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Rare Earth Hits Sees Moho Share Price Surge

20 April 2023 15:00

Australian Rare Earths continue to heat up with Moho Resource’s ASX listed share price jumping nearly fifty per cent to trade at 2.7c (2:50 pm UTC +800) following the company cracking into Peak Charles’ rare earth element potential, with first assays from the Projects maiden drill campaign returning significant clay-hosted rare earth elements grades up to 1890ppm total rare earth intersected.

While the Company originally set out at Peak Charles hunting for Ni-Cu sulphides and gold, the Project’s potential for large-scale, clay-hosted REE mineralisation and proximity to OD6’s Grass Patch tenements, where it recently returned grades up to 3,340 ppm TREO, lead Moho to switch focus, and with today share price jump it seems like this shift in strategy was correct.

The 81 hole drill campaign hit REE mineralised clays up to 20 metres thick and returned 14 TREO intercepts over a 600ppm cut of grade and 40 intercepts over a 300ppm TREO cut of grade, with the Project’s TREO target area based on current drilling data now roughly 15km by 12km.

Intersections also showed significant hits for high-grade magnet rare earth oxides up to 35.3 per cent of the TREO grade alongside returns of up to 41 per cent of the TREO grade for critical rare earth oxides, which are pivotal to the creation of magnets used in technological applications and the development of clean energy sources respectively.

Drilling also showed significant potential for the Pyramid Road and Ned’s Corner prospect, with most holes at the prospects penetrating past the top layer of calcrete and paleo channel clays and encountering significant mineralisation over 300ppm TREO past this top layer.

With these promising results, the Company is now planning a follow-up drilling campaign to establish the continuity between these two prospects and potentially the northern track prospects’ clay zone as it works to assess and model the newly received drilling data and assaying results

Alongside planning further drilling, the Company is also awaiting results from a 10,339 line-kilometre Airborne Geophysical survey flown across the Project which it will integrate with drilling data to identify further exploration targets at Peak Charles to be tested with further drilling.

The Company said these results place Moho in a positive position in Australia’s REE market.

“Moho is excited by this first pass untargeted exploration program which has shown consistent high-grade clay-hosted REE results. Moho believes the identified target zone of 15 x 12km thus far, with further room for growth across the tenement package,” Managing Director Ralph Winter.

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