Moho Resources has confirmed two shallow, multi-lode gold systems at its Bush Chook project in Western Australia, but ended September with just $738,000 in cash and less than one quarter of funding at the quarter’s reported spending rate. The company is targeting broader exploration and follow-up drilling in 2027 while saying it expects to raise capital when required.
- Four open gold lodes defined across more than 600m of combined strike
- Best intercepts include 14m at 1.04g/t gold and 15m at 0.84g/t gold
- 3,492m Phase One RC program recorded significant gold in 70% of holes
- $738,000 cash balance and 0.914 quarters of estimated funding
- 2027 campaign to combine hyperspectral data, geochemistry and follow-up drilling
Bush Chook Results Point to Open Gold Systems
Moho Resources Ltd (ASX:MOH) has added geological shape to its Bush Chook story, defining two shallow, multi-lode gold systems at Gage Road and CBco after a 3,492-metre Phase One reverse circulation drilling program. The four lodes cover more than 600 metres of combined strike and remain open both along strike and down dip.
The stronger reported intervals include 14 metres at 1.04g/t gold from 13 metres at Gage Road, with two one-metre higher-grade sections running at 3.87g/t and 2.53g/t. At CBco, drilling returned 15 metres at 0.84g/t from 64 metres, including nine metres at 1.06g/t. Moho said 70% of holes across Rocky Ridge, Gage Road and CBco intersected significant gold mineralisation above 0.5g/t.
The results were previously released in the company’s July drilling announcement and are reproduced in the quarterly report as the basis for its exploration update. That earlier program was described in the Phase One drilling results as defining two new systems over 600 metres of combined strike.
Regional Targeting Moves Beyond First-Pass Drilling
With most Bush Chook tenements now granted or covered by agreements, Moho is shifting from initial prospect testing towards a region-wide search for better-defined drill targets. The company plans to reprocess and reinterpret historic HyMap hyperspectral data alongside existing geochemical datasets, then use mapping and surface sampling to rank targets for drilling in the 2027 field season.
Emu, near AIM Mining’s Barton underground operation, and Bright Tank are identified as current drill-ready targets. Two large pyrophyllite alteration anomalies, known as HyMap 1 and HyMap 2, will also be reassessed where the data supports follow-up work. The approach is intended to test a much larger part of the 442-square-kilometre project rather than rely solely on the already drilled prospects.
Cash Position Leaves Exploration Dependent on Funding
The project’s exploration momentum comes with a clear financing constraint. Moho held $738,000 at 30 September, down from $1.271 million at the start of the quarter. It spent $677,000 on exploration and evaluation, recorded $131,000 of net operating cash outflow and received $275,000 from asset disposals.
On the company’s own Appendix 5B calculation, those outgoings imply 0.914 quarters of available funding. Moho answered “yes” when asked whether it expected current operating cash flows to continue, and said it had not taken steps to raise further cash but remained confident in its ability to do so when required. The funding issue had already featured in the company’s earlier funding test, when it held $1.27 million after a capital raising and the Silver Swan North sale.
Asset Sales and Technical Leadership Support the Next Stage
Moho received the final $250,000 deferred cash payment for Silver Swan North during the quarter, completing the $500,000 cash component of that sale. It retains a possible $500,000 milestone payment if the tenement converts to a mining lease, plus a 1% gross revenue royalty on future production.
The company also expects a separate $500,000 milestone from the East Sampson Gold Project before the end of the calendar year, provided production reaches 10,000 ounces. That payment is part of a staged arrangement with Mineral Mining Services that could deliver up to $3 million across the listed production milestones, although future receipts depend on the required production thresholds being achieved.
Greta Purich moved from non-executive director to Technical Director in September, taking responsibility for exploration after the departure of Exploration Manager Graeme Hardwick. Her appointment places technical leadership over the planned transition from first-pass drilling to follow-up and step-out work, but the immediate question is whether Moho can fund that transition before the next field season.
Bottom Line?
Bush Chook has produced a credible set of open, shallow gold targets, but the 2027 exploration plan is closely tied to new capital and the timing of milestone receipts.
Questions in the middle?
- Can Gage Road and CBco expand into a scale that justifies the next phase of drilling?
- When and on what terms will Moho seek the additional capital implied by its 0.914-quarter funding estimate?
- Will the East Sampson milestone payment arrive before the company’s cash position becomes the limiting factor for exploration?