Highly Positive Gold Results Delivered from Yarrol

Mila Resources

21/05/2025 07:00

RNS Number : 5654J

Mila Resources PLC

21 May 2025

 

Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural Resources

 

21 May 2025

 

Mila Resources Plc

('Mila' or the 'Company')

 

Highly Positive Gold Results Delivered from Yarrol:

Maiden Drilling Programme Unlocks High-Grade Mineralisation

 

Mila Resources Plc (LSE: MILA), the post-discovery gold exploration accelerator, is pleased to announce the first batch of assay results from its maiden drilling programme at the Yarrol Gold Project in Queensland, Australia.  The results received are from the first two holes of a 10-hole programme (Table 1). The results for the remaining eight holes will be released over the coming weeks, with the final assays expected by the end of Q2 2025. The drilling programme was designed to test Mila's geological model being that Yarrol hosts a structurally controlled, multi-lode high-grade gold system with scale potential along a 20km corridor.

 

The drill targets were chosen following an extensive review of historical data and more recent geophysical studies undertaken by the Mila team in Q1 2025.

 

Assay Highlights:

 

Hole MYARC0197 (Figure 2)

•   11m @ 2.91g/t Au from 11m,

·  including 1m @ 16.45g/t Au from 11 m

•   1m @ 39.10g/t Au from 32m

•   17m @ 5.46g/t Au from 42m,

·  including 1m @ 9.25g/t Au from 42m

·  and 8m @ 9.76g/t Au from 51m which includes 1m @ 47.40g/t Au from 54m

 

Hole MYARC0195 (Figure 3)

•   2m @ 1.00g/t Au from 100 m

•   1m @ 5.19g/t Au from 117 m

•   2m @ 6.44g/t Au from 124 m

 

Cut-off grade of 0.3g/t Au and 2m internal dilution applied to intercepts.

 

Neil Hutchison, Technical Director

"These initial results have confirmed Mila's confidence in the Yarrol Project, from the initial validation site visit by Mila's geologists, to the completion of the acquisition by the corporate team. The broad widths and high-grade nature of the intersections returned to date support Mila's belief that the Yarrol Project has the potential to deliver a substantial resource with further geological and structural modelling of the ore shoots.  As we finalise the sample processing we are excited to await and receive the assay results for the remainder of the drilling programme."

 

Mark Stephenson, Executive Chairman

 "This drilling campaign set out to confirm that Yarrol hosts a high-grade gold system. The team are delighted with these initial results which confirm the historical data is reliable and support the growth potential Mila sees in the project. We look forward to both delivering further drill results at Yarrol in the coming weeks and developing the potential of our other exciting Queensland assets in the coming months."

 

Further Information

 

Stage 1 Drilling Campaign

The maiden programme consisted of 10 Reverse Circulation ("RC") holes for a total of 1,870m of drilling (Figure 1 and Table 2) to test the following:

 

i.          Confirm historical drill intercepts from historical data;

ii.          Test depth and strike extensions of the historic (non-JORC compliant) resource. These first assays include step-out drilling and infill of the central historic resource area; and

iii.         Test and develop our own geological-structural model based on the reinterpretation of the historical mineralisation

 

The Company is expecting all assay results back by the end of Q2 2025. These will include infill and deeper holes in the central zone as well as step out and infill drilling at the northern historic resource to target parallel structures

 

 

Table 1: Significant Intersections

Hole ID
Width
From
To
Au g/t
MYARC0195
2m
100m
102m
1.00
1m
117m
118m
5.19
2m
126m
128m
6.44
MYARC0196
Results pending
MYARC0197
11m
11m
22m
2.91
incl
1m
11m
12m
16.45
1m
32m
33m
39.10
17m
42m
59m
5.47
incl
1m
42m
43m
9.25
and incl
8m
51m
59m
9.76
which incl's
1m
54m
55m
47.40
MYARC0198
Samples in process
MYARC0199
Samples in process
MYARC0200
Samples in process
MYARC0201
Samples in process
MYARC0202
Samples in process
MYARC0203
Samples in process
MYARC0204
Results pending


Cut-off grade of 0.3g/t Au and 2m internal dilution applied to intercepts.

