Moho Resources : Black Swan South Nickel Prospect Exploration Update

BLACK SWAN SOUTH NICKEL PROSPECT

EXPLORATION UPDATE

HIGHLIGHTS:

• • Moho's geophysical consultant has reviewed historical geophysical data on recently granted E27/623 located immediately south of Poseidon Nickel's Black Swan Nickel

  Processing Operations

• • Re-evaluation of down hole electromagnetic survey (DHEM) data from diamond drill hole (DDH) 08NBSD0060, drilled by Norilsk in 2008, has identified a possible, weak off-hole conductor

• • Modelling shows the electromagnetic (EM) anomaly:

  • - is beyond the end of the drill hole about 100 m to the south

  • - is very subtle and implies a distant source

  • - if it reflects possible massive nickel sulphide mineralisation it may sit within an untested portion of the Black Swan South magnetic anomaly

  • - or it might reflect graphite or a sliver of sulphide bound in the interpreted NW shear

• • No ground electromagnetic surveys have been conducted on the magnetic anomaly which has been the main focus of historical exploration for nickel

NEXT STEPS:

• • Complete geochemical review and interpretation of Black Swan South drilling data

• • Plan drill holes to test EM geophysical and geochemical targets for nickel and PGEs

• • Secure RC rig and drill nickel targets

• • Undertake DHEM surveying in RC holes proposed to test nickel targets

• • Undertake ground EM survey on magnetic anomaly to assess potential for more nickel and PGE targets

• • Undertake DHEM surveying in historical DDH LBSD0023 (if possible)

Moho's early assessment of historic exploration data is that the Black Swan South prospect is significantly under-explored, particularly given its proximity to the high grade nickel sulphide mineralisation associated with the nearby Silver Swan and Golden Swan deposits. We are looking forward to the next phase of exploration with great anticipation and excitement.

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Mr Shane Sadleir, Managing Director

Moho Resources Limited (Moho or the Company) (ASX:MOH) is pleased to provide an initial assessment of the nickel exploration potential of the Black Swan South Nickel Prospect, 4 km south of the Silver Swan nickel mine and approximately 40 km NNE of Kalgoorlie, Western Australia.

Black Swan South Nickel Prospect (E27/623)

The Black Swan South Nickel Prospect is a zone of ultramafic rocks identified from historical drilling (Appendix 1), south of the Silver Swan nickel mine. The prospect is associated with a prominent, elliptical shaped magnetic anomaly, approximately 800 m long and bound on its western side by an interpreted major, NW trending structure.

A re-evaluation of the historic down hole electromagnetic survey (DHEM) from diamond drill hole (DDH) 08NBSD0060, by Moho's Geophysical Consultant, has identified a possible, weak off hole conductor from the end of the hole about 100 m to the south (Figures 1 & 2). The anomaly is very subtle and is within the noise level of the data and implies a distant source. If the conductor reflects possible massive nickel sulphide mineralisation, it may sit within an untested portion of the Black Swan South magnetic anomaly, or it might reflect graphite or a sliver of sulphide bound in the interpreted NW shear.

Figure 1: Image of magnetic intensity showing potential off hole EM conductor site with historic drilling and interpreted structures, Black Swan South Nickel Prospect

Figure 2: Cross section showing potential off-hole EM conductor in relation to historic diamond drill hole 08NBSD0060

Geophysical modelling of the data highlights an east-dipping conductor as providing the best fit for the DHEM anomaly. Based on the historical drilling, the basal ultramafic/mafic contact is interpreted to dip to the east. Subject to the outcome of the geochemical review of the historical drill hole data currently underway, Moho propose to undertake RC drilling to the south of DDH 08NBSD0060 to test along the trend of the interpreted contact.

The area will be covered as part of a proposed in-loop surface EM survey and sits within in a gap in the historical drilling (Figure 3). Due to a shortage of EM crews, surveying may not occur until June. Moho is actively aiming to secure a rig prior to completion of the surface EM to drill the untested section of the magnetic anomaly and add important new geological information to this developing target. The drill holes will be cased so that they can be used to test for DHEM anomalies.

Next steps

• • Complete geochemical review and interpretation of Black Swan South drilling data

• • Plan drill holes to test EM geophysical and geochemical targets for nickel and PGEs

• • Secure RC rig and drill nickel targets

• • Undertake DHEM surveying in RC holes proposed to test nickel targets

• • Undertake ground EM survey on magnetic anomaly to assess the potential for more targets

• • Undertake DHEM surveying in historical DDH LBSD0023 (if possible)

Figure 3: Image of Magnetic Intensity overlain with proposed in-loop surface EM survey (white) and existing EM coverage (green) at Black Swan South Nickel Prospect

Moho's Interest in Silver Swan North Tenements

Moho is the 100% registered owner of granted tenements M27/263, E27/528, E27/626, P27/2232, P27/2390, E27/613, E27/623 and E27/633 and applications for E27/641, P27/2441, P27/2456, E24/235 and E27/687 all of which comprise the Silver Swan North Project. The Company has also signed option agreements to acquire M27/488, P27/2200, P27/2216, P27/2217, P27/2218, P27/2226 and P27/2229 (Figure 4).

In October 2021, Moho entered into a binding Heads of Agreement with Yandal Resources Ltd (Yandal)1.

Under the Agreement, which is still subject to due diligence conditions, in exchange for a 1.0% Net Smelter Royalty, Moho will acquire from Yandal the exclusive right to access, explore for, own, mine, recover, process and sell all nickel, copper, cobalt and Platinum Group Elements extracted from the and associated minerals on 15 granted mining tenements held by Yandal. The Company will also vend four mining tenements under option and a tenement application to Yandal while retaining the rights for nickel and NSR gold royalties.

Figure 4: Silver Swan North tenements in relation to interpreted regional geology, current nickel exploration targets and Poseidon's Black Swan Nickel Operation

1 Moho Resources Ltd [MOH] ASX announcement - "Moho Increases Nickel Exposure At Silver Swan North" (11/11/2021)