When it comes to investing in pre-production junior exploration and mining companies, access to working capital is key. Fusing working capital with a well-defined exploration plan can provide prospective investors with a better idea of how funds may be deployed to create value and increase an exploration company’s worth. Harfang Exploration Inc. (Harfang), trading as HAR on the TSX Venture exchange (TSXV), has several critical minerals and precious metals properties in Québec and Ontario and is well capitalized, especially in relation to the company’s current valuation.
Background
Harfang first came to the market on June 30, 2017 through the completion of a Reverse Take Over (RTO) via a capital pool company on the TSXV [1]. At the time, Harfang was operating as a project generator with a primary goal to discover new gold districts within Québec [2]. Harfang completed their RTO with a focus of exploring their Lac Ménarik and Ménarik-Est properties for gold in the James Bay region of Québec [3].
Shortly after completing the RTO, on October 11, 2017, Harfang acquired their Serpent project through staking which is contiguous with now Quebec Precious Metals’ Sakami gold project (for more information on Quebec Precious Metals, please refer to this article and interview: https://www.miningperspectives.com/quebec-precious-metals-sometimes-theres-more-to-a-company-story-than-just-a-name/ & https://www.youtube.com/watch?v=6YAca3KWwAA). The Serpent project was prospective for copper and gold mineralization (see Figure 1) [4].
Figure 1: Staked claims comprising Serpent property from October 11, 2017 press release [5].
On November 8, 2017, Harfang announced successful results of prospecting their Ménarik properties which retuned several gold, copper, zinc, and lead channel and grab sampling values [6]. On May 23, 2018, Harfang announced the staking of Lake Aulneau, a Copper-Nickel-Platinum-Palladium project near Nunavik, Quebec, which had a historical resource of just over 1 million tonnes at 2.02% Cu, 0.45% Ni, 1 g/t Pt and 3.1 g/t Pd [7]. Prospecting results from the Serpent property were released on October 11, 2018, November 7, 2018, and December 10, 2018 where channel, grab, and soil sampling identified new gold, copper and silver mineralization across the Serpent claim package [8], [9], [10].
2019
Heading into 2019, on January 16, 2019 Harfang continued to report on exploration success at Lake Ménarik where trenching results returned high grade gold values [11]. On May 15, 2019, results from a magnetic survey for the Serpent project was released indicating a link between magnetics, mapped structures and known mineralized occurrences at the Mista prospect [12]. On June 12, 2019, Harfang announced the acquisition of the Lake Tapiatic gold-copper project through staking [13]. Additional high grade gold discoveries at Serpent were announced in a press release from October 17, 2019 [14]. On December 10, 2019, channel and grab sampling results were released which identified five new gold showings at Serpent [15]. It was also noted in the December 10, 2019 press release that the Serpent property has copper, lead, silver zinc, molybdenum, and tungsten showings in addition to bismuth anomalies.
2020
On January 16, 2020, Harfang announced the expansion of the Serpent property and additional gold-in-till sampling results (see Figure 2) [16]. On January 21, 2020, Harfang acquired an additional prospective gold project (the Kali Property) near Azimut Exploration’s Patwon prospect on their Elmer Property through staking [17]. The Kali Project was subsequently sold as per the September 9, 2020 press release in exchange for shares and a 2.5% net smelter return royalty [18].
From the May 12, 2020 press release, Harfang reported results from an Induced Polarization survey completed at Serpent where a chargeability axis was identified underneath the surface mapped Mista prospect [19]. On June 9, 2020, Harfang announced the acquisition of 2 gold projects (Bonfait and La Passe) in the James Bay region of Québec through staking [20]. Exploration success at Serpent continued in 2020 with the announcement of 7.78 g/t Au over 6.15 m in a channel sample as per the September 22, 2020 press release (see Figure 3) [21]. Additional results from this press release included the discovery of over 20 gold showings part of a larger 12 km east-west mineralized trend. Additional till sampling results released on October 20, 2020 increased the size of the gold-in-till anomaly from the previous 4 sq. km area to over 8 sq. km; however as of this press release the source of the gold remained unexplained [22].
Figure 2: Location of Newly Acquired Serpent Claims and Gold Showings from Till Sampling [23].
Figure 3: Location of Gold Showings and Other Mineralized Areas on the Serpent Property as of September 2020 [24].
