Moho Resources - Exploration and Strategic Review Update - 27 September 2024
MOH (MOH) Share Update September 2024 Thursday 26th
Moho Resources Announces Key Updates on Exploration Projects
Moho Resources Limited (ASX: MOH) has released significant updates on its exploration activities at the Weld Range North and Black Swan South projects, alongside a strategic review aimed at enhancing shareholder returns.
Instant Summary:
- Completed soil sample survey at Weld Range North project with assays pending.
- Evaluating mineral potential at Black Swan South project.
- Comprehensive review of existing projects and potential new acquisitions.
- Plans for detailed drone magnetic survey and preliminary aircore drilling at Weld Range North.
- Issuance of Performance Rights to be discussed at the upcoming Annual General Meeting.
Weld Range North Project
Moho Resources has completed a full-scale soil sample survey over its Weld Range North project. This follows an orientation soil sample survey conducted in 2023, which identified elevated nickel assays over coincidental magnetic and gravity anomalies.
The recent survey involved 298 soil samples aimed at further delineating the mafic-ultramafic geochemistry signature over the anomalies. The results, expected in Q4 2024, will help determine the potential for copper-nickel sulphide and gold mineralization.
Black Swan South Project
Moho is currently evaluating the mineral potential at its Black Swan South project. This tenement has seen limited exploration over the past 30 years. The company plans to conduct a comprehensive desktop study followed by a targeted soil sampling program to assess the tenement's resource potential.
Strategic Review
In line with its strategic objectives, Moho has undertaken a comprehensive review of its existing projects and is evaluating potential new acquisition opportunities. This review aims to strengthen the company's balance sheet and optimize its portfolio to enhance shareholder returns.
Future Exploration Plans
Moho is planning a detailed drone magnetic survey and potentially a gravity survey at the Weld Range North project. Following heritage clearance, a preliminary aircore drilling program will be developed to define bedrock lithologies and potential locations for nickel-copper sulphide and gold mineralization.
Performance Rights
Moho proposes to issue Performance Rights, which will require shareholder approval at the upcoming Annual General Meeting. The rights will vest upon the company achieving specific volume-weighted average price (VWAP) targets over a 20-day period.
The completion of the soil sample survey and the strategic review could positively impact Moho Resources' stock as investors anticipate potential discoveries and improved financial health. The planned exploration activities at Weld Range North and Black Swan South may also generate investor interest.
Investor Reaction:
Analysts are likely to view the updates positively, especially the strategic review and the potential for new acquisitions. However, the actual impact will depend on the assay results and the success of future exploration activities.
Conclusion:
Investors should keep an eye on the assay results expected in Q4 2024 and the outcomes of the strategic review. Moho Resources' ongoing exploration activities and potential new acquisitions could offer significant opportunities for growth.