REG - Mila Resources Plc - Highly Encouraging Rock Chip Results

Mila ResourcesAnnouncement

08/11/2024 07:00

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RNS Number : 5107L  Mila Resources PLC  08 November 2024

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

 

8 November 2024

Mila Resources Plc

('Mila' or the 'Company')

 

Highly Encouraging Rock Chip Results from Queensland Licences

 

Mila Resources (LSE:MILA), the post-discovery exploration accelerator, is
pleased to announce highly encouraging rock chip results from selective
sampling across the Company's newly acquired Monal, Yarrol, and Mt Steadman
licences in Queensland, Australia.  These results highlight significant gold
and copper mineralisation across multiple targets, highlighting the
mineralised potential of Mila's expanded portfolio.

 

Highlights:

•             Monal Target (Monal Licence): Rock chip sampling
of copper-sulphide ore returned a peak value of 26.8 g/t Au and 0.88% Cu,
underscoring the high-grade gold and copper potential at Monal.

•             Rawlins Target (Monal Licence): Sampling of a
haematite breccia at the Rawlins Target produced a remarkable result of 24.6
g/t Au and 5.48% Cu, indicating the potential for high-grade polymetallic
mineralisation at this target.

•             Yarrol Target (Yarrol Licence): Sampling efforts
returned peak values of 6.49 g/t Au and 2.69% Cu within the historic resource
area, with additional sampling outside the main historic resource area
yielding 0.68 g/t Au and 1.95% Cu-an encouraging sign of further resource
potential in surrounding areas.

 

Further Information

 

The rock chips reported today were collected during recent site visit as part
of the due diligence process and relationship building between Mila and local
stakeholders.

 

This field visit, led by Exploration Manager Alastair Goodship, formed a
critical component of Mila's due diligence process, providing essential
"ground truthing" and validation of existing exploration data. The Mila team
is currently developing and testing various geological models across the
licences, which are essential to understanding the full value of the
properties. Site visits also enabled the team to assess the physical
topography firsthand, revealing good access to the properties via main
roadways and existing tracks. This level of access is an important logistical
advantage for Mila's future exploration activities.

 

In addition to technical assessments, Mila's team engaged with local
stakeholders, including landowners, to build the relationships necessary to
advance its work programmes in Queensland responsibly. Open communication and
stakeholder engagement remain central to Mila's commitment to a
community-oriented approach to project development.

 

Next Steps:

Mila Resources is now tendering with geophysical consultants to conduct a
ground survey across key targets within its Queensland Projects. These surveys
will provide deeper insights into the subsurface structure and mineralised
potential, supporting Mila's systematic approach to defining high-priority
targets. Mila aims to commence these surveys as soon as possible and will
update the market accordingly.

 

Mark Stephenson, Director of Mila Resources:

"I am delighted to report our first exploration update from our new projects,
little over a week after signing the option agreement to acquire them.  This
demonstrates both our commitment to moving quickly with our work programmes in
Queensland, and also our confidence in our ability to rapidly build tangible
value across our expanded portfolio of interests.

 

"Today's findings, along with the ground truthing and geological models we are
developing, confirm the substantial potential of these projects. As we
continue to engage with local stakeholders and expand our understanding of the
properties, we are well-positioned to advance our exploration programmes and
unlock the value of these high-grade gold and copper assets. This is an
exciting time for Mila as we move towards the next phase of development and
exploration in Queensland."

 

Alastair Goodship, Exploration Manager:

"While these rock chip samples were selective and taken from known pits, so
the presence of gold wasn't a surprise, it was very encouraging to see the
clear extension of the existing resource and shallow mine workings. This
validates our geological models and supports our belief in the significant
potential of these projects. Additionally, the easy access to the land was a
real positive, providing a solid foundation for efficient exploration. We are
excited to continue building relationships with local stakeholders as we
systematically develop the properties and advance our work programmes in the
region."

 

Fig.1. Map of Yarrol Project with drill collars of historic drilling and grab
samples of notable grade collected during the October 2024 site visit.

 

 

Fig.2. Map of Monal Project, with grab samples of notable grade collected
during the October 2024 site visit.

 

Fig.3. Map of Monal Project, with grab samples of notable grade collected
during the October 2024 site visit. Targets areas of High priority outlined.

 

 

**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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