2021
Additional gold discoveries at Serpent were announced to kick off 2021, as per the January 12, 2021 press release where Harfang identified three additional gold showings and staked an additional 15,140 hectares resulting in a total project area of 43,452 hectares (see Figure 4) [25]. On February 9, 2021, Harfang announced gold-in-soil anomalies with several coincident gold-in-till anomalies and the start of a 4,000 m maiden drill program at Serpent, focusing on targets located beneath the gold-in-soil anomalies (see Figure 5) [26]. First drill results from the maiden program at Serpent were announced in the May 20, 2021 press release where intercepts included 3.47 g/t Au over 7.5 m (starting 5.5 m downhole from SER-21-013), 47.1 g/t Au over 0.7 m (starting 17 m downhole from SER-21-002), and 1.44 g/t Au over 15.2 m (starting 112.55 m downhole from SER-21-002) [27]. Mineralization reported from drillhole SER-21-013 was situated underneath a marsh where it was postulated that gold previously identified in historical press releases are “likely proximal to the bedrock source”. Harfang noted that the drillhole from the first pass program did not fully explain the reason for the abundance of gold-in-till and soil occurrences. Additionally, drillhole SER-21-007 was also noted to have intersected nickel mineralization grading 0.37% Ni over 17.2 m including 0.53% Ni over 7 m. Final results from the first drill program at Serpent were announced on July 13, 2021 with drillhole SER-21-017 returning 3.61 g/t Au over 5.9 m (starting 190.2 m downhole). A second drill program was announced consisting of approximately 2,500 m planned to start mid- to late-summer 2021 [28]. On August 31, 2021, Harfang announced the start of the second drilling program at Serpent consisting of 3,500 m focusing on targets up-ice (closer to the potential interpreted source) of the previously announced gold-in-till anomaly [29]. On September 28, 2021, Harfang announced several additional high grade gold grab and channel samples at Serpent adding to the over 7 km long gold mineralized structures on both Harfang and LaSalle Exploration’s properties (see Figure 6) [30]. Harfang reported first drillholes from the second drilling program at Serpent on December 1, 2021 where drillhole SER-21-029 returned 4.09 g/t Au over 8 m (starting 9 m downhole) and drillhole SER-21-035 returned 4.33 g/t Au over 7 m (starting 50 m downhole) [31]. In addition, the strike length of the main gold mineralized structure (Stu) was extended by 425 m; a gold mineralized area larger than 10 sq. km was identified both at surface and at depth. Furthermore, gold bearing structures on Serpent were found to extend onto LaSalle Exploration’s Radisson property with a total length of at least 10 km (see Figure 7).
Figure 4: Location of Newly Staked Serpent Claims and New Gold Showings from the January 12, 2021 press release [32].
Figure 5: Gold Showings Across Serpent Property in Relation to Till Anomaly and Location of Drilling [33].
Figure 6: Grab and Channel Samples along 7 km Mineralized Trend on the Serpent and Radisson (LaSalle Exploration) Properties [34].
Figure 7: Serpent Gold-in-Till Anomaly and Diamond Drillholes in relation to LaSalle Exploration’s Radisson Property [35].
2022
On January 25, 2022, final drilling results from the summer 2021 program were released where it was confirmed that gold mineralization at the Stu structure has been defined to at least 1.7 km and was open laterally and at depth [36]. This press release included additional gold-in-till samples which increased the previously defined gold-in-till anomaly and announced the start of a 6,000 m drill program. It was postulated that the gold-in-till anomaly may be sourced from the Goldhawk structure on LaSalle Exploration’s Radisson property.
Acquisition of LaSalle Exploration
Harfang started 2022 with a key press release highlighting the acquisition of LaSalle Exploration (LaSalle) to further consolidate Harfang’s Serpent property with the addition of LaSalle’s Radisson project (see Figure 8) as per the January 6, 2022 press release [37].
Figure 8: Location of gold corridor with respect to Harfang’s Serpent and LaSalle’s Radisson Properties from the January 6, 2022 press release [37].
