Mila Resources PLC on Tuesday outlined plans to develop its Queensland gold portfolio and Kathleen Valley gold and lithium project during the first half of 2025.
The London-based mining company with exploration sites in Western Australia aims in the coming weeks to complete a ground magnetic survey begun in December at its Yarrol property, which it said is ‘the most advanced target within the portfolio’. Mila purchased its Queensland gold portfolio from EMX Royalty Corp in 2024.
Survey results will be the foundation for Mila’s maiden drilling campaign, it said. The firm is also digitising the site’s historic data. So far, Mila has said drilling across the Yarrol strike area includes 2km with the following intercepts: 12 metres at 20 grams per tonne of gold, 44m at 2.34g/t and 40m at 2.80g/t.
The zone currently does not comply with Joint Ore Reserves Committee regulations. Mila aims to upgrade the area to JORC compliance with infill drilling, and said there was value in step-out drilling to test the prospect further.
Sample results last November were promising on two other Queensland properties, Mount Steadman and Monal. Mila is reviewing ongoing desktop studies for these ‘less advanced’ sites, whose development will depend on capital allocation priorities.
The company also plans to continue gold and lithium exploration in the Kathleen Valley. This is currently underway through an earn-in arrangement with Liontown Resources Ltd, a Perth-based battery minerals provider.
Mila noted a scouting exploration carried out by Liontown and the Kathleen Valley’s traditional owners, the Tjiwarl people. Lithium, tin and tantalum prospects were identified, with mineral zonation pointing to lithium-cesium-tantalum pegmatite systems.
Though Mila is still in communication with Liontown, Mila said gold exploration in the Kathleen Valley was secondary to lithium drilling and had not been allocated near-term capital. Director Mark Stephenson said Mila’s strategy rests on ‘de-risking assets and enhancing shareholder value’.
‘With a focus on advanced exploration targets like Yarrol and strategic partnerships like Liontown, Mila is poised to deliver tangible results while adhering to best practices in sustainability and capital allocation,’ Stephenson added.
Mila Resources shares were up 2.6% at 0.33 pence each on Tuesday afternoon in London.
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