MOHO RESOURCES LIMITED — Interim / Quarterly Report 2019

Jul 30, 2019

QUARTERLY REPORT TO 30 JUNE 2019

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30 June 2019
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EMPRESS SPRINGS, QLD

• Positive results from 24 RC drill holes to test 2.2km NW trend along track near gold discovery hole ESA0023 at Arrowhead prospect

• Drilling significantly extended Arrowhead gold discovery zone vertically and laterally:

• ESMH0001: 22m @ 1.0g/t Au from 46-68m (0.2g/t Au cut-off grade (COG))

• Including 12m @ 1.4g/t Au from 46-60m (0.5g/t Au COG)

• ESMH0024: 24m @ 0.7g/t Au from 46-70m (0.2g/t Au COG)

• Strong coincidence between Au mineralisation and Pb-Zn-Cu+/-Ag anomalism within altered granite at Arrowhead prospect

• 60% out of 15 drill holes with assay results received to date intersected anomalous base metal mineralisation (Cu+Pb+Zn >1,000 ppm)

• Highly anomalous zone of base metal sulphides and pathfinder elements identified near rim of caldera ~1.3km NW of Arrowhead discovery zone, with a different Zn-S-Cu-Cd-Sn association - “may represent a halo to gold mineralisation in a zoned hydrothermal system” (Dr Brauhart, CSA Global)

SILVER SWAN NORTH NICKEL EXPLORATION, WA

• RC drilling of defined conductive SQUID EM targets has identified sources as black shale units with no nickel mineralisation

• Anomalous Ag and Zn mineralisation intersected in two holes

• Significance of this mineralisation is unclear; Moho notes that it is more akin to VMS-style occurrences in the Eastern Goldfields

• Nickel exploration expanded to search for Black Swan style disseminated and blebby style nickel sulphide mineralisation more likely to produce diffuse EM responses

• Two strategic tenements applied for adjoining the southern boundary of the Black Swan Nickel Operations

CORPORATE

• Completed a 1 for 3 entitlement issue in the quarter and placed the shortfall on 4 June 2019

• Received R&D rebate of $94,000 during the quarter

• The Company is well funded to continue its exploration program with $1.69M at 30 March 2019

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EMPRESS SPRINGS EXPLORATION

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Figure 1: District geology of the Empress Springs Gold Project area

During the quarter Moho Resources Ltd (ASX:MOH) (Moho or Company) completed RC drill program at the Empress Springs project, 50km south of Croydon in Central North Qld (Figure 1). The 24 hole RC drill program, which was restricted to existing tracks, was focused on extending the recently discovered gold mineralisation around reconnaissance hole ESA023 at the Arrowhead prospect.

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The Empress Springs Project is located 25 km to the south of the town of Croydon and comprises three adjacent exploration permits (EPM25208, EPM25209 and EPM25210), with a total area of 773 km² (Figure 1). The Croydon Goldfield, which extends from north of the town, contained over 300 gold occurrences with historical production estimated at 1.2Moz of Au.

DRILLING ADJACENT TO ESA023, DISCOVERY HOLE ARROWHEAD PROSPECT

Moho has received assay results for fifteen RC holes drilled on the existing tracks on which discovery hole ESA023 (Table 1). ESA023 was drilled in November 2018. The discovery, was a vertical reconnaissance hole which assayed at 9m @ 1.3g/t Au from 45m-54m[1] . The hole ended in significant Au and base metal mineralisation (1m @ 1.7g/t Au, 1.0 g/t Ag, 0.15% Pb, 0.25% Zn) in intensely altered and silicified granite. Latest RC drilling was aimed to determine the extent of mineralisation laterally and vertically around hole ESA023.