See Appendix 1 for full table of results.

 

Table 2: Drill hole collar details

Hole ID
Type
Depth
Dip
Azimuth
East
North
RL
MGA94
MGA94
MGA
MYARC0195
RC
198
-60
332
334192
7233867
286
MYARC0196
RC
150
-60
340
334095
7233815
271
MYARC0197
RC
150
-60
300
334469
7234825
271
MYARC0198
RC
162
-60
300
334493
7234676
304
MYARC0199
RC
200
-60
300
334492
7234725
306
MYARC0200
RC
210
-60
300
334531
7234804
311
MYARC0201
RC
200
-60
300
334507
7234843
306
MYARC0202
RC
216
-60
280
334418
7235132
313
MYARC0203
RC
168
-60
300
334450
7235106
303
MYARC0204
RC
216
-60
280
334492
7235058
299
TOTAL
1870m


 

 

Figure 1: Drillhole location plan with simplified geological interpretation.

 

Figure 2: Cross-Section through MYARC0197

Figure 3: Cross-Section through MYARC0195

 

System Scale

The initial batch of drill results has provided the team with a strong level of confidence that its geological model is robust and provides further vectors for ongoing exploration. Historic intercepts such as 20m @ 3.9g/t Au and 40.8m @ 2.90g/t Au have now been complemented by new high-grade zones including 17m @ 5.47g/t Au (with a peak of 47.40g/t Au), indicating strong continuity and potential for scale.

 

Interim Conclusions

1.         Mila's exploration model is delivering - early results confirm continuity and depth potential.

2.         Only a fraction of the 20km strike has been tested, offering substantial exploration upside.

3.         High-grade intercepts support the potential for a scalable, high-margin resource.

4.         Detailed structural and geological modelling of the drilling programme results will greatly assist in unlocking the full potential of the Yarrol mineralisation.

 

Next Assay Results

The Company expects to release further drilling results from the remaining holes in the coming weeks with the final assays anticipated by the end of Q2 2025 to further test extensions to the known mineralisation.

 

Upcoming Video Update

Mila's Executive Chairman, Mark Stephenson, will be presenting alongside other leading gold explorers in a StockBox Premiere event today, on Tuesday 21 May at 7:00 PM (BST).  To join the presentation, please register here: https://mailchi.mp/0413fcf36619/stockboxpremiere.

 

Mark will provide further insight into the latest drill results, the significance of the Yarrol system, and the Company's forward exploration strategy.

 

Competent Person Statement

The information in this announcement relating to Exploration Results is based on information compiled by Neil Hutchison, who is Technical Director of Mila Resources, and a member of The Australasian Institute of Geoscientists. Mr Hutchison has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves".

Mr Hutchison consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

 

**ENDS**

 

 

 

For more information visit www.milaresources.com or contact:

 

Mark Stephenson
Mila Resources Plc
info@milaresources.com
Jonathan Evans
Tavira Financial Limited
+44 (0) 20 7100 5100
Nick Emerson
SI Capital
+44 (0) 20 3143 0600
Damon Heath
Shard Capital Partners LLP
+44 (0) 20 3971 7000
Susie Geliher / Charlotte Page
St Brides Partners Limited
+44 (0) 20 7236 1177

 

 

Mila Resource - The project accelerator, the story so far:

 

Queensland Portfolio

Mila has taken up the option to acquire three neighbouring properties in South-West Queensland. Each holds historic workings yet are significantly underexplored and represent clear opportunities for discovery and resource growth. This area of Queensland boasts a rich mining heritage and significant ongoing exploration, and Mila's Queensland Portfolio each consisting of multiple targets of Gold, Copper, and other base-metals, each defined at various stages of development, further adding to the project's appeal.

 

The region, which is parallel to the cost and in proximity to good infrastructure connections, spans from the Cracow and Eidsvold goldfields to major porphyry copper systems like Briggs and Mount Cannindah, with gold, copper, and base metals at the forefront of its mining legacy.

