Moho Resources Ltd (ASX:MOH) has completed its commitment of a farm-in and joint venture agreement with IGO Ltd (ASX:IGO) to earn a 70% interest in E70/4688, which is part of the company’s Burracoppin Gold Project in Western Australia.
The tenement comprises the Crossroads gold prospect, which is around 22 kilometres west of the Edna May gold processing facility operated by Ramelius Resources Ltd (ASX:RMS).
Moho and IGO have formed an unincorporated JV for the purpose of exploration and, if warranted, developing and mining on E70/4688.
Record high
Shares have hit a new record high of 20 cents this morning, after climbing almost 30% on yesterday's close of 15.5 cents.
Map of Moho’s project areas.
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.
In addition to Moho’s 70% interest in E70/4688, the company owns a 100% interest in granted exploration tenements E70/5154, E70/5300-5302 and applications ELA70/5299 and E77/2671.
Moho plans to follow up the gold and silver mineralisation with further drilling in the December quarter of 2020.