Hole_ID	Results	Max_Depth	Dip	MAG_Azimuth	Z54_East	Z54_North	RL
ESMH0001	Au;SBMP	108	-90	360	633697	7937048	120
ESMH0002	NSA	120	-90	360	633723	7937030	120
ESMH0003	SBMP	132	-90	360	633672	7937066	120
ESMH0004	SBMP	78	-90	360	634039	7936805	120
ESMH0005	NSA	96	-90	360	633953	7936869	120
ESMH0006	SBMP	108	-90	360	633885	7936916	120
ESMH0007	NSA	96	-90	360	633791	7936988	120
ESMH0008*		114	-90	360	633589	7937131	120
ESMH0009*		96	-90	360	633511	7937195	120
ESMH0010*		114	-90	360	633419	7937283	120
ESMH0011*		108	-90	360	633330	7937366	120
ESMH0012*		108	-90	360	633261	7937422	120
ESMH0013*		108	-90	360	633179	7937486	120
ESMH0014*		96	-90	360	633102	7937545	120
ESMH0015*		126	-90	360	632500	7938117	120
ESMH0016*		121	-90	360	632517	7937975	120
ESMH0017*		132	-90	360	632587	7937898	120
ESMH0018	SBMP	132	-90	360	632682	7937808	120
ESMH0019	SBMP	108	-90	360	632820	7937713	120
ESMH0020	NSA	138	-90	360	632900	7937676	120
ESMH0021	NSA	108	-90	360	632988	7937628	120
ESMH0022	SBMP	132	-90	360	632703	7937793	120
ESMH0023	SBMP	120	-90	360	632660	7937826	120
ESMH0024	Au;SBMP	150	-59.2	294	633733	7937027	120

* - Assays Pending; Au;SBMP - Au and base metal assays - refer to Tables 2, 3 and Appendix 1, SBMP - Base metal and pathfinder assays - refer to Table 4; NSA - No significant assays

Table 1: RC holes drilled at Arrowhead Prospect

1 Refer to Table 1 in ASX announcement of 28 May 2019 “Exploration Update - Empress Springs”

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During the RC drilling program, Moho trialed and successfully used an onsite geo-analytical processing and pXRF system to determine indicative levels of base metal and pathfinder elements in drill samples within 24 hours of holes being drilled. Moho geologists were able to use the Zn, Cd, Pb and Cu readings in a timely manner to direct the rig to areas of greatest potential.

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Figure 2: Recently completed RC drill holes at Arrowhead prospect

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SIGNIFICANT GOLD INTERSECTIONS

Significant assay results received to date from the RC drilling at Arrowhead are shown in Table 2 and Table 3 below. Some assays were pending at the time and will be reported when the AC results are released.

RC drilling has successfully extended Au and base metal mineralisation at the Arrowhead prospect around discovery hole ESA023, both laterally and at depth (Figure 3). The Au mineralisation is situated in a broader zone of Cu, Pb and Zn sulphide mineralisation and occurs within a sequence of highly-altered granite, crosscut by numerous dolerite dykes (Figure 4).

HoleID	Depth From m	Depth To m	Interval Length m	Significant Intercept	Ag ppm	Cu ppm	Pb ppm	Zn ppm
ESMH0001	48	60	12	12m@ 1.44g/t Au	2.67	246	2656	3025
ESMH0001	66	68	2	2m@ 1.11g/t Au	0.7	99	885	3577
ESMH0024	48	56	8	8m@ 0.64g/t Au	0.65	87	908	226
ESMH0024	58	70	12	12m@ 0.88g/t Au	4.47	393	2675	2135

Table 2: Significant Au Intersections (0.5g/t Au cut-off) and associated base metals

HoleID	Depth From m	Depth To m	Interval Length m	Significant Intercept	Ag ppm	Cu ppm	Pb ppm	Zn ppm
ESMH0001	46	68	22	22m@ 0.98g/t Au	1.83	182	1881	2454
ESMH0001	72	74	2	2m@ 0.4g/t Au	9.6	615	3270	1785
ESMH0024	46	70	24	24m@ 0.70g/t Au	2.63	257	1844	1495
ESMH0024	76	77	1	1m@ 0.23g/t Au	7.8	473	5	7221

Table 3: Significant Au Intersections (0.2g/t Au cut-off) and associated base metals

SIGNIFICANT BASE METAL ANOMALISM

The gold and base metal/pathfinder element geochemistry has been reviewed by Dr Carl Brauhart of CSA Global, with the major findings as follows:

