Mila Resources Reports Significant Gold and Copper Finds at Queensland Licences

Highlights:

• High-Grade Mineralisation: Rock chip samples show significant gold and copper grades across Monal, Yarrol, and Mt Steadman licences in Queensland.
• Rapid Progress: The company swiftly moved from acquisition to sampling, demonstrating a commitment to advancing exploration.
• Next Phase: Mila is now preparing for geological modelling and ground surveys to further assess key targets.

Mila Resources PLC (LSE:MILA) has reported promising results from rock chip sampling conducted across its recently acquired Monal, Yarrol, and Mt Steadman licences in Queensland, Australia. The exploration findings reveal substantial gold and copper mineralisation, reinforcing the potential of these projects.

Promising Gold and Copper Grades

The sampling at Monal yielded impressive results, with rock chips returning grades as high as 26.8 grams per tonne (g/t) gold and 24.6 g/t silver. Additionally, high copper content was noted, signalling a strong mineralisation profile. At the Yarrol licence, peak values of 6.49 g/t gold and 2.69% copper were detected within the area of a historical resource, further underscoring the potential of the site.

Mila's exploration manager, Alastair Goodship, commented on the promising results: “While these rock chip samples were taken from known pits where the presence of gold was anticipated, it was encouraging to observe clear indications of resource extension beyond existing shallow mine workings.”

Due Diligence and Ground-Truthing

The results come after Mila conducted a comprehensive due diligence and ground-truthing programme, aimed at verifying the mineralisation and identifying the most promising targets for further exploration. The company has now shifted its focus to developing geological models for the licences and plans to appoint consultants to perform a detailed ground survey.

This move marks a swift transition from acquisition to active exploration, with the company showing a clear intent to rapidly advance its projects in Queensland. “The fact that we were able to achieve these results just a week after signing the option to acquire the licences highlights our commitment to swift and effective progress,” said Mark Stephenson, a director at Mila Resources.

Preparing for the Next Stage of Exploration

Mila's management team is optimistic about the prospects at Monal, Yarrol, and Mt Steadman. The initial sampling results, combined with positive access conditions, provide a strong foundation for the next phase of exploration. The company is now preparing to conduct extensive geological modelling, which will include ground surveys across key targets to further delineate the mineral resources.

“The findings today, along with the geological models we are developing, confirm the substantial potential of these projects,” added Stephenson. “We look forward to advancing our exploration efforts and updating the market as we move forward.”

Strategic Focus on Queensland

The Monal, Yarrol, and Mt Steadman licences represent a key part of Mila’s strategy to expand its footprint in the mineral-rich regions of Queensland. With a focus on both gold and copper, the company aims to tap into the growing demand for these critical metals, driven by their use in a variety of industrial applications and the transition towards a greener economy.

Mila's swift progress and strong early results reflect a proactive approach to exploration, as the company looks to capitalise on the significant mineral potential within its newly acquired assets. With geological surveys and modelling underway, investors and stakeholders can anticipate further updates as the projects advance towards the drilling phase.

The company’s early success at these licences signals a positive start, setting the stage for an exciting period of exploration and development in Queensland’s prolific mining landscape.