REG - Mila Resources Plc - Yarrol Project Update

Mila ResourcesAnnouncement

02/09/2025 07:00

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RNS Number : 5466X  Mila Resources PLC  02 September 2025

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

 

2 September 2025

Mila Resources Plc

("Mila" or the Company")

 

Preparations Advance for Phase 2 Drilling at Yarrol Gold Project

 

Key Highlights

·      Completion of ground magnetic geophysical survey and
interpretation leading to new targets for gold mineralisation beyond areas
tested in Phase 1 and the forthcoming Phase 2 programme; will form part of our
future step-out drilling.

·      Review of drilling and exploration data completed by RSC Mining
and Mineral Exploration (RSC) has further strengthened and optimised
exploration planning, and procedures to use as Mila build towards a maiden
Mineral Resource Estimate ("MRE") at Yarrol.

·      Phase 2 drilling land access agreements in place; drilling
scheduled to commence shortly

·      Phase 2 fully funded from capital raise in May 2025

 

Mila Resources Plc (LSE:MILA), the post-discovery gold exploration
accelerator, is pleased to provide an update for the upcoming Phase 2 drilling
campaign at the Company's flagship Yarrol Gold Project, Queensland.

 

Following the recent capital raise in May 2025, the Company has been busy
preparing for the next phase of work at Yarrol comprising the following:

 

i)          ground magnetic geophysical campaign - this has extended
detailed coverage beyond the areas surveyed during Phase 1 and those targeted
in the upcoming Phase 2 programme. These data are intended to inform Mila's
understanding of the mineralised system and lay the groundwork for future
step-out drilling. Historical scout holes within the southern extension area
have already intersected gold mineralisation, extending the system ~2km
further to the south; however, systematic exploration is required to "fill in
the gaps" to package all the targets for the next stage of project
development, and unlock the broader strike potential;

 

 

 Fig.1. Map of Yarrol Project showing the extensions of the ground magnetic
 survey to the south, and gold intercepts from drilling completed in Stage 1
 campaign in 2025.

Fig.1. Map of Yarrol Project showing the extensions of the ground magnetic
survey to the south, and gold intercepts from drilling completed in Stage 1
campaign in 2025.

 

ii)         Review of historical dataset - The Company appointed RSC
Mining and Mineral Exploration ("RSC"), a leading mining and mineral
exploration consultancy, to complete a comprehensive review of historical
datasets, interpreted geophysical data, and the results from Mila's successful
Phase 1 programme. RSC's work has provided a robust geological framework to
guide Mila's systematic, staged exploration strategy, ensuring that Phase 2
drilling maximises resource definition potential and informs subsequent
campaigns;

 

iii)         Secured land agreements with stakeholders;

 

iv)        The Company is now finalising drill pad construction and
drilling contracts to mobilise rigs to site; and

 

v)         The Company plans to update the market on results of the
recently completed ground geophysics testing the southern extension of Yarrol,
the commencement of first-phase exploration activities at the Monal and Mt
Steadman properties and progress made in unlocking value across the broader
Queensland portfolio.

 

 

Mark Stephenson, Executive Chairman, commented:

"We have been particularly active in recent months following our successful
capital raise in May that will  fund  the continued drilling and de-risking
of Yarrol into 2026. The team at Mila is highly encouraged by the results of
the recent geophysical campaign, which has not only generated new targets but
also highlighted the potential to expand scale well beyond the areas drilled
to date. We are now building a much more detailed picture of the geological
model which will help guide and focus the next drilling programme.

 

"In parallel, we have been working closely with RSC to ensure our exploration
strategy is both optimised and aligned with building a strong framework for a
maiden Mineral Resource Estimate, which we believe will confirm Yarrol's
position as an exciting new gold development opportunity to the market.

 

"The next phase is a pivotal step forward as we build on the outstanding
success of our initial programme. We are grateful for the continued support of
our shareholders and are confident that the capital deployed will build value
as we advance and establish Yarrol as a robust gold project."

 

**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 / Will Turner    +44 (0) 20 7236 1177

 St Brides Partners Limited

 

 

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