• The Au-Pb-Ag-(Cu-Zn-Cd-S-As) association is well developed in adjacent holes ESMH001 - ESMH0024 & ESA023

• A different Zn-S-Cu-Cd-Sn association is developed in ESMH0018 & ESMH0022, and in a third hole inbetween those two holes. This base metal association without Au and Pb lies about 1.3 km northwest of hole ESA023

• This associated mineralisation may represent a halo to gold mineralisation in a zoned hydrothermal system

Moho notes that the Zn-S-Cu-Cd-Sn mineralisation in ESMH0018 & ESMH0022 is situated close to the inferred rim of a buried caldera (Hronsky 2019).

Additional drilling in the heritage cleared area near the caldera was planned as part of the Aircore program to follow (which has now been completed) to determine the nature and extent of this base metal/pathfinder anomalism and any gold mineralisation. Assays from the aircore program are pending.

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HoleID	Depth From	Depth To	Interval Length	Cu_ppm	Pb_ppm	Zn_ppm
ESMH0001	36	74	22	184	1437	1745
ESMH0003	88	96	8	457	1607	1361
ESMH0018	56	108	52	280	29	1879
ESMH0022	62	86	24	46	25	1077
ESMH0024	46	108	62	255	1578	2017

Table 4: Significant Base Metal Intersections in RC drilling

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Figure 3: Significant Au intersections at Arrowhead prospect

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Figure 4: Base metal mineralisation envelopes (>1,000 ppm Cu+Pb+Zn) in relation to interpreted geology at Arrowhead prospect

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HERITAGE CLEARANCE FOR ARROWHEAD PROSPECT

A heritage survey of the area surrounding discovery hole ESA023 (Figure 5) was undertaken by representatives of the Tagalaka People (the traditional people of the area) and their consultant during May. Following notification that the heritage survey was approved, Moho commenced the follow-up aircore drilling program within the heritage cleared areas in late June.

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Figure 5: Heritage Survey area approved around Arrowhead Prospect

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Subsequent Steps at Empress Springs:

• 6,123m aircore drill program completed at Arrowhead to:

• determine extent and orientation of mineralisation within heritage-cleared area near ESMH0001

• & ESMH0024 at Arrowhead prospect, and ESMH0018 with anomalous base metals

• explore for additional zones of mineralisation along existing tracks across the Project area by testing favourable geophysical targets and structures

• First results from AC program expected in late July – mid August.

• Engagement of renowned consultants to review geochemical data.

SILVER SWAN NORTH NICKEL EXPLORATION

During the quarter the Company released the results of its maiden nickel sulphide drilling program at the Silver Swan North project, 50 km NE of Kalgoorlie (Figure 6).

The RC program was designed to test electromagnetic (EM) conductors for potential nickel sulphide mineralisation, recently identified using high sensitivity SQUID technology.

PHASE 1 - RESULTS OF MAIDEN RC DRILL PROGRAM FOR NICKEL SULPHIDES

Five RC holes totalling 878 metres had been drilled at the Silver Swan North project from 7-15 March 2019. Hole locations are shown in Figure 7 and hole collars are tabulated in Table 1 below. Anomalous assay results of four metre composite samples were received from the laboratory (Table 6) and results of down-hole EM (DHEM) surveys undertaken on two holes were reviewed by Moho’s geophysical consultant.

Hole locations are shown in Figures 9 and 10 and hole collars are tabulated in Table 1 below.

Table 5: Drill collar Information

Prospect	Hole No.	GDA94_N	GDA94_E	Azimuth (°)	Dip (°)	RL (mASL)	Depth (m)
SSE1	SSMH0001	6636463	366390	235	-60	388	53
SSE1	SSMH0002	6638988	370330	160	-70	371	185
SSE2	SSMH0003	6639720	368499	275	-60	381	215
Hugo1	SSMH0004	6636509	366447	231	-60	388	185
Hugo2	SSMH0005	6636810	366329	230	-60	393	240

