REG - Mila Resources Plc - Drilling to re-commence at Kathleen Valley

Mila ResourcesAnnouncement

14/06/2023 07:00

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RNS Number : 6011C  Mila Resources PLC  14 June 2023

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

14 June 2023

Mila Resources Plc

("Mila" or "the Company")

 

Drilling to re-commence at Kathleen Valley

 &

Corporate Update

 

Mila Resources Plc, the post-discovery exploration accelerator, is pleased to
announce that drilling will re-commence at the Company's Kathleen Valley Gold
Project in Western Australia ('Kathleen Valley' or the 'Project') next week.

 

Drilling Programme June 2023

 

·    The programme consists of a Six-hole reverse circulation ('RC')
programme for 820m with depths from 90-180m building on the 2022 programme
which confirmed consistent, high-grade mineralisation at Kathleen Valley.

·    The RC programme designed to extend the known mineralisation along
strike to the north-west where it is open and untested (Figures 1 & 2).

·    A report is being commissioned to study the deeper mineralisation -
previous drilling identified high-grade mineralisation at depth including 1m @
27.60 g/t Au & 47.50 g/t Ag from 211m.

·    Kathleen Valley is proximal to some of the largest gold projects in
Australia, including the adjacent, high-grade Bellevue Gold Project, the
high-grade producing Agnew Gold Mine and the Bronzewing Gold Mine.

·    We will update the market when the assay results have been returned
and analysed.

 

Corporate Update

 

Further to our recent announcement on 3 April 2023, the Company continues to
advance conversations with a farm-in partner for a potential transaction at
Kathleen Valley relating to the exploration of other minerals (except for gold
and base metals) within the licence area.  Mila and its partners at Kathleen
Valley will continue to focus on gold and base metals and retain the rights to
those minerals.  Whilst there can be no certainty that any transaction will
be completed, the Board hopes it will be in a position to update the market in
the near future.

 

Mark Stephenson, Executive Chairman of Mila commented: "We are pleased to be
launching this small and targeted RC programme, which we believe will provide
useful insights into the wider resource potential at Kathleen Valley. We are
also continuing to progress JV discussions as previously reported, for the
right to explore for high-demand minerals, other than precious metals and base
metals, which Mila will retain the rights to. Whilst no guarantees can be
provided at this stage, we are hopeful that we can provide full details of a
potential transaction in the coming weeks."

 

**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

 Susie Geliher                +44 (0) 20 7236 1177

 St Brides Partners Limited

 

 

 

Figure 1: Plan showing completed and planned drill holes at Coffey Deposit.
 The new holes are targeting the NW strike extent of mineralisation which is
supported by the untested Fixed Loop Electromagnetic (FLEM) model.

Figure 2: Cross Section showing planned drill holes along strike of the Coffey
Deposit.  The new holes are targeting the NW strike extent of mineralisation
which coincides the untested Fixed Loop Electromagnetic (FLEM) model.

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