Moho Resources Ltd (ASX:MOH) is trading higher on the completion of an aircore drilling program targeting gold and rare earth element (REE) mineralisation at its Burracoppin Project in Western Australia.
The company’s drill program comprised 39 aircore holes across 1,355 metres targeting:
- interpreted channel zones with potential for ionic clay (REE) development;
- soils with elevated dysprosium and neodymium REE values; and
- untested soils with coincident gold and arsenic anomalism.
“With the completion of this phase of drilling the company is eagerly anticipating the results to further model the potential ionic clay (REE) accumulations over 16 kilometres through the Burracoppin project,”said MD Ralph Winter.
The market has welcomed the news with shares trading as high as $0.019 intraday, up 26.67% from the previous close
About Burracoppin
Burracoppin project is a 1,139 square-kilometre tenement package, comprising 10 granted exploration licences, 250 kilometres northeast of Perth in Western Australia.
The project is an unincorporated joint venture where Moho owns 70% interest and IGO Ltd the remaining 30% in the granted exploration leases and the three-exploration licence applications.
The JV is for the purpose of exploration and if warranted, developing and mining on E70/4688.
IGO’s 30% interest will be free carried until completion of a pre-feasibility study, at which time IGO may elect to contribute pro-rata to ongoing work or convert its 30% interest to a 10% free carried interest.
Moho has also undertaken substantial exploration around E70/4688 and expanded the tenure of the Burracoppin Project.
Forward plan
The company is awaiting assay results for review and interpretation in the June quarter.
Moho will model REE results to establish the potential for ionic clay development and, if warranted, undertake further drilling in other prospective areas of the tenements.
Subsequently, further drilling will follow up on any significant bedrock REE and gold mineralisation encountered at the project.