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Smallcap explorer Moho Resources’ (ASX: MOH) share price has plummeted nearly 28% through Tuesday intraday after telling shareholders it would be switching drill targets at its Bush Chook project in Western Australia.
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The company told the ASX it would be pausing drilling at Swan after no significant gold intercepts were returned from the first four of nine planned drill holes. In Swan’s place, Moho’s prioritising the Emu and Little Creature targets and their high-grade gold mineralisation outcropping at surface.
Moho does still have hopes for the wider Swan prospect, too, chairman Peter Christie said today, despite February’s surprise targeting pivot.
“While early drilling at the Swan prospect did not yield significant intersections, the untested southern portion of the pronounced 1.4km anomaly remains prospective,” Mr Christie explained this morning.
The Moho chief continued: “That maiden drilling campaign has been temporarily paused to prioritise the more advanced Emu and Little Creature targets, which we couldn’t drill last year as exploration licences were pending. We will start drilling as soon as heritage clearances are received.”
Emu and Little Creature have moved up the ladder of drill targets after exploration tenements covering them were granted last month.
Emu was identified in CY25 during due diligence and mapping work at Bush Chook. An outcropping gossanous quartz vein was mapped over 200m strike length with a 20m apparent thickness at surface. Rock chips up to 14.9. grams per tonne gold were collected in a high-grade gold trend strikes over 300m.
And, Little Ceature features a gold trend of more than 650m where rock chips up to 5.4 g/t and soil samples up to 252ppb were collected. An infill soil sampling program is now planned there before testing in H1 CY26.
MOH has traded up to -28% lower today and sits at 0.8c.
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