REG - Mila Resources Plc - Highly Positive Gold Results Delivered from Yarrol
21/05/2025 07:00
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RNS Number : 5654J Mila Resources PLC 21 May 2025
Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural Resources
21 May 2025
Mila Resources Plc
('Mila' or the 'Company')
Highly Positive Gold Results Delivered from Yarrol:
Maiden Drilling Programme Unlocks High-Grade Mineralisation
Mila Resources Plc (LSE: MILA), the post-discovery gold exploration
accelerator, is pleased to announce the first batch of assay results from its
maiden drilling programme at the Yarrol Gold Project in Queensland,
Australia. The results received are from the first two holes of a 10-hole
programme (Table 1). The results for the remaining eight holes will be
released over the coming weeks, with the final assays expected by the end of
Q2 2025. The drilling programme was designed to test Mila's geological model
being that Yarrol hosts a structurally controlled, multi-lode high-grade gold
system with scale potential along a 20km corridor.
The drill targets were chosen following an extensive review of historical data
and more recent geophysical studies undertaken by the Mila team in Q1 2025.
Assay Highlights:
Hole MYARC0197 (Figure 2)
• 11m @ 2.91g/t Au from 11m,
· including 1m @ 16.45g/t Au from 11 m
• 1m @ 39.10g/t Au from 32m
• 17m @ 5.46g/t Au from 42m,
· including 1m @ 9.25g/t Au from 42m
· and 8m @ 9.76g/t Au from 51m which includes 1m @ 47.40g/t Au from 54m
Hole MYARC0195 (Figure 3)
• 2m @ 1.00g/t Au from 100 m
• 1m @ 5.19g/t Au from 117 m
• 2m @ 6.44g/t Au from 124 m
Cut-off grade of 0.3g/t Au and 2m internal dilution applied to intercepts.
Neil Hutchison, Technical Director
"These initial results have confirmed Mila's confidence in the Yarrol Project,
from the initial validation site visit by Mila's geologists, to the completion
of the acquisition by the corporate team. The broad widths and high-grade
nature of the intersections returned to date support Mila's belief that the
Yarrol Project has the potential to deliver a substantial resource with
further geological and structural modelling of the ore shoots. As we
finalise the sample processing we are excited to await and receive the assay
results for the remainder of the drilling programme."
Mark Stephenson, Executive Chairman
"This drilling campaign set out to confirm that Yarrol hosts a high-grade
gold system. The team are delighted with these initial results which confirm
the historical data is reliable and support the growth potential Mila sees in
the project. We look forward to both delivering further drill results at
Yarrol in the coming weeks and developing the potential of our other exciting
Queensland assets in the coming months."
Further Information
Stage 1 Drilling Campaign
The maiden programme consisted of 10 Reverse Circulation ("RC") holes for a
total of 1,870m of drilling (Figure 1 and Table 2) to test the following:
i. Confirm historical drill intercepts from historical data;
ii. Test depth and strike extensions of the historic
(non-JORC compliant) resource. These first assays include step-out drilling
and infill of the central historic resource area; and
iii. Test and develop our own geological-structural model
based on the reinterpretation of the historical mineralisation
The Company is expecting all assay results back by the end of Q2 2025. These
will include infill and deeper holes in the central zone as well as step out
and infill drilling at the northern historic resource to target parallel
structures
Table 1: Significant Intersections
Hole ID Width From To Au g/t
MYARC0195 2m 100m 102m 1.00
1m 117m 118m 5.19
2m 126m 128m 6.44
MYARC0196 Results pending
MYARC0197 11m 11m 22m 2.91
incl 1m 11m 12m 16.45
1m 32m 33m 39.10
17m 42m 59m 5.47
incl 1m 42m 43m 9.25
and incl 8m 51m 59m 9.76
which incl's 1m 54m 55m 47.40
MYARC0198 Samples in process
MYARC0199 Samples in process
MYARC0200 Samples in process
MYARC0201 Samples in process
MYARC0202 Samples in process
MYARC0203 Samples in process
MYARC0204 Results pending
Cut-off grade of 0.3g/t Au and 2m internal dilution applied to intercepts.
