Moho Resources : Exploration Update - Black Swan South Prospect

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EXPLORATION UPDATE - BLACK SWAN SOUTH

PROSPECT, WA

KEY POINTS FROM MAIDEN RC DRILLING PROGRAM:

• Drill program successfully outlined apparently undisturbed basal contact of target komatiite ultramafics and provides encouragement for nickel sulphide exploration.
• The potential for the komatiite to host nickel sulphides is supported by evidence of substantial settling and accumulation of olivine over the strike length of about 300metres of the komatiite
• Embayment in basal contact of komatiites outlined by RC drilling:
• • Four of 12 holes identified a 25 to 30m depression in the komatiites at the southern end plunging southeast.
  • Testing of the depression will determine if it develops further into a channel at depth and provides a site for settling and accumulation of nickel sulphide mineralisation
• Komatiite sequence is open to southeast but closed off to northwest
• Contact between komatiites and underlying volcanics and tuffs appears to be intact, not faulted or sheared

NEXT STEPS:

• Down hole EM (DHEM) survey for BSSMRC004 and historic hole LSBD0023
• Subject to review of assay results and DHEM, deeper drilling with two diamond drillholes to test southeast plunge of komatiite within the depression at depth to test for potential accumulation of nickel sulphides
• Passive seismic survey to investigate cause of the deep weathering around BSSMRC002

"This drill program has provided critical information for Moho to vector in on the nickel sulphide potential at Black Swan South. The company is excited about what the next steps may yield."

• Mr Ralph Winter, Managing Director

14 July 2022

Moho Resources Limited (ASX: MOH, Moho or the Company) is pleased to provide a further update on the recently completed Reverse Circulation (RC) drilling at its 100% owned Black Swan South Nickel Prospect which is part of the regional Silver Swan North Project. The prospect is located on E27/623,

4.5 km south of the Silver Swan nickel mine and approximately 40 km NNE of Kalgoorlie, Western Australia.

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BLACK SWAN

Figure 1: Location of Black Swan South nickel prospect in relation to Moho's Silver Swan North Project

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 700m long.

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An evaluation of historic drill hole lithologies has identified that the ultramafic lithologies are komatiites which are the target hosts for nickel sulphides in this region. Reprocessing of down hole EM data from the historic diamond hole 08NSBD0060 by Moho's Geophysical Consultant, Kim Frankcombe (ExploreGeo Pty Ltd) showed a weak anomaly modelled below 08NBSD006 (Moho Resources Ltd (MOH) ASX announcement 31/3/2022 "Black Swan South Nickel Prospect Exploration Update").

An evaluation of the historical geochemical assay data by Moho's Geochemical Consultant, Richard Carver of GC Xplore Pty Ltd identified geochemical targets prospective for nickel sulphide mineralisation for drill testing. (Moho Resources Ltd (MOH) ASX announcement 6/5/2022 "Positive Geochemical Nickel Review of Black Swan South")

The review of the above findings has led to the planning and implementation of the 2000m RC drilling program at the Black Swan South prospect.

Preliminary Findings from RC Drill Program:

Moho has completed 1914m of RC drilling in 12 drill holes (BSSMRC001 to BSSMRC012) varying from 110m to 200m deep on E27/623 (Figure 2).

The program successfully outlined the topography of the footwall contact immediately below the base of the komatiite sequence and is showing a 25 to 30m deep depression (BSSMRC003, 004, 007 and

1. at the southern end of the prospect plunging southeast. Testing of the depression will determine if it develops further into a channel at depth and provides a site for settling and accumulation of nickel sulphide mineralisation

The komatiite sequence is closed off to the northeast with BSSMRC012 not intersecting any komatiite. BSSMRC009 drilled at the southeast end of the magnetic anomaly intersected komatiite before entering the footwall which indicates a southeast plunge of the entire komatiite sequence.

BSSMRC002 drilled up dip from the modelled EM anomaly below 08NSBD0060 intersected about 150m of saprolite before entering into the foot wall tuffs and volcanics. This is different from all the other holes drilled during this RC drill program where the saprolite profile generally is about 50m deep.

Composite samples (1 - 4m interval) have been collected for all drill holes and 635 samples have been submitted for analysis.

To facilitate a down hole EM survey hole BSSMRC004 has been cased with 50mm pvc, BSSMRC002 also marked for a survey was blocked at 24m. The collar of historic diamond hole LSBD0023 has been located and had been cased with pvc but not surveyed previously is open to at least 200m.

Follow up Program:

A down hole EM survey is planned for BSSMRC004 and LSBD0023. Subject to review of assay results and DHEM, deeper drilling with two diamond drillholes to test southeast plunge of komatiite within the depression at depth to test for potential accumulation of nickel sulphides

Several lines of passive seismic survey are planned to investigate the cause of the deep weathering around BSSMRC002.

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Figure 2: Black Swan South prospect drillhole location plan

	Hole	E_MGA51 GDA94	N_MGA51 GDA94	RL_ m	Azimuth_UTM	Dip	EOH_m
	BSSMRC001	369587	6632617	355	230	-60	198
	BSSMRC002	369339	6632524	355	230	-60	168
	BSSMRC003	369539	6632495	354	230	-60	120
	BSSMRC004	369618	6632552	356	230	-60	198
onlyBSSMRC011	369382	6632903	356	230	-60	186
	BSSMRC005	369480	6632681	354	230	-60	150
	BSSMRC006	369509	6632730	355	230	-60	198
	BSSMRC007	369608	6632429	355	230	-60	126
	BSSMRC008	369648	6632466	355	230	-60	192
	BSSMRC009	369672	6632343	355	230	-60	150
	BSSMRC010	369337	6632857	356	230	-60	108
	BSSMRC012	369264	6633027	356	230	-60	120
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	Table 1: Black Swan South prospect drillhole collars

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, P27/2441, E27/613, E27/623 and E27/633 and applications f or E27/641, 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 personal(Figure 1).

In October 2021, Moho entered into a binding Heads of Agreement with Yandal Resources Ltd (Yandal). U der the Agreement, which is still subject to due diligence conditions, in exchange for a 1.0% Net Smelter R yalty, 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.

Competent Persons Statement:

The information in this report that relates to Exploration Results is based on information derived from the visual inspection of drill chips and supporting documentation compiled by Moho Resources' exploration team and reviewed by Max Nind who is a Competent Person and a Member of Australian Institute of ForGeoscientists (MAIG). Mr. Nind is a consultant to Moho Resources Limited. Mr Nind has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Nind consents to the inclusion in the report of the matters based on his information in the form and context in

which it appears.

ENDS

The Board of Directors of Moho Resources Ltd authorised this announcement to be given to ASX.

For further information please contact:

Ralph Winter, Managing Director

T: [phone]

1. [e-mail]