REG - Mila Resources Plc - Drilling at Yarrol Commenced

Mila ResourcesAnnouncement

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RNS Number : 5639U  Mila Resources PLC  26 February 2026

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

 

26 February 2026

Mila Resources Plc

('Mila' or the 'Company')

 

Drilling Commenced at Yarrol and

Monal and Mt Steadman Target Definition Underway

 

Mila Resources Plc, the mineral exploration company looking to accelerate the
development of post-discovery assets, is pleased to confirm that drilling has
now commenced at the Company's Yarrol Gold Project in Queensland, Australia.
The Company has demonstrated the continuity of gold-bearing structures outside
the historic resource shell, with intercepts of ~5g/t gold traced from surface
to ~230 metres depth, and gained critical insight into the geological model
following exploration in 2025 that included the first diamond drilling
programme at Yarrol in its recent history. Mila is deploying the latest
exploration science and technologies to fully understand the geology and is
now looking to "step out" and test shallow targets along strike of the
historic resource area at Yarrol as it aims to build the scale of the project
and pursue extensions to higher grade zones.

 

Regional work has also been initiated at the Monal and Mt Steadman projects,
with the Company ground truthing existing targets through mapping and grab
sampling. The team intend to complete target definition work at Monal to
better define known Cannindah-like Breccia and Porphyry (copper-gold), which
is located in two clusters within the Monal property, at Boggy Creek and
Childs in the southeast of the licence , and at Rough Gully, Eastern Star and
the more recently defined Basilica target in the southwest.

 

Yarrol Drill Programme

·    1600m Reverse Circulation ('RC') "step out" drilling programme
commenced along strike from the historical resource at Yarrol.

·    Targeting shallow mineralisation (to a depth of 150m) along strike
where broader zones of gold can be efficiently tested and potentially
developed.

·    Drilling will target extensions to mineralisation around the historic
resource and test targets further along the strike of the Yarrol Fault.

 

Queensland Exploration

·    Regional work is underway to advance gold (Au) and Copper (Cu)
targets across the broader Yarrol project area and Queensland portfolio,
targeting Yarrol-Like gold targets as well as to define Porphyry-like
gold-copper targets.

·    Mapping is also planned to enhance target definition across the
broader Yarrol project area and Queensland portfolio where historical
intercepts and non-compliant resources offer strong exploration upside.

·    Budgeted within the existing cash position of the Company, Mila is
looking at geochemical sampling and geophysical surveys, designed to bring
additional targets up to a drill ready stage.

·    Mapping and desk top evaluations are bringing to light the
opportunities to extend strike along known mineralisation trends at Mt
Steadman.

 

Mark Stephenson, Managing Director of Mila Resources, commented:

"We have been intensely busy in 2026 following the results of our diamond
drilling at Yarrol and integrating the data to build a better understanding of
the mineralisation controls at Yarrol. We believe we now have a stronger
geological model and this RC drilling is the first programme to step out from
the historic resource area.  The fully funded drill programme will test areas
around the historic resource area, infill extensions to mineralisation
discovered by our previous RC and diamond drilling work and begin to test
targets further north along the Yarrol fault. We are now focused on building
the scale of the deposit and unlocking, near surface high-grade gold zones
along strike that we can include in the mineral resource estimate.

 

"Alongside this work at Yarrol, we are now developing high priority drill
targets both in the wider Yarrol project area, as well as our adjacent Monal
and Mt Steadman projects. Having recently strengthened our technical team, we
are now able to expand exploration activities and develop targets in the other
licences. We believe both Monal and Mt Steadman offer significant development
opportunities around their historic resource areas (non JORC compliant) and
multiple confirmed copper and gold occurrences. We recently saw our
neighbours, Cannindah Resources raise a significant amount of capital to
explore and we firmly believe that this overlooked region is now receiving the
attention and exploration required to build value."

 

Further Information

 

Yarrol

 

Mila recently completed a diamond drilling ('DD') programme at Yarrol, which
targeted at depth known mineralisation at Yarrol Central and Ridge, covering
approximately 2km of the 20km Yarrol Fault corridor. Results from the DD
programme has allowed Mila's technical team to further refine the Company's
geological model for Yarrol with mineralisation now being defined and traced
outside of the historic resource shell. As a result, the team has identified
shallow targets along strike as the most compelling and capital efficient
near-term development opportunity.

 

Mila is now pursuing additional near surface targets alongside historical
resources with the objective of generating multiple shallow (to a depth of
150m) prospects featuring broad gold zones that can be efficiently tested and
advanced towards potential production. Drilling will target northern and
southern extensions to mineralisation along the Yarrol Fault, beyond the
historical resource boundary, where high-grade intercepts in Mila drilling of
up to 17m @ 5.47g/t gold and 16g/t gold with a 15m @ 1.76g/t intercept and
historic drilling has intercepted 25m @ 2.92g/t gold and 12m @ 1.91g/t gold
within one hole (YARD43) have previously been recorded from shallow RC
drilling. The Starlight satellite target in the north will also be tested
around historic gold workings and a defined geochemical and geophysical
anomaly.

 

Results from the drilling programme will be used to complete a comprehensive
structural and geochemical review to refine Mila's geological interpretation
of the Yarrol system. This work will include integrated structural analysis of
drilling and historic datasets, detailed geochemical vectoring analysis and an
assessment of potential extensions to mineralisation along strike. Regional
work is also planned to enhance target definition across the broader licence
area.

 

Figure 1. Overview of Yarrol resource area and satellite targets

 

Monal

 

At Monal, the Company will focus on systematically advancing multiple
copper-gold prospects toward compelling drill-ready targets through a
combination of geochemical sampling, geophysical surveys and detailed mapping.
Using knowledge developed from the discovery of neighbouring Mt Cannindah
project, a porphyry system that has formed multiple copper-molybdenum-gold
deposits located south of Monal and far north of Yarrol, the objective is to
refine target geometry, strengthen geological understanding and prioritise the
most prospective zones ahead of any drilling decisions. Work will focus on
areas of known Cannindah-like breccia and porphyry (copper-gold), located in
two clusters within the Monal property, at Boggy Creek and Childs in the
southeast of the licence, and at Rough Gully, Eastern Star and Basilica in the
southwest.

 

Work at the Childs Prospect will comprise additional geochemical sampling and
ground-based geophysics to better define the scale and structural controls of
the system. In parallel, the Company will progress the development of drill
targets across the western and northern portions of the licence area,
supported by further geochemical surveys and Induced Polarisation ("IP")
geophysics at Eastern Star and Rough Gully.

Figure 2. Overview of Monal licence with 3 key work areas

 

Mt Steadman

 

At Mt Steadman, Mila will evaluate opportunities to extend strike along known
mineralisation trends and assess the continuity of existing zones. Work will
focus on identifying additional target areas adjacent to established
mineralisation, with the aim of uncovering further upside within the broader
project area. These initiatives are intended to build a broader exploration
pipeline at Mt Steadman.

 

**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 Financial Limited 

  
 Nick Emerson                      +44 (0) 20 3143 0600 

 SI Capital  

  
 Damon Heath                       +44 (0) 20 3971 7000

 Shard Capital Partners LLP
 Susie Geliher / Will Turner       +44 (0) 20 7236 1177 

 St Brides Partners Limited 

 

 

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