Moho scores $750,000 in exploration credits from the tax office
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New Moho shareholders in the current financial year are poised to benefit from the Australian Tax Office’s largesse after it allocated up to $750,000 of exploration credits to the company.
Under the Junior Minerals Exploration Incentive (JMEI) scheme, companies are allowed to surrender a portion of their tax losses and distribute the resulting credits to eligible investors in proportion to their exploration investment.
The scheme, which was recently extended by the Federal Government for a further four years, is aimed at attracting new investors that will help drive ongoing exploration and jobs in the mining sector.
Moho Resources (ASX:MOH) said the JMEI tax credit allocation, which it has received for the second year in a row, highlighted the Government’s continued support for exploration companies like Moho.
The JMEI tax credits also highlight just how busy the company continues to be on the exploration scene.
Recent work has included identifying a number of high-priority gold exploration targets for follow-up at its Burracoppin project in Western Australia’s Wheatbelt region and completing the first systematic aircore drilling over the Tyrells and Hodges prospects north of the recently announced East Sampson Dam gold deposit at its Silver Swan North project near Kalgoorlie.
Plans are also afoot to follow up hydrogeochemical anomalies at its Empress Springs project using a $200,000 grant from the Queensland government.
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