See Appendix 1 for full table of results.
Table 2: Drill hole collar details
Hole ID Type Depth Dip Azimuth East North RL
MGA94 MGA94 MGA
MYARC0195 RC 198 -60 332 334192 7233867 286
MYARC0196 RC 150 -60 340 334095 7233815 271
MYARC0197 RC 150 -60 300 334469 7234825 271
MYARC0198 RC 162 -60 300 334493 7234676 304
MYARC0199 RC 200 -60 300 334492 7234725 306
MYARC0200 RC 210 -60 300 334531 7234804 311
MYARC0201 RC 200 -60 300 334507 7234843 306
MYARC0202 RC 216 -60 280 334418 7235132 313
MYARC0203 RC 168 -60 300 334450 7235106 303
MYARC0204 RC 216 -60 280 334492 7235058 299
TOTAL 1870m
Figure 1: Drillhole location plan with simplified geological interpretation.
Figure 2: Cross-Section through MYARC0197
Figure 3: Cross-Section through MYARC0195
System Scale
The initial batch of drill results has provided the team with a strong level
of confidence that its geological model is robust and provides further vectors
for ongoing exploration. Historic intercepts such as 20m @ 3.9g/t Au and 40.8m
@ 2.90g/t Au have now been complemented by new high-grade zones including 17m
@ 5.47g/t Au (with a peak of 47.40g/t Au), indicating strong continuity and
potential for scale.
Interim Conclusions
1. Mila's exploration model is delivering - early results
confirm continuity and depth potential.
2. Only a fraction of the 20km strike has been tested,
offering substantial exploration upside.
3. High-grade intercepts support the potential for a scalable,
high-margin resource.
4. Detailed structural and geological modelling of the
drilling programme results will greatly assist in unlocking the full potential
of the Yarrol mineralisation.
Next Assay Results
The Company expects to release further drilling results from the remaining
holes in the coming weeks with the final assays anticipated by the end of Q2
2025 to further test extensions to the known mineralisation.
Upcoming Video Update
Mila's Executive Chairman, Mark Stephenson, will be presenting alongside other
leading gold explorers in a StockBox Premiere event today, on Tuesday 21 May
at 7:00 PM (BST). To join the presentation, please register here:
https://mailchi.mp/0413fcf36619/stockboxpremiere
(https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fmailchi.mp%2F0413fcf36619%2Fstockboxpremiere&data=05%7C02%7CSusie%40stbridespartners.co.uk%7C2327a34e5b584e3d496508dd96d9dca5%7C48b7268319d344289c4b73cf144d89ed%7C0%7C0%7C638832584664107357%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=zOymng3LoZLd0fuZhs3qvDM8FHmZNPV5yXasZYKJ6s4%3D&reserved=0)
.
Mark will provide further insight into the latest drill results, the
significance of the Yarrol system, and the Company's forward exploration
strategy.
Competent Person Statement
The information in this announcement relating to Exploration Results is based
on information compiled by Neil Hutchison, who is Technical Director of Mila
Resources, and a member of The Australasian Institute of Geoscientists. Mr
Hutchison has sufficient experience relevant to the style of mineralisation
and type of deposit under consideration, and to the activity he is undertaking
to qualify as a Competent Person as defined in the 2012 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral Resource and
Ore Reserves".
Mr Hutchison consents to the inclusion in the report of the matters based on
his information in the form and context in which it appears.
**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
Mila Resource - The project accelerator, the story so far:
Queensland Portfolio
Mila has taken up the option to acquire three neighbouring properties in
South-West Queensland. Each holds historic workings yet are significantly
underexplored and represent clear opportunities for discovery and resource
growth. This area of Queensland boasts a rich mining heritage and significant
ongoing exploration, and Mila's Queensland Portfolio each consisting of
multiple targets of Gold, Copper, and other base-metals, each defined at
various stages of development, further adding to the project's appeal.
The region, which is parallel to the cost and in proximity to good
infrastructure connections, spans from the Cracow and Eidsvold goldfields to
major porphyry copper systems like Briggs and Mount Cannindah, with gold,
copper, and base metals at the forefront of its mining legacy.