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Poseidon Silver Swan Mine & Black
Swan Nickel Processing Facility
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Figure 6 : Moho’s Silver Swan North Project in relation to Poseidon Nickel Ltd’s Black Swan Nickel Processing Facility and Concentrator and the Silver Swan and Black Swan mines

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Figure 7: Location of RC drilling on E27/345 and E27/528 and untested prospective area under deep cover (background 1[st] VD of Bouguer gravity from 2018 Moho ground gravity survey)

Table 6: Anomalous RC intersections

Hole No.	From(m)	To(m)	Interval(m)	Grade
SSMH0003	160	188	28	0.81g/t Ag,0.22% Zn
including	160	164	4	0.9g/t Ag,0.40% Zn
and	164	168	4	0.9g/t Ag,0.34% Zn
SSMH0004	120	124	4	0.7g/t Ag,0.14% Zn

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Moho notes that, while the RC drilling did not intersect any anomalous nickel mineralisation, the maiden drill program has provided valuable information about the geology and for other potential mineralisation that may be present in the underlying rocks.

Anomalous Ag and Zn mineralisation was intersected in holes SSMH0003 and SSMH0004 (Table 6). In addition, the same interval in hole SSMH0003 (160-188m) also contained elevated levels of Cd, Cu, Pb, and Sn. The anomalous mineralisation intersected in hole SSMH0003 is hosted in a massive black shale unit sandwiched within a larger sequence of felsic volcanic tuffs. The significance of this mineralisation is unclear however Moho notes that in this geological setting it is more akin to VMS-style occurrences in the Eastern Goldfields.

Down-hole EM surveying (DHEM) was completed on holes SSMH0004 and SSMH0005. The survey log of SSMH0004 showed the hole intersected the EM target that was defined by black shale in basalt rather than nickel sulphides. SSMH0005 log has a very weak off hole response at the target depth where there was quartz-carbonate veining and shearing in a basalt. These anomalies do not warrant further follow up work.

DHEM surveys were not possible in the other holes. Hole SSMH0002 had collapsed after the drill rods were extracted and SSMH0003 was blocked at 25m depth.

Magnetic gravels down to 16m depth were observed within the alluvial cover of holes SSMH0002 and SSMH0003, with magnetic susceptibility readings up to 30 x 10[-3] SI units. The presence of maghemite-rich gravels and deep cover masks the underlying bedrock geology and in part explains why the high resolution magnetics over this part of the Silver Swan North project are diffuse.

NICKEL SULPHIDE MINERALISATION RESPONSES TO EM SURVEYS

Like most other nickel sulphide explorers in the Eastern Goldfields, Moho’s initial exploration effort at the Silver Swan North project has focussed on searching for massive nickel sulphide mineralisation like the small but high grade Silver Swan nickel deposits. To date, Moho has utilised high sensitivity SQUID EM technology to aid in the detection of confined conductor responses that can be modelled with a plate, as is typically done for massive nickel sulphides.

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The Company understands that unlike the Silver Swan nickel deposits the Black Swan deposit that contains disseminated nickel sulphide mineralisation; including a blebby style nickel sulphide phase as shown in Plate 1; is generally less responsive to EM surveying.

Moho and other explorers of the Silver Swan North project area have generally not searched for Black Swan style mineralisation, which is more likely to produce a diffuse EM response and is not an easy target to geophysically model.

The Company has prioritised a review of all historical EM data within the Silver Swan North project area to identify responses that could come from Black Swan style of mineralisation.

Plate 1: Black Swan orebody, drill hole BSD064. Coarse grained hopper-textured serpentinised olivine orthocumulate, showing subspherical segregation vesicles (black) partially filled by subspherical sulphide blebs[2]

2 Dowling et al, 2004. Komatiites and nickel sulfide ores of the Black Swan area, Yilgarn Craton, Western Australia. 2: Geology and genesis of the orebodies. Mineralium Deposita 39: 707-728

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Figure 8 : EM Plates targeted by RC drilling on E27/345

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CSIRO COLLABORATIVE GEOCHEMICAL “FINGER PRINTING” STUDY

Researchers from CSIRO mobilised to Kalgoorlie at the beginning of April to undertake the first phase of geochemical “finger printing” research work. This work involved analysing historical drill core drilled in Moho tenements M27/263 and E27/528 and also core from the project area stored in GSWA’s Joe Lord core library. The purpose of this work is to identify ultramafic stratigraphic units within the project area that have a higher probability of hosting potential nickel sulphide mineralisation.

