Moho secures $686,000 R&D tax refund
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Moho has boosted its coffers after receiving a $686,000 tax offset for eligible research and development expenditure on its projects during the 2019-20 financial year.
The refundable tax offset applies to its R&D expenditure across its Silver Swan North and Burracoppin projects in Western Australia and the Empress Springs project in Queensland.
Moho Resources (ASX:MOH) noted that it has progressed R&D programs in conjunction with CSIRO, Curtin University, the Geological Surveys of Western Australia and Queensland and external consultants as part of its overall exploration strategy to improve and refine its mineral discovery processes.
Moho’s R&D strategy also resulted in the company receiving a $1.28m tax refund in February last year.
The company kicked off diamond drilling earlier this month to test for potential intrusive-related gold mineralisation at the Crossroads prospect within its Burracoppin project.
The four-hole program, which is partly funded by the WA state government’s Exploration Incentive Scheme, is designed to follow up mineralisation intersected in the January 2021 RC drilling program that returned a top assay of 1m at 7.48 grams per tonne (g/t) gold from 92m in bedrock.
The initial targets will test down-dip extensions of a broad gold mineralised zone surrounded by a ‘halo’ of tungsten, molybdenum and arsenic anomalism, as well as extensions of gold mineralisation and the relationship between lithology and structures.
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.