Key highlights of the region's gold mining history include:
· Cracow Gold Mine: Operated by Aeris Resources, the high-grade
underground operation is known for its consistent output.
· Mount Rawdon: A bulk-tonnage open-pit gold mine, operated by
Evolution Mining.
· Mount Morgan: One of Australia's most historically significant
mines, with over eight million ounces of gold and more than 400k tonnes of
copper produced to date. The mine, now on C&M is owned by Meritage
Minerals who are looking to re-start production in the coming year.
At Yarrol a historic, non-JORC resource of circa 100 k oz Gold at 1.5 g/t
(un-cut) was defined but only to shallow depths (< 80 m) despite
intersections of mineralised structures past 150m and further mineralised
bands drilled along strike. Since 1994, gold has surged from US$384/oz to
US$3,000/oz, delivering a 6.8% CAGR, far outpacing Australia's 2.5% annual
inflation. In this new price environment, and with modern processing
technology enabling the recovery of lower-grade mineralisation surrounding the
high-grade veins, Yarrol now sits in a fundamentally different economic
landscape. What was once considered marginal could now be overlooked value.
Small scout drilling programmes took place in the early 2000s. The previous
operators drilled a handful of exploration holes before their focus shifted
toward a novel cobalt discovery within the license. The gold has been
repeatedly overlooked, requiring systematic exploration work and detailed
structural integration of the existing data sets, to extrapolating the model
down dip and along strike to provide critical scale, ultimately unlocking the
full value of the property.
Mt Steadman
Targeting gold revival as Mila aims to uncover extensive orebody beyond
historic mines Mined from the 1920s-1940s with multiple small underground
operations.
Mined from the 1920s-1940s with multiple small underground operations. Mining
focussed on the single vein London and Mt Steadman prospects. The Venus
Prospect is characterised by multiple sheeted quartz veins, and extensive
historical excavations indicate a significantly larger system than at London
and Mt. Steadman. Drilling to date has been limited to shallow depths
(typically <100M). Clear potential for both deeper and along strike
drilling to expand the zone of known mineralisation and potential resource
area. Multiple higher-grade intercepts in historic drilling that were not
further investigated.
Monal
Confirmed copper, gold, and zinc targets, which Mila plans to leverage to
unlock economic mineralisation potential.
Licence overlies the historic Mondal Gold fields, that produced over 20k oz of
gold in the late 19th century and early 20th century. Multiple gold and copper
anomalies confirmed from historic work but have not been systematically
explored. Limited geophysical surveys despite outcropping sulphide rich
material in multiple localities. Mila sees clear potential to quickly advance
a number of high value gold and copper targets within the licence. Excellent
access to licence allowing time and cost-efficient near-term exploration work.
Kathleen Valley Portfolio
A key pillar in the Mila Portfolio, Kathleen Valley is located in the tier-one
Wiluna-Norseman gold belt, 7km from both Bellevue Gold Mine and Liontown
Resources, in the heart of Western Australia's major mineral activity. With a
strategic position of the land package, and prospective, Milas team is looking
to realise value without committing capital in the short term.
Gold
2022 and 2023 exploration campaigns yielded highly promising gold intercepts
including 8.38g/t Gold over 10m, 14.86g/t over 6.6m and 4.28g/t over 5m.
Drilled a total of 3,103m with an average depth of ~200m, including scout
drilling down to a depth of 303m on hole KVRD029. The teams focus is now on
growing critical mass of the project, including reviewing near-surface
targets, especially in the northern areas, where structural geology work is
providing insights into the controlling mineralisation features.
Lithium
The project sits next door to Liontown's Lithium and Tantalum Kathleen Valley,
a recognised tier one mining jurisdiction and one of Australia's most prolific
lithium districts. Liontown's proximal Kathleen Valley Lithium Project
commenced production mid-2024 and has offtake arrangements with LG, Ford and
Tesla. Surface mapping and sampling shows the system continues onto the Mila
Kathaleen Valley property.
Appendix 1: Complete assay intervals of mineralised zones with Significant
Intersection Calculations and high-grade assays highlighted.