Through a strategic financial investment from Monarch Mining Corporation (Monarch), a definitive agreement for Harfang to acquire all the outstanding shares of LaSalle Exploration was reached. The transaction would result in a well funded company with a major focus on the Serpent-Radisson property, “a new district-scale gold corridor in the James Bay Region” with a total area of 508.4 sq. km. Coupled with this transaction was an offering for $5 million where Monarch committed to participate in the offering for $1.5 million. The $4.25 million offering closed on February 4, 2022 where it was announced that Caisse de dépôt et placement du Québec (an institutional investor which manages several public pension and insurance plans in Quebec) contributed $1 million and several other Québec institutions contributed approximately $1.6 million in addition to Monarch’s $1.5 million [38], [39]. The completion of the Harfang and LaSalle Exploration merger was announced in an April 13, 2022 press release [40]. Upon completion of the merger, Harfang reported having approximately $10 million in cash with a consolidated Serpent-Radisson property covering over 500 square kilometers in addition to several other exploration properties in both Ontario and Quebec.
On May 17, 2022, Harfang reported winter drilling assay results from the Serpent-Radisson property and included an intercept of 2.52 g/t Au over 19.65 m from 40 m downhole (from underneath the swamp) [41]. The assay results determined that the most significant gold mineralized area is located in a swamp up-ice of the defined gold-in-till anomaly. This press release also highlighted the summer 2022 exploration program which would focus on prospecting, mapping, and soil sampling areas of the Serpent-Radisson property target areas with little exploration to date. The goal of the summer exploration program was to refine targets for drill testing later in 2022.
On June 9, 2022, Harfang announced additional details for their summer 2022 exploration strategy [42]. Harfang indicated that the summer exploration program would focus on Serpent-Radisson, Egan, Lake Ménarik, Ménarik East, Blakelock, and Lake Aulneau where programs would aim to identify high-priority drill targets across these projects (see Figure 9 for locations of projects). In total, this exploration program would cost $2 million with half of the budget dedicated towards exploration at Serpent-Radisson. Egan, previously a LaSalle project located in Ontario, is a grassroots project with high grade gold showings at surface with grab samples ranging from 15 g/t Au to 100 g/t Au. Harfang planned to expand soil sampling at Egan in 2022. Blakelock, another LaSalle project situated in Ontario, is a previously drilled project with historical intercepts including 10.9 g/t Au and 97.5 g/t Ag over 10.25 m. Harfang noted their plans to start exploration on Blakelock in the 2023 winter season where drilling would be completed following an induced polarization survey.
Figure 9: Harfang Exploration’s Project Portfolio within Quebec and Ontario as of June 9, 2022 [43].
On July 21, 2022, Harfang announced that they signed an option agreement with Li-FT Power (Li-FT) where Li-FT could acquire up to a 70% interest in the Pontax lithium-gold project [44]. In return for the 70% interest, Harfang would acquire $100,000 in cash, retain a 30% interest in the project, retain a 2.5% net smelter royalty or form a joint venture with Li-FT if the option agreement were to be completed and Li-FT contributed to all necessary exploration expenditures over the option period.
On August 31, 2022, Harfang reported geochemical results from the Egan gold project where a soil geochemical survey identified a large gold-in-soil anomaly to the south of E1, a previously identified high grade gold occurrence at Egan [45]. The soil survey identified an approximately 1 km long by 500 m wide gold-in-soil anomaly in addition to the discovery of the E1 South showing represented by a 25 g/t Au grab sample (see Figure 10).
Figure 10: Soil survey results from the August 31, 2022 press release in relation to high grade gold surface showings and geophysics [46].
Serpent-Radisson – Gold, Lithium, and Rare Earth Potential
On October 5, 2022, Harfang announced the discovery of several gold-in-soil anomalies, gold mineralization in bedrock, and the discovery of lithium and rare earth pegmatite dykes in the southeastern part of the Serpent-Radisson property, near Lake Sakami [47]. Harfang identified a 2.2 square kilometer gold-in-soil anomaly southwest of 2021 and 2022 drill holes, found several gold, silver, and copper occurrences from rock samples on the Radisson property, and discovered anomalous beryllium, cesium, lithium, niobium, rubidium, and tantalum showings from pegmatite and granites as per Figure 11.
Figure 11: Location of sampled pegmatites from eastern part of Serpent-Radisson property, taken from Figure 3 from the October 5, 2022 press release [48].
On October 12, 2022, Harfang announced the acquisition of mining claims which would consolidate the Lake Ménarik and Ménarik East properties [49]. On November 16, 2022, Harfang announced a press release from the Pontax property optioned to Li-FT Power and noted that a large, 8 km by 7.5 km lithium-in-till anomaly was identified from the summer 2022 exploration program [50].
