Moho Resources secures East Sampson Dam scoping study cash
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Special Report: Moho Resources will take its East Sampson Dam gold prospect through to a scoping study on the back of a $2.5 million placement.
Moho Resources (ASX:MOH) said it had received firm commitments for the placement at an issue price of 9c per share, with the buildbook oversubscribed and strong demand from sophisticated and professional investors.
Euroz Hartleys acted as lead manager to the placement, and Moho managing director Shane Sadleir said its work and the response of the market were to be commended.
“Moho is delighted with the positive market response to our capital raising and appreciates the valuable support provided by Euroz Hartleys in achieving this in such a short time,” he said.
The funds raised will be used to progress East Sampson Dam – within its Silver Swan Project in Western Australia – through to a scoping study, which will consider the project’s early development potential via toll treatment arrangements currently being investigated.
Diamond drilling of 600m and RC drilling of 2500m is also planned for the company’s nearby Burracoppin gold project.
Recent RC drilling at East Sampson Dam extended known gold mineralisation, as the company works towards a resource model expected early next year.
An expanded second phase of resource definition RC drilling is underway at the prospect, with 45 RC holes planned for 3800m to infill the current resource drilling.
That program will also test for mineralised extensions to the north and south, and include deeper holes in search of potential mineralised stacked shoots.
Assays are expected this month from a round of diamond drilling at the prospect, while assays from RC drilling are expected in February next year.
Moho is also in the process of reviewing downhole logging and diamond drill data at East Sampson Dam to work out the structural controls of gold mineralisation in the area.
Aircore drilling of recently confirmed historic auger gold anomalies north of the east Sampson Dam prospect is planned for the first half of 2021.
This article was developed in collaboration with Moho Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.