MOHO RESOURCES LIMITED — Capital/Financing Update 2018

Dec 6, 2018

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7 December 2018
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EIS DRILLING GRANT FOR MOHO’S SILVER SWAN NORTH PROJECT

• WA Government awards co-funded drilling grant to Moho

• Successful application for $150,000 to cover 50% of direct drilling costs at Silver Swan North Project

• Funds to applied exclusively to stratigraphic drilling on Moho’s 100%-owned E27/528 tenement as part of major nickel sulphide exploration program commencing in Q1 2019

Moho Resources Ltd (ASX:MOH) (Moho or Company) is pleased to announce that an application for government co-funding grant submitted to the Department of Mines, Industry Regulation and safety’s Exploration Incentive Scheme(EIS) has been successful. The co-funding drilling application was considered as part of Round 18 of the EIS for co-funding of drill programs to be completed between 1 January 2019 and 31 December 2019.

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AREA SUBJECT TO EIS GRANT
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Figure 1: Location of E27/528 in relation to Moho’s Silver Swan North Project and Poseidon Nickel Ltd’s Black Swan Nickel Processing Facility and the Silver Swan and Black Swan nickel mines.

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Funding from the EIS co-funded drilling grant is an important component of Moho’s overall aggressive exploration strategy aimed at identifying prospective host rocks for nickel sulphide mineralisation within the Silver Swan North Project.[1]

The co-funding will grant to the Company up to $150,000 to pay for 50% of the drilling costs associated with a planned stratigraphic drilling program at the Company’s 100%-owned exploration licence E27/528 at the Silver Swan North Project (Figure 1).

Moho has designed an aircore drilling program for the central north area of the Silver Swan North Project and within E27/528. The program proposes up to 150 aircore drill holes amounting to 12,000m with a direct drilling cost of $300,000.

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AREA SUBJECT TO EIS GRANT
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Figure 2: Location of area under cover and magnetic gravels within E27/528 at the Silver Swan North Project to be tested using successful co-funded drilling grant

1 Refer to ASX announcement by Moho Resources Ltd on 21 November 2018 titled “Major Nickel Sulphide Exploration Program Underway at Silver Swan North”

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The EIS co-funded drilling program is designed to test a large area for previously untested nickel prospective ultramafic and mafic rock sequences in the central northern zone of E27/528 (Figure 2). This extensive undrilled area is overlain by deep soil and alluvial cover, including magnetic gravels which mask the magnetic signature of the underlying geology.

Geochemical anomalies generated from the drilling will be used in conjunction with recently acquired detailed gravity data to identify targets for follow-up drill programs. The drill samples from this program will also be used in conjunction and in collaboration with the CSIRO Geochemical Fingerprinting R&D technology to locate and distinguish nickel sulphide prospective geology.

Background to Exploration Incentive Scheme

The EIS is a Western Australia State Government Initiative that aims to encourage exploration in Western Australia leading to new mineral and energy discoveries.

It is a competitive program which offers up to 50% refund for innovative exploration drilling projects.

Moho’s Interest in the Silver Swan North Project Tenements

E27/528, P27/2232, PLA27/2390, ELA27/613:

Moho owns 100% interest in the granted tenements E70/528 and P27/2232 and applications for P27/2390 and E27/613.

E27/345 and M27/263:

In July 2015 Moho entered into a farm-in and joint venture agreement with Odin Metals Ltd (ASX:ODM, then Lawson Gold Ltd) (Odin) to earn up to 70% interest in M27/263 and E27/345 at the Silver Swan North Project.

On 12th November 2018 Moho announced to the ASX that, as per the terms of the farm-in agreement, it has provided Odin with what it believes is sufficient evidence that it has now earned a 51% legal and beneficial interest in M27/263 and E27/345.

Moho understands that, pending the formal transfer, Odin holds the 51% interest on trust, for the sole benefit of Moho.

For further information please contact:

Shane Sadleir, Managing Director Ralph Winter, Commercial Director T: +61 411 704 498 T: +61 435 336 538 E: shane@mohoresources.com.au E: ralph@mohoresources.com.au

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About Moho Resources Ltd

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Map of Moho’s project areas

On 7[th] November 2018 Moho listed on the ASX, raising $5.3 million. The Company is actively advancing exploration programs on its three highly prospective projects at Empress Springs, Silver Swan North and Burracoppin.

Moho’s Board is chaired by Mr Terry Streeter, a well-known and highly successful West Australian businessman with extensive experience in funding and overseeing exploration and mining companies, including Jubilee Mines NL, Western Areas NL and Midas Resources Ltd.

Moho has a strong and experienced Board lead by geoscientist Shane Sadleir as Managing Director, Commercial Director Ralph Winter and Adrian Larking, lawyer and geologist, as NonExecutive Director.

Highly experienced geologists Bob Affleck (Exploration Manager) and Max Nind (Principal Geologist) are supported by leading industry consultant geophysicist Kim Frankcombe (ExploreGeo Pty Ltd) and experienced consultant geochemist Richard Carver (GCXplore Pty Ltd).

Moho’s geophysical programs and processing and analysis of the results are supervised by Kim Frankcombe who is a geologist and geophysicist with 40 years of experience in mineral exploration. He has worked for major mining companies, service companies and for over 20 years as an independent geophysical consultant. He was a member of the discovery team for several significant deposits including one Tier 1 deposit. He manages the ExploreGeo consulting group which provides specialist geophysical advice to explorers.