Moho banks cash to crack open next Hemi in the Pilbara’s Mosquito Creek Basin
Moho Resources has realised $500,000 in cash for a Goldfields exploration project as it chases bigger fish in the vicinity of one of Australia’s highest grade gold deposits.
Moho Resources has banked an immediate $500,000 cash with more potential to come from the sale of its non-core Silver Swan North gold project
Money will go to expand the exploration budget at the Bush Chook project in the Pilbara, where Moho is chasing the next Hemi in the underexplored Mosquito Basin
Funds from sale are in addition to $2 million Placement completed in November
Drilling began at Bush Chook’s Swan Gold prospect this week
Special Report: On the hunt for the next big Pilbara gold discovery, Moho Resources has realised $500,000 in cash for a Goldfields exploration project as it chases bigger fish in the vicinity of one of Australia’s highest grade gold deposits.
The Pilbara has emerged as a vastly underexplored hotspot for gold discoveries since De Grey Mining made its fateful 11.2Moz Hemi find in 2020.
And it’s emerged as the place to be for Moho Resources (ASX:MOH) to begin its reinvention, with drilling kicking off this week at the Swan Gold prospect within the firm’s promising Bush Chook gold project.
The sale of Silver Swan North to private contractor Mineral Mining Services for $500,000 in staged payments, plus a $500,000 milestone payment on the exploration licence’s conversion to a mining lease, together with proceeds from the recently completed $2 million placement, bolsters Moho’s balance sheet as it unleashes the drill rigs at Bush Chook.
Moho remains leveraged to any success MMS has outlining resources and kicking off production at Silver Swan North, around 50km northeast of Kalgoorlie, retaining a 1% gross revenue royalty.
Meanwhile, it has high hopes that Bush Chook could yield the company makers other Pilbara gold projects have delivered in recent years, with reverse circulation drilling now underway.
Monetising the non-core Silver Swan North will help Moho increase its exploration budget to unleash on Bush Chook.
Bush Chook
No longer just the favoured brew of WA’s indie musicians and uni students, Moho’s Bush Chook (a slang term for the State’s native red canned beer) already hosts big anomalies.
The Swan Gold prospect which is now being drilled is 1.4km long by 250m wide, with soil readings up to 330 parts per billion gold.
Moho is planning to drill between 1000-1600m across 2-3 drill lines down to 160-200m, with the program expected to complete in a fortnight.
With the work done ahead of Christmas, that sets up Moho for news flow early in the new year.
“With our balance sheet strengthened we can focus our resources on unlocking the full potential of the Bush Chook Project, which is now being drilled, marking an exciting new chapter in our pursuit of significant gold discoveries,” Moho chairman Peter Christie said.
“The Company is well funded and prepared for an active 2026 field season at Bush Chook, which is scheduled to start in March.
“We will be systematically developing, ranking and testing exploration targets through comprehensive soil and rock chip sampling programs followed by targeted drilling campaigns.”
While the Pilbara has long trailed the Goldfields as an exploration destination, at least for precious metals, Hemi’s discovery has put a signpost on the region as the place to be for genuinely large greenfields gold finds.
What’s a Chook in the hand worth in the Bush?
Sitting in the Mosquito Creek Basin, Bush Chook is well located should something of scale be found.
It directly neighbours the Mark Creasy-owned Nullagine gold project, which produced 543,000oz at 1.6g/t between 2012 and 2019 and still hosts a 1.8Mtpa processing plant at Golden Eagle.
Nullagine looms as the second development opportunity for the billionaire prospector’s AIM Mining Corp after saving the former Calidus Resources and its now cash generating Warrawoona mine from administration.
Just 10km from Swan Gold sits AIM’s Blue Spec gold and antimony deposit, which carries some of the highest grades in the Australian gold space, containing 242,000oz at 24.3g/t gold, plus a handy 1.6% Sb.
The Mosquito Creek Basin has produced around 2.5Moz of gold, but fell by the wayside when Hemi’s discovery drew explorers to the shinier Mallina province.
From $15mpa from 2016-2019, exploration investment tumbled 67% to $5mpa between 2020 and 2023.
Despite this underinvestment, Mosquito Creek remains highly prospective. Covering 386km², it has seen minimal drilling, even though high-grade rock samples up to 28.6g/t Au and more than 100 historical soil samples above 32ppb highlight the system’s potential.
Field work is expected to ramp up further in 2026.
This article was developed in collaboration with Moho Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
