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 Moho’s East Sampson gold prospect through a scoping study towards a gold mining proposition.
Moho will also use the funds to explore the company’s 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
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 metre composite samples submitted for gold analysis by fire assay;
- Review report by consultant geochemist and petrologist;
- Undertake infill gravity survey over Crossroads anomaly; and
- Plan and implement next phase of drilling to follow up bedrock gold anomalism.
Empress Springs Project
Moho is also advancing drilling and other exploration activities at the Empress Springs Project, a joint venture with IGO Ltd (ASX:IGO).
Empress Springs is 50 kilometres south of Croydon in Far Northwest Queensland.