REG - Mila Resources Plc - DC Drilling Underway at Kathleen Valley

Mila ResourcesAnnouncement

06/09/2022 13:00

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RNS Number : 4678Y  Mila Resources PLC  06 September 2022

 

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

 

6 September 2022

Mila Resources Plc

('Mila' or the 'Company')

 

Diamond Core Drilling Underway at Kathleen Valley Gold Project

 

Mila Resources Plc (LSE:MILA), the post-discovery gold exploration
accelerator, is pleased to confirm that its Stage 2 drilling programme has now
commenced at the Kathleen Valley Gold Project in Western Australia ('Kathleen
Valley' or the 'Project') as part of its ongoing ~13,500m programme.

 

Overview

·    Diamond Core Drilling commenced on 6 September at the flagship Coffey
Deposit ('Coffey'), following a successful Stage 1 programme which defined
mineralisation over a zone 200m long, 220m down dip and ranging from 2m to 10m
in true thickness

·    Stage 1 results from Coffey include 6.6m at almost 15 grams gold and
22 grams silver, 10m at 8.38 grams gold and almost 14 grams silver

·    This new phase of drilling will include an initial 2,000m and will
aim to build on the success of the Stage 1 results as Mila looks to build a
significant commercial resource at the Project

·    The Project is located in a region that hosts some of the largest
gold projects in Australia, including the adjacent, high-grade Bellevue Gold
Project, and the gold producing Wiluna Mining located ~60km to the north

·    Earthworks and drill site preparation is now complete, following a
delay of approximately three weeks due to earthmoving contractor availability,
and the drill rig is setup with coring of hole KVDD0035 now underway

·    Essential preventative maintenance was completed on the drill rig
during this period to ensure a solid performance throughout the campaign

·    Regular updates will be posted as drilling continues

 

 

 

 

 

 

 

 

 

 

 

 

 

Drill Rig setup on site at diamond core hole KVDD0035.

 

Mark Stephenson, Executive Chairman of Mila commented: "I am delighted to
report that drilling has now commenced again at Coffey, albeit around three
weeks later than originally intended due to contractor availability.  Our
team on the ground has used this extra time constructively and we are
launching this campaign having completed preventative maintenance to support
an efficient and effective drill programme henceforth.

 

"Coffey has revealed some truly exceptional results from previous drilling so
we are moving forward now with high hopes, and a decent degree of confidence,
of some more interesting commercial widths and grades from this priority
target at our Kathleen Valley Project.  We will keep shareholders abreast of
our activities over the coming weeks as we look to present more evidence of
Coffey's significantly increased resource potential."

 

Further Information

DrillCore drilling contractors have been commissioned to undertake an initial
2,000m of drilling, comprising of five deep diamond core drill holes at Coffey
as Mila step backs to the north-east and tests the mineralised system down to
a vertical depth of approximately 300-350m (Figure 1).  Drilling will also
test the potential of the additional lodes, which were intersected in the last
round of deeper drill holes.

 

Fig1: Drill collar plan showing RC drill holes (black), Diamond drill hole
(blue) and Stage 2 planned holes (magenta).  The existing JORC resource zone
is shown with the new mineralisation extension zone.  Gold intersection bars
are shown in red with reported intersection positions. Stage 2 drilling as
shown in the red oval will test for NE down dip extensions at depth.  Stage 3
will step out further along strike looking for new undiscovered extensions.

**ENDS**

 

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

 

 Mark Stephenson                   info@milaresources.com

 Mila Resources Plc

 Jonathan Evans                    +44 (0) 20 7100 5100

 Tavira Securities Limited

 Nick Emerson                      +44 (0) 20 3143 0600

 SI Capital

 Susie Geliher and Charlotte Page  +44 (0) 20 7236 1177

 St Brides Partners Limited

 

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