 

Key highlights of the region's gold mining history include:

·      Cracow Gold Mine: Operated by Aeris Resources, the high-grade underground operation is known for its consistent output.

·      Mount Rawdon: A bulk-tonnage open-pit gold mine, operated by Evolution Mining.

·      Mount Morgan: One of Australia's most historically significant mines, with over eight million ounces of gold and more than 400k tonnes of copper produced to date. The mine, now on C&M is owned by Meritage Minerals who are looking to re-start production in the coming year.

 

At Yarrol a historic, non-JORC resource of circa 100 k oz Gold at 1.5 g/t (un-cut) was defined but only to shallow depths (< 80 m) despite intersections of mineralised structures past 150m and further mineralised bands drilled along strike. Since 1994, gold has surged from US$384/oz to US$3,000/oz, delivering a 6.8% CAGR, far outpacing Australia's 2.5% annual inflation. In this new price environment, and with modern processing technology enabling the recovery of lower-grade mineralisation surrounding the high-grade veins, Yarrol now sits in a fundamentally different economic landscape. What was once considered marginal could now be overlooked value. Small scout drilling programmes took place in the early 2000s. The previous operators drilled a handful of exploration holes before their focus shifted toward a novel cobalt discovery within the license. The gold has been repeatedly overlooked, requiring systematic exploration work and detailed structural integration of the existing data sets, to extrapolating the model down dip and along strike to provide critical scale, ultimately unlocking the full value of the property.

 

Mt Steadman

Targeting gold revival as Mila aims to uncover extensive orebody beyond historic mines Mined from the 1920s-1940s with multiple small underground operations.

 

Mined from the 1920s-1940s with multiple small underground operations. Mining focussed on the single vein London and Mt Steadman prospects. The Venus Prospect is characterised by multiple sheeted quartz veins, and extensive historical excavations indicate a significantly larger system than at London and Mt. Steadman. Drilling to date has been limited to shallow depths (typically <100M). Clear potential for both deeper and along strike drilling to expand the zone of known mineralisation and potential resource area. Multiple higher-grade intercepts in historic drilling that were not further investigated.

 

Monal

Confirmed copper, gold, and zinc targets, which Mila plans to leverage to unlock economic mineralisation potential.

 

Licence overlies the historic Mondal Gold fields, that produced over 20k oz of gold in the late 19th century and early 20th century. Multiple gold and copper anomalies confirmed from historic work but have not been systematically explored. Limited geophysical surveys despite outcropping sulphide rich material in multiple localities. Mila sees clear potential to quickly advance a number of high value gold and copper targets within the licence. Excellent access to licence allowing time and cost-efficient near-term exploration work.

 

Kathleen Valley Portfolio

A key pillar in the Mila Portfolio, Kathleen Valley is located in the tier-one Wiluna-Norseman gold belt, 7km from both Bellevue Gold Mine and Liontown Resources, in the heart of Western Australia's major mineral activity. With a strategic position of the land package, and prospective, Milas team is looking to realise value without committing capital in the short term.

 

Gold

2022 and 2023 exploration campaigns yielded highly promising gold intercepts including 8.38g/t Gold over 10m, 14.86g/t over 6.6m and 4.28g/t over 5m. Drilled a total of 3,103m with an average depth of ~200m, including scout drilling down to a depth of 303m on hole KVRD029. The teams focus is now on growing critical mass of the project, including reviewing near-surface targets, especially in the northern areas, where structural geology work is providing insights into the controlling mineralisation features.

 

Lithium

The project sits next door to Liontown's Lithium and Tantalum Kathleen Valley, a recognised tier one mining jurisdiction and one of Australia's most prolific lithium districts. Liontown's proximal Kathleen Valley Lithium Project commenced production mid-2024 and has offtake arrangements with LG, Ford and Tesla. Surface mapping and sampling shows the system continues onto the Mila Kathaleen Valley property.

 

Appendix 1: Complete assay intervals of mineralised zones with Significant Intersection Calculations and high-grade assays highlighted.