DRILLHOLE_ID SAMPLE ID FROM-m TO-m Au ppm WIDTH-m @ GRADE Au g/t
MYARC195 872506 80 81 0.04
MYARC195 872507 81 82 0.13
MYARC195 872508 82 83 0.02
MYARC195 872509 83 84 0.05
MYARC195 872510 84 85 0.02
MYARC195 872511 85 86 0.02
MYARC195 872512 86 87 <0.01
MYARC195 872513 87 88 <0.01
MYARC195 872514 88 89 <0.01
MYARC195 872515 89 90 0.24
MYARC195 872516 90 91 0.02
MYARC195 872517 91 92 0.03
MYARC195 872518 92 93 0.02
MYARC195 872519 93 94 0.02
MYARC195 872521 94 95 0.02
MYARC195 872522 95 96 0.32
MYARC195 872523 96 97 0.15
MYARC195 872524 97 98 0.12
MYARC195 872525 98 99 0.16
MYARC195 872526 99 100 0.05
MYARC195 872527 100 101 0.69 2 @ 1.00
MYARC195 872528 101 102 1.30
MYARC195 872529 102 103 0.10
MYARC195 872530 103 104 0.01
MYARC195 872531 104 105 0.02
MYARC195 872532 105 106 0.04
MYARC195 872533 106 107 <0.01
MYARC195 872534 107 108 <0.01
MYARC195 872535 108 109 <0.01
MYARC195 872536 109 110 <0.01
MYARC195 872537 110 111 0.04
MYARC195 872538 111 112 <0.01
MYARC195 872539 112 113 <0.01
MYARC195 872540 113 114 <0.01
MYARC195 872541 114 115 0.03
MYARC195 872542 115 116 0.01
MYARC195 872543 116 117 0.10
MYARC195 872544 117 118 5.19 1 @ 5.19
MYARC195 872545 118 119 0.04
MYARC195 872546 119 120 0.69
MYARC195 EXP539589 120 122 0.04
MYARC195 EXP539590 122 124 0.01
MYARC195 EXP539591 124 126 0.04
MYARC195 EXP539592 126 128 6.44 2 @ 6.44
MYARC195 EXP539593 128 130 0.21
MYARC195 EXP539594 130 132 0.03
MYARC195 EXP539595 132 134 0.04
MYARC195 EXP539596 134 136 0.05
MYARC195 EXP539597 136 138 0.01
MYARC195 EXP539598 138 140 0.03
MYARC195 EXP539599 140 142 0.03
MYARC195 EXP539600 142 144 0.02
MYARC195 EXP539601 144 146 0.03
MYARC195 EXP539602 146 148 0.03
MYARC195 EXP539603 148 150 0.01
MYARC195 EXP539604 150 152 0.02
MYARC195 EXP539605 152 154 0.07
MYARC195 EXP539606 154 156 0.01
MYARC195 EXP539607 156 158 0.02
MYARC195 EXP539608 158 160 0.01
DRILLHOLE_ID SAMPLE ID FROM-m TO-m Au ppm WIDTH-m @ GRADE Au g/t DRILLHOLE_ID
MYARC197 872785 0 1 0.04
MYARC197 872786 1 2 0.03
MYARC197 872787 2 3 0.03
MYARC197 872788 3 4 0.02
MYARC197 872789 4 5 0.02
MYARC197 872791 5 6 0.07
MYARC197 872792 6 7 0.05
MYARC197 872793 7 8 0.07
MYARC197 872794 8 9 0.17
MYARC197 872795 9 10 0.11
MYARC197 872796 10 11 0.04
MYARC197 872797 11 12 16.45 11 @ 2.91
MYARC197 872798 12 13 1.52 1 @ 16.45 incl
MYARC197 872799 13 14 3.87
MYARC197 872800 14 15 0.27
MYARC197 872801 15 16 0.38
MYARC197 872802 16 17 0.56
MYARC197 872803 17 18 0.4
MYARC197 872804 18 19 0.31
MYARC197 872805 19 20 5.75
MYARC197 872806 20 21 2.01
MYARC197 872807 21 22 0.45
MYARC197 872808 22 23 0.36
MYARC197 872809 23 24 0.27
