Moho shares fly on high-grade gold hits near Kalgoorlie
Special Report: Moho’s goal of bringing its East Sampson Dam prospect into early production has received a boost after known high-grade gold mineralisation was extended by drilling.
Shares in the company have skyrocketed more than 200 per cent to 13.5c after it reported that drilling had extended known mineralisation at the prospect by 25m to the north and south of previous drilling. And it remains open along strike.
Top results from Moho Resources’ (ASX:MOH) second drilling program at the prospect about 50km north of Kalgoorlie were 2m at 24.61 grams per tonne (g/t) gold from a depth of 56m, within a broader intersection of 5m at 10.36g/t gold from 54m, and 3m at 15.18g/t gold from 100m within 15m at 4.71g/t gold from 88m.
Results above 5g/t are generally considered to be high grade.
These results over a 225m strike length support previous drilling in this area.
Further drilling is planned for the second quarter of 2020 to further define the limits of gold mineralisation at East Sampson Dam and to test nearby target areas within the Silver Swan North project area.
Resource modelling and mining studies are currently underway, with the company saying that these have been encouraging so far and that a maiden resource is expected in March.
It also plans to engage metallurgical consultants and submit samples for test work this month.
Since discovering new zones of high-grade gold in September 2018 at East Sampson Dam, Moho has been investigating the project’s potential to deliver early cash flows.
Achieving this would mean that Moho would not have to tap the market as often to progress its larger projects.
Earlier this month, the company completed an Aboriginal heritage survey that found no sites of cultural or archaeological significance within the potential mining area, while the flora and fauna survey also found no environmental impediments.
It has also identified 11 gold treatment plants within a 100km radius of the East Sampson Dam prospect, though not all of these plants are currently in production nor has Moho started discussions about their availability to toll treat ore.