DRILLHOLE_ID
SAMPLE ID
FROM-m
TO-m
Au ppm
WIDTH-m
@
GRADE Au g/t
MYARC195
872506
80
81
0.04
MYARC195
872507
81
82
0.13
MYARC195
872508
82
83
0.02
MYARC195
872509
83
84
0.05
MYARC195
872510
84
85
0.02
MYARC195
872511
85
86
0.02
MYARC195
872512
86
87
<0.01
MYARC195
872513
87
88
<0.01
MYARC195
872514
88
89
<0.01
MYARC195
872515
89
90
0.24
MYARC195
872516
90
91
0.02
MYARC195
872517
91
92
0.03
MYARC195
872518
92
93
0.02
MYARC195
872519
93
94
0.02
MYARC195
872521
94
95
0.02
MYARC195
872522
95
96
0.32
MYARC195
872523
96
97
0.15
MYARC195
872524
97
98
0.12
MYARC195
872525
98
99
0.16
MYARC195
872526
99
100
0.05
MYARC195
872527
100
101
0.69
2
@
1.00
MYARC195
872528
101
102
1.30
MYARC195
872529
102
103
0.10
MYARC195
872530
103
104
0.01
MYARC195
872531
104
105
0.02
MYARC195
872532
105
106
0.04
MYARC195
872533
106
107
<0.01
MYARC195
872534
107
108
<0.01
MYARC195
872535
108
109
<0.01
MYARC195
872536
109
110
<0.01
MYARC195
872537
110
111
0.04
MYARC195
872538
111
112
<0.01
MYARC195
872539
112
113
<0.01
MYARC195
872540
113
114
<0.01
MYARC195
872541
114
115
0.03
MYARC195
872542
115
116
0.01
MYARC195
872543
116
117
0.10
MYARC195
872544
117
118
5.19
1
@
5.19
MYARC195
872545
118
119
0.04
MYARC195
872546
119
120
0.69
MYARC195
EXP539589
120
122
0.04
MYARC195
EXP539590
122
124
0.01
MYARC195
EXP539591
124
126
0.04
MYARC195
EXP539592
126
128
6.44
2
@
6.44
MYARC195
EXP539593
128
130
0.21
MYARC195
EXP539594
130
132
0.03
MYARC195
EXP539595
132
134
0.04
MYARC195
EXP539596
134
136
0.05
MYARC195
EXP539597
136
138
0.01
MYARC195
EXP539598
138
140
0.03
MYARC195
EXP539599
140
142
0.03
MYARC195
EXP539600
142
144
0.02
MYARC195
EXP539601
144
146
0.03
MYARC195
EXP539602
146
148
0.03
MYARC195
EXP539603
148
150
0.01
MYARC195
EXP539604
150
152
0.02
MYARC195
EXP539605
152
154
0.07
MYARC195
EXP539606
154
156
0.01
MYARC195
EXP539607
156
158
0.02
MYARC195
EXP539608
158
160
0.01


 

