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Highlights

  • Mila Resources reports positive assay results from first two drill holes at Yarrol Gold Project.

  • Drill hole MYARC0197 records 17 metres at 5.46 g/t gold, including a high of 47.40 g/t.

  • Company shares rise 7.25% following the announcement on the London Stock Exchange.

Mila Resources PLC (LSE:MILA) witnessed a rise in share price during early trading on Wednesday following the announcement of encouraging maiden drill results from its Yarrol Gold Project, located in Queensland, Australia.

The company's ongoing drilling programme is focused on identifying high-grade gold mineralisation within a 20-square-kilometre target corridor. The latest assays from the initial two drill holes have confirmed the presence of broad mineralised zones and notable gold grades.

Drill hole MYARC0197 returned a mineralised intercept of 17 metres grading 5.46 grams per tonne (g/t) of gold. This includes a more concentrated section of 8 metres at 9.76 g/t, with the highest recorded assay reaching 47.40 g/t gold. Meanwhile, hole MYARC0195 intersected 2 metres at 6.44 g/t gold.

The results are the first from a planned ten-hole drill programme, with assays for the remaining eight holes expected by the end of the second quarter.

Mila Resources executive chair Mark Stephenson commented on the results, stating, “This drilling campaign set out to confirm that Yarrol hosts a high-grade gold system.”

Investors responded positively to the news, with Mila’s share price climbing to 0.31 pence, reflecting a 7.25% increase. The stock had reached an intraday high of 0.39 pence earlier in the session.

The Yarrol Gold Project, located in a mineral-rich region of Queensland, is being explored for its potential to host economically viable high-grade gold systems. The project lies within a historically productive gold belt, which has previously yielded substantial gold discoveries.

Mila Resources’ exploration strategy aims to delineate the extent and continuity of the gold-bearing structures within the identified corridor. 

As the company awaits the remaining assay results, further analysis and geological interpretation will provide additional insights into the project’s potential. 

Trading activity in Mila shares has increased in response to the drilling update.