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Mila Resources PLC on Friday said it has received ‘highly encouraging’ results from its rock chip sampling in Queensland, Australia. The gold exploration firm said the results highlighted ‘significant’ gold and copper mineralisation across its newly acquired Monal, Yarrol and Mount Steadman licences. Rock chip sampling of copper-sulphide ore at its Monal licence returned a peak value of 26.8 grammes per tonne of gold and 0.88% copper. Sampling at its Rawlins target produced 24.6 grammes per tonne of gold and 5.48% copper, indicating the potential for high-grade polymetallic mineralisation. Yarrol target sampling returned peak values of 6.49 grammes per tonne of gold and 2.69% copper, with additional sampling outside the main historic resource area yielding 0.68 grammes per tonne of gold and 1.95% copper. Mila Resources is now in discussions with geophysical consultants to conduct a ground study across its Queensland projects, to define its high-priority targets. Exploration Manager Alastair Goodship said: ‘While these rock chip samples were selective and taken from known pits, so the presence of gold wasn’t a surprise, it was very encouraging to see the clear extension of the existing resource and shallow mine workings. This validates our geological models and supports our belief in the significant potential of these projects. ‘Additionally, the easy access to the land was a real positive, providing a solid foundation for efficient exploration. We are excited to continue building relationships with local stakeholders as we systematically develop the properties and advance our work programmes in the region.’ Shares in Mila Resources were up 5.9% at 0.54 pence each in London on Friday afternoon. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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