REG - Mila Resources Plc - Exploration Activities Update

Mila ResourcesAnnouncement

07/01/2025 07:00

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RNS Number : 3079S  Mila Resources PLC  07 January 2025

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

 

7 January 2025

 

Mila Resources Plc

('Mila' or the 'Company')

 

Exploration Activities Update

 

Mila Resources Plc ("Mila" or the "Company"), the post-discovery exploration
accelerator, is pleased to provide an update on exploration activities
conducted during 2024 and outline planned work for H1 2025 across its
Queensland Gold Portfolio and Kathleen Valley Gold & Lithium Projects.

 

Highlights

·     Queensland Gold Portfolio:

o  Complete the ground magnetic survey at Yarrol (commenced in December 2024)
and integrate findings with newly digitised historic data.

o  Plan and execute Mila's maiden drilling campaign targeting the Yarrol
property, focusing on upgrading the historic resource to JORC compliance and
testing extensions to known mineralisation.

o  Advance desktop reviews of Mt Steadman and Monal properties to define
future priorities.

·     Kathleen Valley Projects:

o  Collaborate with Liontown on subsequent exploration campaigns.

o  Monitor and evaluate progress of lithium exploration and identify
potential synergies for advancing gold prospects.

 

Queensland Gold Portfolio

Following the completion of the transaction with EMX Royalty Corporation in
2024, the Mila team led by Alastair Goodship undertook a comprehensive desktop
review of prior exploration work across the Queensland Gold Portfolio. This
review identified priority targets of gold, copper and other base metals,
which have been ranked for follow-up exploration.

 

The team subsequently conducted a site visit in November 2024 to assess ground
access and initiate communications with local stakeholders. Notably, the
Yarrol property has emerged as the most advanced target within the portfolio.
Historic drilling across approximately 4 km of strike includes a 2 km section
incorporated into a non-JORC-compliant historic resource. The target contains
multiple, near surface drill intercepts including:

·     12m @ 20g/t gold

·     44m @ 2.34g/t gold

·     40m @ 2.80g/t gold

 

The Mila team sees immediate value in:

·      Upgrading targets to a drill ready stage with detailed
geophysical surveys.

·      Infill drilling to upgrade the historic resource to JORC
compliance.

·      Step-out drilling to test the prospective ~7 km of geochemically
defined anomalies within a broader ~20 km geologically prospective strike.

 

Ground Magnetic Survey at Yarrol

In December 2024, the Company commissioned a ground magnetic survey at the
Yarrol property, improving the definition of structural features associated
with the gold mineralisation of the Yarrol target. This survey, currently
ongoing, is expected to be completed in the coming weeks. The results will
form the foundation for Mila's maiden drilling campaign on the property.

 

The Company is also completing the digitisation and detailed interrogation of
historic data from Yarrol. This comprehensive analysis, combined with the
interpretation of geophysical survey results, will guide efforts to target
extensions to the known mineralisation and identify additional prospective
zones.

 

Mt Steadman and Monal

At Mt Steadman and Monal, ongoing desktop studies are reviewing historic data,
including previous shallow mine workings, drilling, soil sampling, and grab
samples, which highlight zones of high potential. However, being these
properties are less advanced, development campaign work be deferred in line
with the Company's capital allocation and value creation strategy.

 

Kathleen Valley Gold and Lithium Projects

Exploration at Kathleen Valley is being advanced through an earn-in
arrangement with Liontown Resources. In late 2024, Liontown conducted a
scouting exploration campaign in collaboration with the Tjiwarl people, the
Traditional Owners of the land.

 

Key highlights from this campaign include:

·      Identification of zones prospective for lithium, tin, and
tantalum.

·      Confirmation of mineral zonation indicative of LCT-pegmatite
systems.

 

The Mila team is reviewing these results and remains in close communication
with Liontown as further exploration progresses. Gold targets within the
Kathleen Valley license remain secondary to the ongoing work on lithium
prospects and are not allocated capital in the near term as per Mila's capital
allocation and value appreciation strategy.

 

Mark Stephenson, Director of Mila Resources:

"Our disciplined and methodical approach ensures that capital invested is
directed toward de-risking assets and enhancing shareholder value. With a
focus on advanced exploration targets like Yarrol and strategic partnerships
like Liontown, Mila is poised to deliver tangible results while adhering to
best practices in sustainability and capital allocation."

 

**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 / Charlotte Page  +44 (0) 20 7236 1177

 St Brides Partners Limited

 

 

 

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