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Plate 2: Moho’s Principal Geologist Max Nind and CSIRO researchers at GSWA Joe Lord core library, Kalgoorlie

NEW TENEMENT APPLICATIONS BY MOHO ADJOIN BLACK SWAN NICKEL OPERATIONS

Moho continues to actively monitor and acquire open ground prospective for nickel sulphide mineralisation in the vicinity of the Silver Swan North project. Since March 2018, Moho has increased by 30% its contiguous (granted and applied for) tenure at the Silver Swan North project from 59.6 km[2] to 85.4 km[2] .

In April 2019, Moho applied for ELA27/620 and PLA27/2418 covering 10.3 km[2] adjoining the southern boundary of Poseidon Nickel’s Black Swan Nickel Operations (Figure 9)

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Figure 9: Moho tenure at Silver Swan North project

Subsequent Steps:

• Phase 2 - Refine and drill test geological model at potential embayment in vicinity of gravity low south of SSE2 prospect (Figure 8, 2.2km NNW of Silver Swan deposit) – Q3 2019.

• Follow up on geochemical “fingerprinting” research project with CSIRO of ultramafic units located in recent and historical drill holes to distinguish and map stratigraphy considered to be prospective for nickel sulphide mineralization.

• Phase 3 - Commence major geochemical and stratigraphic aircore drill program across northern area of E27/528 to identify suitable host rocks for nickel sulphide mineralisation under cover using $150,000 WA government co-sponsored drilling grant.

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BURRACOPPIN GOLD EXPLORATION

Moho reported in its prospectus a number of exploration targets at its Burracoppin Project (Figure 10). Targets 2 to 4, located within the Tampia Structural Corridor of the Southwestern Terrane, were derived from ground-based gravity measurements. Target 5 was also derived from ground-based gravity measurements but occurs within the Westonia Structural Corridor of the Southern Cross Domain of the Youanmi Terrane which also hosts Ramelius’ Edna May mine.

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BURRACOPPIN
Westonia
Edna
May Gold
Mine
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Figure 10: Location of Burracoppin Gold Project

During the Quarter the company negotiated an extension of 12 months on it’s Farm-in and joint venture agreement with IGO on the Burracoppin project to give the company adequate time to complete the work on the ground was slightly delayed due to finalising the Land Access Agreements (LAA) with land owners and occupiers in the area and registering them with DMIRS. Once the LAA was finalised the Program of Works was lodged for a shallow auger drilling program to test key exploration targets with coincident gravity and gold in soil anomalies.

Subsequent Steps:

• Undertake Shallow auger drilling over exploration targets

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CORPORATE

The company completed a 1 for 3 entitlement issue during in the quarter with the shortfall being placed on 4 June 2019. The company also received a R&D rebate in the period of $94,000.

The Company remains well funded to continue its exploration programs with $1.69M at 30 June 2019.

TENEMENT SCHEDULE

In line with obligations under ASX Listing Rule 5.3.3, Moho Resources provides the following information relating to its mining tenement holdings at 30 June 2019.

