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Mila Resources PLC on Wednesday hailed progress at its project in Western Australia, with drilling due to restart next week. According to the London-based gold exploration firm, the new drilling regimen at Kathleen Valley will consist of a six-hole reverse circulation programme for 820 metres, with depths from 90 to 180 metres. It is designed to extend known mineralisation along strike to the north-west, where the land is open and untested. The Kathleen Valley exploration site is located in the Wiluna-Norseman gold belt of Western Australia, a recognised tier-one mining jurisdiction home to several mining operations, including the adjacent high-grade Bellevue gold project. Previous drilling identified high-grade mineralisation at depth including 1 metre at 27.60 grams of gold per tonne, and 47.50 grams of silver per tonne from 211 metres. Mila Resources also said on Wednesday that it has continued to pursue conversations with a farm-in partner for a potential transaction at the site. It didn’t specify who the partner was, but said the agreement would involve the exploration of other minerals within the licence area. ‘Whilst no guarantees can be provided at this stage, we are hopeful that we can provide full details of a potential transaction in the coming weeks,’ said Executive Chair Mark Stephenson. Mila Resources shares were trading 4.9% higher at 1.29 pence each in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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