Ahead of its Annual General Meeting, Moho Resources provided an update on ongoing drilling program at Empress Springs Gold Project in Queensland.
Moho Resources Limited (ASX: MOH) is into exploration and evaluation of mineral resources, mainly gold and nickel, and was listed on Australian Securities Exchange on 7th November 2018. On Monday, the company told that 49 reverse circulation and aircore reconnaissance drill holes totaling approximately 3500m of drilling over selected targets at Empress Springs has been completed to date, i.e. 26 November 2018.
The ongoing reconnaissance program by Moho is aimed to test the several geophysical, structural and geochemical targets discovered from previous work undertaken at the Empress Springs Project, located in Croydon Goldfield.
As per the company’s update, the soil geochemical program is about 95% complete and detailed ground-based gravity survey is 85% complete. Under the current drill program, Moho is targeting potential gold mineralisation over exploration targets selected on the basis of its detailed airborne magnetic survey flown in April 2018 and previous geochemical surveys.
Moho Resources told that a multi-purpose aircore and reverse drill rig was mobilized to Empress Springs on 27 October 2018. Before applying reverse circulation method for faster drilling, the company drilled three holes using the aircore system. Moreover, Moho recently mobilized a second aircore drill rig to the Empress Springs site, to determine its ground and water capabilities. But the company told that drilling along the north-south traverse over the Fishhooks Prospect and Powerline Prospect could not be completed prior to demobilization.
Following the negotiations with station owners and operators at the Mittagong and Esmeralda Stations, the company has signed Land Access and Compensation Agreements with all parties in September and October 2018. This led to the commencement of phased exploration activities, including the refurbishment of tracks and fence lines, soil and gravity surveys and drilling activities and has established base camp at Mittagong Bore.
Further going forward the company targets to complete remaining drillholes and demobilise from site by end of November 2018 due to imminent onset of wet season; receive and process gravity data by December 2018; receive and process assay results from soil geochemical survey and reconnaissance drilling by December 2018; Interpret and integrate data sets to refine existing exploration targets and identify any new targets; and make preparations for next drill program commencing about April 2019, including heritage survey and clearing for existing and new drill targets.
Moho Resources last traded at $0.135 with market capitalization of $5.74 million.
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