REG - Mila Resources Plc - Kathleen Valley Update

Mila ResourcesAnnouncement

22/01/2025 13:00

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RNS Number : 3258U  Mila Resources PLC  22 January 2025

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

 22 January 2025

 

Mila Resources Plc

('Mila' or the 'Company')

 

Kathleen Valley Update

 

Mila Resources Plc ("Mila" or the "Company"), the post-discovery exploration
accelerator, has been advised that Liontown Resources Limited ("Liontown")
through its subsidiary LBM (Aust) Pty Ltd has today provided a termination
notice with regard to the option agreement with Trans Pacific Energy Group Pty
Ltd and the Company on E36/876 ("Option Agreement").

 

Therefore, Liontown will now not be seeking to exercise its option to acquire
the stage 1 interest which entailed an acquisition of 50% of the lithium
rights for consideration of A$200,000.

 

With this notice, Mila will continue to evaluate the information and data
provided by Liontown collected over the option period. With promising lithium
and tantalum grades in grab samples in addition to known gold occurrences in
the north of the property, the Mila team will begin evaluating the wider
strategy for the Kathleen Valley project. The Company is now undertaking a
busy period completing geophysical surveys over the Yarrol Property, leading
up to a infill and step out drilling programme with the objective of upgrading
the historic resource to JORC compliance and testing extensions to known
mineralisation. Desktop reviews are also underway on the Mt Steadman and Monal
properties, building up to larger regional surveys and exploration campaigns
in the coming year.

 

Mark Stephenson, Director of Mila Resources:

"While today's news is understandably disappointing, we now need time to
review the options at Kathleen Valley. We are pursuing a multi asset portfolio
for these reasons, to mitigate risk particularly for early-stage exploration
projects. We remain highly optimistic about our broader portfolio, which now
encompasses four distinct exploration properties. In particular, our work at
Yarrol is showing promising early results, and we look forward to updating the
market with further developments in the weeks and months ahead."

 

**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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