Moho Resources Ltd (ASX:MOH) has raised $797,316 in a challenging environment via a placement of shares to professional and sophisticated investors at 6.5 cents per share.
The funds raised from the placement will be used towards advancing Mohos East Sampson gold prospect through a scoping study towards a gold mining proposition.
Moho will also use the funds to explore the companys highly prospective gold projects – Burracoppin Project in WA and Empress Springs Project in Queensland.
Silver Swan North Project
Last month, Moho completed the farm-in phase of its agreement with Odin Metals Ltd (ASX:ODM), whereby Moho has reached a 70% ownership of the East Sampson Dam prospect.
It is worth noting that recent reverse circulation drilling has shown significant gold results at East Sampson Dam including 15 metres at 4.71 g/t gold from 88 metres and 5 metres at 10.36 g/t gold from 59 metres.
Further drilling is planned in the second quarter of 2020 to further define the limits of gold mineralisation at East Sampson Dam and to test nearby target areas within the Silver Swan North Project area.
Burracoppin Gold Project in WA[hhmc]
The Burracoppin Gold Project is within the Yilgarn Craton in Western Australia covering about 126 square kilometres.
Earlier this month, Moho intersected Bedrock gold in its first aircore drilling at the Crossroads prospect within Burracoppin.
Next steps at Burracoppin:
- Receive and review results on 1 metre samples from the anomalous 4 metreRead More – Source
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