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 Mila Resources Plc
| info@milaresources.com |
| Jonathan Evans Tavira Financial Limited
| +44 (0) 20 7100 5100 |
| Nick Emerson SI Capital
| +44 (0) 20 3143 0600 |
| Damon Heath Shard Capital Partners LLP
| +44 (0) 20 3971 7000 |
| Susie Geliher / Charlotte Page St Brides Partners Limited | +44 (0) 20 7236 1177 |
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