Moho Resources Ltd (ASX:MOH) is eagerly awaiting on assay results after successfully completing its maiden diamond drilling programme at the Crossroads gold prospect in Western Australia.
Assays from the diamond drilling, which began in May 2021, are expected in approximately six to eight weeks’ time.
The Crossroads prospect is part of Moho’s Burracoppin Gold Project, within E70/4688, which is subject to a 70:30 Joint venture with IGO Limited. Burracoppin is located in the WA Wheatbelt, about 22km west of the Edna May gold mine.
The diamond drill programme of four holes (630m) primarily targeted mineralisation intersected in the January 2021 RC drilling programme, with the drill hole layout determined using an analysis of multielement geochemistry, geophysics and gold assay values.
Transported cover and clays of the saprolite were drilled with HQ size (61mm diameter), and deeper fresh rock by NQ size (47mm diameter), which maximised core recovery and minimised direct drilling costs whilst enabling the collection of high quality lithological, structural and geochemical data.
Managing Director, Shane Sadleir, said the programme was partially funded by the WA Government as part of its Exploration Incentive Scheme to test a potential Intrusive-Related Gold mineral system at the Crossroads prospect.
The diamond drilling represents a significant advance in Moho’s geological understanding of the Burracoppin Project and will enable our geological team to vector into the gold mineralisation at the Crossroads prospect,” Mr Sadleir said.
The diamond core was logged and photographed at site before being securely packed for transport to Kalgoorlie for cutting and assaying. Following the successful submission of an interim report outlining preliminary findings, Moho will be refunded 80% of the EIS grant. The balance of the grant will be issued following submission of half the core to the Geological Survey of WA where it will be stored for future studies.
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Moho and IGO Limited have now formed an unincorporated joint venture for the purposes of exploring 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.
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, E70/5739 and applications ELA70/5299 and E77/2671.