Moho Resources Limited (ASX: MOH) has completed a strongly supported capital raising to raise approximately A$1.51 million, comprising 22.5 million New Shares to raise up to A$1.35 million and 2.67 million shares to raise up to A$160,000 from directors and related parties of the company.
Managing Director, Shane Sadleir, said Moho is delighted with the strong demand for shares in this placement.
“The market response is a positive endorsement of the company’s decision to expand its nickel exploration activities both at Silver Swan North and into new target areas generated by the highly credible principals of Whistlepipe Exploration.
“We are looking forward to drill testing the recently identified nickel sulphide targets at Silver Swan North, as well as initiating exploration on tenement applications adjacent to Poseidon’s Black Swan Nickel Plant.
“We remain committed to advancing our promising gold projects at Empress Spring and Burracoppin and progressing the East Sampson Gold Project into production as soon as practicable.”
Use of Funds
Proceeds from the Placement and Director Placement will be applied towards:
Acquisition Deal: Whistlepipe Exploration Agreements (Ni, battery & precious metals)
- Tenement applications over six targeted areas in W and SW margins of Yilgarn craton and Albany-Fraser orogeny of WA which have been identified using similar concepts and targeting parameters that led to the discovery of PGE-Ni-Cu-Co-Au mineralisation at Julimar.
- Technical consultancy agreement with principals of Whistlepipe Pty Ltd who contributed to discovery at Julimar.
- Gravity and first pass soil geochemistry surveys across a granted tenement in December 2021 to quickly identify targets for follow up drilling in 2022.
- Non-ground disturbing exploration prior to grant of tenement applications in project areas anticipated in ~12- 18 months.
Exploration Activities: Silver Swan North Project (Ni, Au):
- RC, diamond and aircore drilling over nickel targets at Omrah, Wise and Duke prospects.
- Gravity and first pass soil geochemistry surveys on tenement applications adjacent and to the south and east of Poseidon’s Black Swan Nickel plant anticipated to be granted by the end of 2021, to quickly identify gold and nickel targets for follow up drilling.
- Ongoing mining studies at East Sampson Dam gold deposit to advance the project to mining. Burracoppin (Au):
- Gravity and first pass soil geochemistry surveys over E70/5739 to delineate targets for follow up aircore drilling. Empress Springs (Au):
- Aircore and/or slimline RC drilling and groundwater sampling to follow-up seven of the most promising and diverse multi-element hydrogeochemical anomalies announced by Moho on 23rd March 2021.