MYARC197 872810 24 25 0.13
MYARC197 872811 25 26 0.27
MYARC197 872812 26 27 0.42
MYARC197 872813 27 28 0.41
MYARC197 872814 28 29 0.26
MYARC197 872815 29 30 0.15
MYARC197 872816 30 31 0.09
MYARC197 872817 31 32 0.05
MYARC197 872818 32 33 39.1 1 @ 39.1
MYARC197 872819 33 34 0.22
MYARC197 872821 34 35 0.17
MYARC197 872822 35 36 0.04
MYARC197 872823 36 37 0.03
MYARC197 872824 37 38 0.03
MYARC197 872825 38 39 0.02
MYARC197 872826 39 40 0.49
MYARC197 872827 40 41 0.03
MYARC197 872828 41 42 0.3
MYARC197 872829 42 43 9.25 17 @ 5.47
MYARC197 872830 43 44 0.34 1 @ 9.25 incl
MYARC197 872831 44 45 2.83
MYARC197 872832 45 46 0.52
MYARC197 872833 46 47 0.17
MYARC197 872834 47 48 0.08
MYARC197 872835 48 49 0.33
MYARC197 872836 49 50 0.6
MYARC197 872837 50 51 0.72
MYARC197 872838 51 52 7.33 8 @ 9.76 incl
MYARC197 872839 52 53 1.51
MYARC197 872840 53 54 5.95
MYARC197 872841 54 55 47.4 1 @ 47.40 and incl
MYARC197 872842 55 56 0.65
MYARC197 872843 56 57 0.32
MYARC197 872844 57 58 9.93
MYARC197 872845 58 59 4.99
MYARC197 872846 59 60 0.05
MYARC197 872847 60 61 0.08
MYARC197 872848 61 62 0.05
MYARC197 872849 62 63 0.09
MYARC197 872851 63 64 0.27
MYARC197 872852 64 65 0.38
DRILLHOLE_ID SAMPLE ID FROM-m TO-m Au ppm WIDTH-m @ GRADE Au g/t DRILLHOLE_ID
MYARC197 872853 65 66 0.22
MYARC197 872854 66 67 0.44
MYARC197 872855 67 68 0.04
MYARC197 872856 68 69 0.1
MYARC197 872857 69 70 0.17
MYARC197 872858 70 71 0.07
MYARC197 872859 71 72 0.09
MYARC197 872860 72 73 0.09
MYARC197 872861 73 74 0.02
MYARC197 872862 74 75 0.05
MYARC197 EXP539635 75 77 0.06
MYARC197 EXP539636 77 79 0.01
MYARC197 EXP539637 79 81 0.03
MYARC197 EXP539638 81 83 0.01
MYARC197 EXP539639 83 85 0.01
MYARC197 EXP539640 85 87 0.07
MYARC197 EXP539641 87 89 0.02
MYARC197 EXP539642 89 91 0.04
MYARC197 EXP539643 91 93 0.05
MYARC197 EXP539644 93 95 0.05
MYARC197 EXP539645 95 97 0.01
MYARC197 EXP539646 97 99 0.06
MYARC197 EXP539647 99 101 0.02
MYARC197 EXP539648 101 103 0.02
MYARC197 EXP539649 103 105 -0.01
MYARC197 EXP539650 105 107 -0.01
MYARC197 EXP539651 107 109 0.03
MYARC197 EXP539652 109 111 0.01
MYARC197 EXP539653 111 113 0.03
MYARC197 EXP539654 113 115 -0.01
MYARC197 EXP539655 130 132 0.04
MYARC197 EXP539656 132 134 0.02
MYARC197 EXP539657 134 136 0.04
MYARC197 EXP539658 136 138 0.01
MYARC197 EXP539659 138 140 0.01
MYARC197 EXP539660 140 142 0.01
MYARC197 EXP539661 142 144 0.01
MYARC197 EXP539662 144 146 0.01
MYARC197 EXP539663 146 148 0.02
MYARC197 EXP539664 148 150 0.01
Cut-off grade of 0.3g/t Au and 2m internal dilution applied to intercepts.
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