000 oz at 5.7 g/t, 33% Indicated) and Medean (127,000 oz at 4.1 g/t, entirely Inferred). The announcement coincided with a +31.8% move to $0.145. The maiden resource represents a 40.6% increase over the historical NI 43-101 foreign estimate and positions Lincoln as one of the highest-grade gold development opportunities on the ASX. The project is differentiated by approximately A$90 million of prior capital investment, including an 880-metre underground decline, a 315 ktpa processing plant, and mining permits. Rapid Restart studies will now commence, with additional drilling planned for July 2026 and multiple pathways identified for resource growth including the South Spring Hill Exploration Target (202,000–308,000 oz at 5.4–5.8 g/t Au). The resource is 77% Inferred, no economic study has been completed, and the processing plant has not achieved sustained commercial production.
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