Moho Resources (ASX:MOH) is set to purchase a series of 20 nickel-prospective mining tenements totalling 8.7km² adjacent to its Silver Swan North Project after inking a binding Heads of Agreement with vendor Yandal Resources (ASX:YRL).
The deal will see Moho acquire exclusive exploration, mining and sales rights for nickel, copper, cobalt and PGE on 15 of the tenements in exchange for a 1% net smelter royalty.
Moho will also sell four tenements to Yandal, while retaining rights to nickel and NSR gold royalties.
“The agreement with Yandal presents a unique opportunity for Moho to significantly increase our exploration program for nickel sulphide mineralisation”
Speaking on the deal, Moho Managing Director Shane Sadleir said: “The agreement with Yandal presents a unique opportunity for Moho to significantly increase our exploration program for nickel sulphide mineralisation in highly prospective stratigraphy at Silver Swan North with minimal cost and time delay.
“The granting of the nickel rights further enhances the Company’s focus on nickel exploration following the recent acquisition of the Whistlepipe nickel project, located in Western Australia’s Albany- Fraser Orogen. While gold remains a key commodity for the Company, nickel continues to be subject to a number of supply constraints and our increasing focus on nickel affords Moho better leverage to future price movements.
“We are encouraged by the recent announcements by Poseidon Nickel at Silver Swan and Golden Swan, Metal Hawk at Berehaven and Estrella Resources at Carr Boyd, all demonstrating the potential for further nickel sulphide discoveries within the Kalgoorlie area. We look forward to reviewing the historical information on the Yandal tenements before commencing exploration early next year.”
Map of the Yandal tenements set to be acquired by Moho, displaying the nickel-prospective Highway FormationThe new tenements, which the company believes are prospective for ultramafic-hosted nickel sulphide mineralisation, are located adjacent to its Silver Swan North Project, approximately 20km from Poseidon Nickel’s (ASX:POS) Black Swan operations.
Moho notes that the tenements includes coverage of the ‘significant’ folded mafic-ultramafic Highway Formation, which has delivered nickel mineralisation at nearby GSP and Ringlock deposits.
Moving forward, the company reports that it is reprocessing and reviewing historical geophysical data, along with collating available geochemical and drill hole data with a goal of generating priority drilling targets.
Images: Moho Resources Ltd
