Moho Resources Limited provided an update on its nickel sulphide exploration program at its 100%-owned Black Swan South Nickel Prospect, located adjacent to Poseidon Nickel Ltd.'s nickel sulphide deposits and Black Swan nickel operations, approximately 40 km NNE of Kalgoorlie in Western Australia. The Black Swan South Nickel Prospect is a zone of ultramafic rocks identified from historical drilling south of the Silver Swan nickel mine. The prospect is associated with a prominent, elliptical shaped magnetic anomaly, approximately 700 m long. Since the tenement was granted to Moho on 14 December 2021, the Company has expedited exploration to assess its prospectivity for nickel sulphide mineralisation. An evaluation of the historical assay data identified geochemical targets prospective for nickel sulphide mineralisation for drill testing. An evaluation of historic drill hole lithologies identified that the ultramafic lithologies are komatiite. Reprocessing of down hole EM data from the historic diamond hole 08NSBD0060 showed a weak off-hole anomaly modelled below 08NBSD0060. The review of the above findings has led to the planning and implementation of the 1,914m RC drilling program at the Black Swan South prospect. Moho has completed 1914m of RC drilling in 12 drill holes (BSSMRC001 to BSSMRC012) varying from 110m to 200m depth on E27/623. Composite samples (1 ­ 4m interval) have been collected for all drill holes and assay results for 635 samples have now been received and reviewed. Komatiite Extent and Composition: The komatiite sequence is closed off to the northwest with BSSMRC012 not intersecting any komatiite. BSSMRC009 drilled at the southeast end of the magnetic anomaly intersected minor komatiite before entering the footwall also indicating a southeast plunge of the entire komatiite sequence. Overall, three different stratigraphic layers are present within the Black Swan South komatiite complex. The upper unit up to 100m of thin komatiite and high Mg-basalt flows with strongly varying MgO content (4% to 12% MgO) presenting as a tremolite, chlorite and minor talc rock. The centre unit is up to 60m thick and contains significant magnetite and is therefore the source of the Black Swan South magnetic anomaly. This unit has an MgO content of about 12% at the top increasing to about 20% at the base. Nickel is typically about 600ppm, and chrome is from 1000ppm at the top increasing to 1700ppm at the base. This unit presents as a strongly carbonated serpentinite. The lower unit is around 40m thick and has an MgO content of 12-14%, 600ppm nickel. Chrome assays up to 2600ppm and there is very little magnetite. The basal unit presents as a tremolite, talc, carbonate rock. Nickel Mineralisation: Nickel values in this RC program were low with the maximum assay results being in drill hole BSSMRC010 from 32m to 48m, 16m averaging at 3828ppm Ni and 75ppm Cu, within the saprolite zone. The highest Ni assay result in fresh rock was in BSSNRC003 80-84m at 1490ppm Ni with 31ppm Cu. All other assays over 1200ppm Ni are from samples collected within the saprolite profile. The program successfully outlined the topography of the footwall contact (Figure 4). A 25 to 30m deep depression in the footwall is evident at the southern end of the prospect plunging southeast (BSSMRC003, 004, 007 and 008). This depression could potentially develop at depth into a channel feature with potential to host nickel sulphide mineralisation. Four subtle, Ni-Cu anomalies are present near the depression (Figure 4). These anomalies identified in drillholes BSSMRC001, 004, 007 and 008 align in a discrete horizon about 45m above the footwall contact
depression. This horizon was not intersected in hole BSSMRC003 as that intersection plots above the collar. The drillholes away from the footwall depression did not show any coincident NI-Cu anomalism. BSSMRC002 which was drilled up dip from the modelled EM anomaly below 08NSBD0060 intersected about 150m of saprolite before entering the foot wall intermediate volcanics and tuffs. This is different from all the other holes drilled during this program where the saprolite profile generally is about 50m, but it shows similarities to the increase of the weathering profile directly above the Silver Swan massive sulphide mineralisation about 5km away. Geophysical Surveys: During the drilling campaign the original collar of 08NSBD0060 was discovered to be 200m away from the historically reported position. With the new position of the collar, the modelled off hole EM conductor in hole 08NSBD0060 has also moved 200m to the southwest. A passive seismic survey was conducted covering the Black Swan South komatiite complex and footwall lithologies to the west to determine the extent of the deep weathering in BSSMRC002. This survey showed that weathering increases in the komatiite around the footwall depression to the south of the prospect. Weathering further increases into the footwall lithologies with the deepest weathering located about 100m W-NW of BSSRC002. A downhole EM survey was limited because several of the planned survey holes were blocked. The holes that were surveyed did not show any in-hole or off-hole conductors.