Haranga: June 2012 Quarterly Activities Report
July 26, Haranga Resources Limited (ASX:HAR) --
- Highlights -
Exploration Activity
• Outstanding results obtained from the metallurgical test work thus far completed at the Selenge Iron Ore Project.
• Comprehensive Davis Tube Recovery (DTR) test program revealed that all three Selenge deposit/prospects thus far drilled can consistently produce magnetite concentrate at an average grade of over 65% Fe with low levels of contaminants.
Summary DTR Results – Average Conc Quality from all Iron Zones
(80% passing 75µm, 10% yield cutoff)
Deposit | Average Mass Yield | Fe (%) | SiO2 (%) | Al2O3 (%) | S (%) | P (%) |
Bayantsogt | 29.1% | 65.77 | 3.25 | 0.96 | 1.03 | 0.02 |
Prospects | ||||||
Dund Bulag | 18.0% | 65.15 | 5.34 | 1.32 | 0.18 | 0.00 |
Huiten Gol | 29.8% | 68.78 | 1.90 | 0.41 | 0.01 | 0.01 |
• Even the lower grade ore at Selenge is upgradable to a top quality concentrate justifying a significant price premium.
• The 75µm grind employed may not be necessary to achieve a saleable concentrate and DTR tests will be conducted at even coarser grind sizes.
• The 2012 drill program has commenced, with seven diamond core rigs now actively drilling at Selenge.
Corporate Activity
• Mongolia passed a Foreign Investment Law that provides for a Government approval process for significant change of control transactions in the minerals sector.
• Marshall Cooper, a nominee of the Lippo Group, has joined the Company's board.
• The Company maintains a cash position of $15 million.
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Link to report
Link to Quarterly Cash Flow Report
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