Moho Resources Ltd (ASX:MOH) made headway with drilling programs during the June quarter, receiving high-grade gold intersections from RC drilling at East Sampson Dam prospect of the Silver Swan North Gold Project in Western Australia.
Termination of a JV with Odin Metals Limited (ASX:ODM) on mining lease M27/263 and transfer of the remaining 30% ownership to Moho during the quarter simplified the management of technical programs and removed budget constraints.
This allowed the company to expedite drill programs and mining studies under its own management at East Sampson Dam.
Key terms of the acquisition of Odins interest are:
- Moho to pay Odin $120,000 in cash within 30 days of signing;
- Odin to be issued 4.5 million fully paid ordinary shares in Moho at a deemed issue price of 6.5 cents per share (subject to shareholder approval at an EGM to be convened shortly and held within 60 days of signing), and;
- Moho to grant Odin a net smelter royalty of 0.5% on minerals, mineral products and concentrates, produced and sold from the tenement.
The company will aim to extend gold mineralisation at Silver Swan North Project through active drill programs in quarter three and four 2020.
Next steps include:
- Phase 1 RC drill assay results in August 2020;
- Phase 2 RC drill program (25 RC holes for around 2,100 metres) in quarter three;
- Diamond drilling (6 holes for around 600 metres) for structural, geotechnical and metallurgical studies in quarter three;
- Preliminary metallurgical test-work results in quarter three;
- Infill auger sampling of existing gold anomalies in quarter four; and
- Aircore drilling of auger gold anomalies and geophysical targets within M27/263 in quarter four.
Moho anticipates releasing the maiden JORC 2012 mineral resource in quarter four.
Location of M27/263 in relation to regional geology of Silver Swan North Project
Scoping study pending[hhmc]
Moho has also commenced mining studies towards a potential gold production scenario.
Gold mining investigations include:
- Completion of scoping study targeted for quarter one 2021;
- CSA Global engaged to model gold mineralisation at East Sampson Dam;
- RC drill samples selected and submitted for metallurgical test work, and;
- Desktop mine project evaluation ongoing and initial whittle optimisation underway.
Burracoppin gold exploration[hhmc]
During the quarter Moho also announced the 1-metre resampling results of anomalous 4-metre gold intercepts on E70/4688 from the maiden aircore drill program at the Crossroads prospect at Burracoppin in the WA wheatbelt.
Assays from Crossroads showed:
- Gold/silver mineralisation intersected in bedrock;
- Up to 0.61 g/t gold and 5.53 g/t silver in bottom of hole samples; and
- Three holes ended in greater than 0.1 g/t gold.
The next phase of drilling to follow-up bedrock gold mineralisation is planned for quarter four 2020.
Aircore drilling at Crossroads prospRead More – Source