2023
Entering 2023, on January 12, 2023, Harfang announced the start of their winter exploration program, and announced discoveries at the Lake Ménarik project from the 2022 exploration campaign [51]. The winter 2023 exploration program focused on the Lake Ménarik property which included an induced polarization survey followed by diamond drilling, the first ever on the consolidated property. Results from the 2022 exploration program identified gold, silver, and lead showings in the previously unexplored eastern part of the property. On January 19, 2023, Harfang announced the staking of new claims to increase the company’s portfolio of critical and strategic minerals properties [52]. With a specific focus on lithium, Harfang acquired additional claims which cover pegmatitic and granitic dykes at the La Passe property (previously held for gold potential) and generated the Ewart property which is prospective for lithium and rare earth metals. Harfang also announced plans for a first phase exploration program over these newly acquired claims. Harfang added several lithium properties in the Eeyou Istchee James Bay region of Québec as per their February 8, 2023 press release where the Lemare, Ross, Conviac, and Sakami properties were all acquired through staking [53]. It was noted that the claims comprising these four new projects have no evidence of systematic historical exploration. On February 10, 2023, Harfang announced the sale of the Selbaie property (acquired during the acquisition of LaSalle) in exchange for cash, shares, and a 2% NSR royalty [54]. On February 23, 2023, Harfang announced the start of drilling at Lake Ménarik where 3,500 m was planned to be drilled on previously defined gold targets [55]. The results of this drill program were released on May 11, 2023 with a highlight of 1.15 g/t Au over 47 m, starting 95 m downhole (drillhole LMN-23-017) and 1.75 g/t Au over 21 m, starting 62 m downhole (drillhole LMN-23-001) (see Figure 12 and Figure 13) [56].
Figure 12: Mineralized Showings at Lake Ménarik and Ménarik East Properties, Winter 2023 Drilling was Completed in the Blue Inset [56].
Figure 13: Select Drill Results from the 2023 Winter Drilling Program at Lake Ménarik, Part of Map Inset in Figure 12 [56].
Harfang’s summer field work plans were announced in the June 8, 2023 press release which encompassed both detailed gold (Lake Ménarik) and lithium (Serpent-Radisson, La Passe, Lemare, Ewart, Sakami, Ross, Conviac, and the southwestern portion of Lake Ménarik) exploration plans [57]. Harfang’s gold exploration program goal is to delineate additional drilling targets at Lake Ménarik. Harfang’s overall objective of their lithium exploration program is to identify Lithium-Cesium-Tantalum Pegmatite which would warrant further advanced exploration (e.g. drilling). As of June 8, 2023, Harfang halted all exploration operations due to the forest fire situation proximal to Harfang’s properties. On July 24, 2023, it was announced that Harfang started work on the Lemare lithium property as forest fire restrictions were lifted while restrictions remained in place on Lake Ménarik, Serpent-Radisson, Ewart, Sakami, Taiga, La Passe, and Ménarik East properties [58].
Looking Forward
Harfang’s current property portfolio is diverse as they seek to explore and discover precious and critical mineral discoveries on several properties. With properties spread throughout the James Bay region, they are well positioned to make new lithium discoveries similar to other exploration companies such as Patriot Battery Metals’ Corvette discovery [59] or more recently, Brunswick Exploration’s discovery at Anatacau West [60]. Lake Ménarik, Egan, and Blakelock are also prospective for additional gold discoveries.
Harfang’s exploration efforts are backed with a significant amount of working capital, especially when compared to the company’s current market cap. As of April 30, 2023, Harfang has $7.1 million in working capital [61] and a market cap of $9.74 million as of August 26, 2023. Harfang’s working capital accounts for approximately 73% of the company’s market cap.
Harfang’s historical record of announcing discoveries of new mineralization on underexplored properties coupled with a healthy working capital position, provides an intriguing outlook for the company’s immediate future. I look forward to updates on exploration successes across Harfang’s properties from the summer 2023 field program. Pending results from this summer’s field campaign, I look forward to future, more advanced exploration activities targeting lithium and other critical minerals on properties within the James Bay region and future gold exploration programs at Egan and Blakelock in Ontario.
Disclosure: I have a beneficial long position in the shares of one or more of the companies discussed in this article, either through stock ownership, options, or other derivatives. I wrote this article without external assistance and it expresses my personal opinions. I was not compensated for this article and I have no business relationship with any company whose stock is mentioned in this article. I am not a registered investment advisor; readers are encouraged to complete their own due diligence and to contact their own licensed investment advisor(s) before making any investment decisions.
References
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