DRILLHOLE_ID
SAMPLE ID
FROM-m
TO-m
Au ppm
WIDTH-m
@
GRADE Au g/t
DRILLHOLE_ID
MYARC197
872785
0
1
0.04
MYARC197
872786
1
2
0.03
MYARC197
872787
2
3
0.03
MYARC197
872788
3
4
0.02
MYARC197
872789
4
5
0.02
MYARC197
872791
5
6
0.07
MYARC197
872792
6
7
0.05
MYARC197
872793
7
8
0.07
MYARC197
872794
8
9
0.17
MYARC197
872795
9
10
0.11
MYARC197
872796
10
11
0.04
MYARC197
872797
11
12
16.45
11
@
2.91
MYARC197
872798
12
13
1.52
1
@
16.45
incl
MYARC197
872799
13
14
3.87
MYARC197
872800
14
15
0.27
MYARC197
872801
15
16
0.38
MYARC197
872802
16
17
0.56
MYARC197
872803
17
18
0.4
MYARC197
872804
18
19
0.31
MYARC197
872805
19
20
5.75
MYARC197
872806
20
21
2.01
MYARC197
872807
21
22
0.45
MYARC197
872808
22
23
0.36
MYARC197
872809
23
24
0.27
MYARC197
872810
24
25
0.13
MYARC197
872811
25
26
0.27
MYARC197
872812
26
27
0.42
MYARC197
872813
27
28
0.41
MYARC197
872814
28
29
0.26
MYARC197
872815
29
30
0.15
MYARC197
872816
30
31
0.09
MYARC197
872817
31
32
0.05
MYARC197
872818
32
33
39.1
1
@
39.1
MYARC197
872819
33
34
0.22
MYARC197
872821
34
35
0.17
MYARC197
872822
35
36
0.04
MYARC197
872823
36
37
0.03
MYARC197
872824
37
38
0.03
MYARC197
872825
38
39
0.02
MYARC197
872826
39
40
0.49
MYARC197
872827
40
41
0.03
MYARC197
872828
41
42
0.3
MYARC197
872829
42
43
9.25
17
@
5.47
MYARC197
872830
43
44
0.34
1
@
9.25
incl
MYARC197
872831
44
45
2.83
MYARC197
872832
45
46
0.52
MYARC197
872833
46
47
0.17
MYARC197
872834
47
48
0.08
MYARC197
872835
48
49
0.33
MYARC197
872836
49
50
0.6
MYARC197
872837
50
51
0.72
MYARC197
872838
51
52
7.33
8
@
9.76
incl
MYARC197
872839
52
53
1.51
MYARC197
872840
53
54
5.95
MYARC197
872841
54
55
47.4
1
@
47.40
and incl
MYARC197
872842
55
56
0.65
MYARC197
872843
56
57
0.32
MYARC197
872844
57
58
9.93
MYARC197
872845
58
59
4.99
MYARC197
872846
59
60
0.05
MYARC197
872847
60
61
0.08
MYARC197
872848
61
62
0.05
MYARC197
872849
62
63
0.09
MYARC197
872851
63
64
0.27
MYARC197
872852
64
65
0.38


 

DRILLHOLE_ID
SAMPLE ID
FROM-m
TO-m
Au ppm
WIDTH-m
@
GRADE Au g/t
DRILLHOLE_ID
MYARC197
872853
65
66
0.22
MYARC197
872854
66
67
0.44
MYARC197
872855
67
68
0.04
MYARC197
872856
68
69
0.1
MYARC197
872857
69
70
0.17
MYARC197
872858
70
71
0.07
MYARC197
872859
71
72
0.09
MYARC197
872860
72
73
0.09
MYARC197
872861
73
74
0.02
MYARC197
872862
74
75
0.05
MYARC197
EXP539635
75
77
0.06
MYARC197
EXP539636
77
79
0.01
MYARC197
EXP539637
79
81
0.03
MYARC197
EXP539638
81
83
0.01
MYARC197
EXP539639
83
85
0.01
MYARC197
EXP539640
85
87
0.07
MYARC197
EXP539641
87
89
0.02
MYARC197
EXP539642
89
91
0.04
MYARC197
EXP539643
91
93
0.05
MYARC197
EXP539644
93
95
0.05
MYARC197
EXP539645
95
97
0.01
MYARC197
EXP539646
97
99
0.06
MYARC197
EXP539647
99
101
0.02
MYARC197
EXP539648
101
103
0.02
MYARC197
EXP539649
103
105
-0.01
MYARC197
EXP539650
105
107
-0.01
MYARC197
EXP539651
107
109
0.03
MYARC197
EXP539652
109
111
0.01
MYARC197
EXP539653
111
113
0.03
MYARC197
EXP539654
113
115
-0.01
MYARC197
EXP539655
130
132
0.04
MYARC197
EXP539656
132
134
0.02
MYARC197
EXP539657
134
136
0.04
MYARC197
EXP539658
136
138
0.01
MYARC197
EXP539659
138
140
0.01
MYARC197
EXP539660
140
142
0.01
MYARC197
EXP539661
142
144
0.01
MYARC197
EXP539662
144
146
0.01
MYARC197
EXP539663
146
148
0.02
MYARC197
EXP539664
148
150
0.01


Cut-off grade of 0.3g/t Au and 2m internal dilution applied to intercepts.

 

 

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