REG - Mila Resources Plc - Mineralisation Intersected at Kathleen Valley

Mila ResourcesAnnouncement

24/02/2022 07:00

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RNS Number : 6301C  Mila Resources PLC  24 February 2022

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

24 February 2022

Mila Resources Plc

 

('Mila' or the 'Company')

 

Mineralisation Intersected at First Hole of Kathleen Valley Drill Campaign

 

Mila Resources, the post-discovery gold exploration accelerator, is pleased to
announce a drilling update from the Kathleen Valley Gold Project in Western
Australia ("Kathleen Valley" or the "Project").  The objective of the drill
programme is to build on the existing JORC Inferred Resource and unlock the
full potential of the project, which is located in a region which hosts some
of the largest gold projects in Australia and which is adjacent to Bellevue
Gold's discoveries.

 

Highlights

 

·    First drill hole at Kathleen Valley has intersected ~7.35m of
sulphide mineralisation from 178.1m

·    Strong arsenopyrite-pyrite-sphalerite bearing sulphides encountered
within extensive 10m wide zone of silica-albite-amphibole-epidote alteration
which hosts the gold-silver-zinc mineralisation at the Coffey Deposit

·    Diamond core hole KVRD024 drilled to twin the gold-silver-zinc rich
RC hole KVRC019 which returned 10m @ 8.38g/t Au, 13.96g/t Ag & 0.89% Zn
from 165-175m including:

o  1m @ 11.08g/t Au, 19.48g/t Ag & 3.09% Zn

o  1m @ 14.61g/t Au, 20.17g/t Ag & 2.92% Zn

o  1m @ 11.28g/t Au, 33.48g/t Ag & 0.11% Zn

·    RC pre-collar for the second hole KVRD025 is complete and diamond
core drilling below holes KVRC019 & KVRD024 is underway, targeting the
primary dilation zone of the mineralisation

·    The hole will be assayed in due course.

 

Mila's first drill hole for 2022, KVRD024, has been completed to a depth of
219.6m.  An RC pre-collar was completed to 97.6m before the commencement of
NQ2 sized diamond core drilling through the high-grade gold-silver-zinc
mineralised zone encountered in the outstanding RC drill hole KVRC019.

 

Extensive alteration and sulphide mineralisation was encountered in the hole
(150m vertically below surface), providing valuable geological and structural
data to assist in the interpretation and modelling of the Coffey Deposit
mineralisation.  Holes are being cased in preparation for
downhole-electromagnetic (DHEM) surveying which will highlight sulphide rich
zones to assist in targeting and locating the core of the mineralisation.

 

 

Mark Stephenson commented:

 

"We had a high level of confidence as we went into this drilling campaign, and
initial results are supporting this belief that the initial resource declared
at Kathleen Valley was simply the tip of the iceberg.  Reporting an
intersection of over 7m of sulphide mineralisation from our first hole is a
fantastic result, and we hope a positive indicator for the rest of our
campaign as we look to demonstrate the wider resource potential of Kathleen
Valley over the coming weeks as we wait for this, and additional holes, to be
assayed."

 

Table 1: Drillhole collar details

 HoleID   Type   Depth        Dip  Azimuth  East    North    RL      Drill      Year

                                                                     Company    Drilled
 KVRD024  RC/DD  219.6        -62  240      258883  6946651  491.30  DrillCore  2022
 KVRD025  RC/DD  In Progress  -68  240      258883  6946651  491.30  DrillCore  2022

 

Competent Person Statement

The information in this announcement relating to Exploration Results is based
on information compiled by Neil Hutchison, who is a 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 Securities Limited

 Nick Emerson                    +44 (0) 20 3143 0600

 SI Capital

 Susie Geliher / Charlotte Page  +44 (0) 20 7236 1177

 St Brides Partners Limited

 

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