PROJECT	PROJECT	TENEMENT	AREA **(km2) **	TENURE TYPE	STATUS	GRANT DATE	EXPIRY DATE	CHANGE IN INTEREST	MOH CURRENT INTEREST
SILVER SWAN NORTH (WA)		E27/0345	11.01	EXPLORATION	GRANTED	27/11/2007	26/11/2019	-	51%
		E27/0528	20.45	EXPLORATION	GRANTED	11/10/2015	11/9/2020	-	100%
		M27/0263	7.93	MINING	GRANTED	7/8/1997	7/7/2039	-	51%
		P27/2232	2	PROSPECTING	GRANTED	3/8/2016	3/7/2020	-	100%
		P27/2390	0.92	PROSPECTING	GRANTED	4/2/2019	3/2/2023	100%	100%
		E27/0613	5	EXPLORATION	APPLICATION
		E27/0620	3	EXPLORATION	APPLICATION
		P27/2418	149	PROSPECTING	APPLICATION
BURRACOPPIN (WA)		E70/4688	123.15	EXPLORATION	GRANTED	11/6/2015	11/5/2020	-	0%**
		E70/5154	161.19	EXPLORATION	GRANTED	11/23/2018	11/22/2023	-	0%
		EPM25208	281	EXPLORATION	GRANTED	8/4/2014	7/4/2024	-	51%
		EPM25209	291	EXPLORATION	GRANTED	842014	742024		51%
						//	//	-
		E2210	200	EXLOAION	GANED	842014	42024		1%
	EMPRESS SPRINGS (QLD)	PM5		PRT	RT	//	7//	-	5
		EPM27193	48.9	EXPLORATION	APPLICATION
		EPM27197	325.5	EXPLORATION	APPLICATION
		EPM27194	325.7	EXPLORATION	APPLICATION
		EPM27199	325.1	EXPLORATION	APPLICATION
		EPM27195	324.9	EXPLORATION	APPLICATION
		EPM27196	324.9	EXPLORATION	APPLICATION
		EPM27198	325.4	EXPLORATION	APPLICATION
		EPM27200	6.5	EXPLORATION	APPLICATION
		EPM27260	87.75	EXPLORATION	APPLICATION
		EPM27262	78	EXPLORATION	APPLICATION

** Moho has yet to earn an interest in E70/4688. As at the 30 June 2019 Moho had incurred about $230,000 in eligible farm-in expenditure.

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COMPETENT PERSONS STATEMENT

The information in this announcement that relates to Exploration Results is based on information and supporting documentation compiled by Mr Robert Affleck, Mr Max Nind and Mr Kim Frankcombe, who are Competent Persons and Members of the Australasian Institute of Geoscientists (AIG). Mr Affleck and Mr Nind are full-time employees of Moho Resources Ltd. Mr Frankcombe is a consultant to Moho Resources Ltd. Mr Affleck and Mr Frankcombe hold shares in the Company.

Mr Affleck, Mr Nind and Mr Frankcombe have sufficient experience relevant to the style of mineralisation under consideration and to the activity which is being undertaking to qualify as Competent Persons as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Affleck, Mr Nind and Mr Frankcombe all consent to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

Note: Information on historical results, including JORC Code Table 1 information, is contained in the Independent Technical Assessment Report within Moho’s Prospectus dated 10 August 2018. Moho is not aware of any new information or data that materially affects the information included in the Prospectus.

FORWARD LOOKING STATEMENTS

This Announcement is provided on the basis that neither the Company nor its representatives make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the announcement and nothing contained in the Announcement is, or may be relied upon as a promise, representation or warranty, whether as to the past or future. The Company hereby excludes all warranties that can be excluded by law. The Announcement contains material which is predictive in nature and may be affected by inaccurate assumptions or by unknown risks and certainties, and may differ materially from results ultimately achieved.

The Announcement contains “forward looking statements”. All Statements other than those of historical facts included in the Announcement are forward- looking statements including estimates of Minerals Resources. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied, by such forward-looking statements. Such risks include, but are not limited to, gold, nickel and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events the date of the Announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All persons should consider seeking appropriate professional advice in reviewing the announcement and all other information in respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Announcement nor the information contained in the Announcement or Subsequently communicated to any person in connection with the Announcement is, or should be taken as, constituting the giving of investment advice to any person.

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The exploration results contained in this report were previously reported by the Company in its Announcements released to the ASX listed below. The Company confirms it is not aware of any new information or data that materially affects the information included in the Company’s previous announcement.

• Nickel Sulphide Exploration Update at Silver Swan North - (29 April 2019)

• Exploration update - Empress Springs - (28 May 2019)

• Gold Exploration Drilling Update Empress Springs - (20 June 2019)

• Broad Zones of Gold and Base Metals at Empress Springs - (1 July 2019)

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