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Mila Resources PLC on Tuesday said preparations have advanced for phase two drilling at its flagship Yarrol gold project in Queensland, Australia. The London-based mining company with exploration sites in Western Australia said it has completed the ground magnetic geophysical survey and interpretation, leading to new targets for gold mineralisation. The firm said it has extended detailed coverage beyond the areas surveyed during phase one and those targeted in the upcoming phase two programme. The data will lay the groundwork for future step-out drilling, Mila Resources added. The review of historical drilling and exploration data has been completed by mining consultancy RSC Mining & Mineral Exploration and has provided a ‘robust geological framework’ to guide Mila’s exploration strategy. It said the review will ensure that phase two drilling maximises resource definition potential and informs subsequent campaigns. Mila Resources added that it has secured land agreements with stakeholders for phase two drilling, and it is now finalising drill pad construction and drilling contracts to mobilise rigs to site. The company said it plans to update the market on results of the ground geophysics testing of the southern extension of Yarrol and the start of exploration activities at the Monal and Mt Steadman properties. ‘We have been particularly active in recent months following our successful capital raise in May that will fund the continued drilling and de-risking of Yarrol into 2026. The team at Mila is highly encouraged by the results of the recent geophysical campaign, which has not only generated new targets but also highlighted the potential to expand scale well beyond the areas drilled to date. We are now building a much more detailed picture of the geological model which will help guide and focus the next drilling programme,’ said Executive Chair Mark Stephenson. ‘The next phase is a pivotal step forward as we build on the outstanding success of our initial programme. We are grateful for the continued support of our shareholders and are confident that the capital deployed will build value as we advance and establish Yarrol as a robust gold project.’ Shares in Mila Resources were up 4.6% at 0.92 pence in London on Tuesday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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