TIDMMILA
RNS Number : 4997U
Mila Resources PLC
03 December 2021
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the following link:
http://www.rns-pdf.londonstockexchange.com/rns/4997U_1-2021-12-3.pdf
Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural
Resources
3 December 2021
Mila Resources Plc
('Mila' or the 'Company')
Commencement of Drilling at Kathleen Valley
Mila Resources, the post-discovery gold exploration accelerator,
is pleased to announce a drilling update from the Kathleen Valley
Gold Project in Western Australia ("Kathleen Valley" or the
"Project"). The objective of the drill programme is to build on the
existing JORC Inferred Resource and unlock the full potential of
the p roject, which is located in a region which hosts some of the
largest gold projects in Australia and which is adjacent to
Bellevue Gold's discoveries.
Highlights
-- 13,500m drilling programme has commenced at Kathleen Valley
-- 11,100m of drilling and electromagnetic surveying scheduled
to increase maiden resource at the Coffey Deposit
-- 2,400m of RC drilling planned to test two new targets to the north of the current resource
Following completion of the acquisition of its 30% in the
Kathleen Valley gold project in Western Australia, which Mila
completed on 23 November 2021, the Company is pleased to announce
details of the drilling programme that is currently underway
(Figure1).
Mila has commenced a 13,500m drill campaign with the objective
of expanding the JORC resource in the southern area of the Project
totalling 11,100m, as well as exploring the other two northern
targets by drilling an additional 2,400m.
Resource Drilling at Coffey Au-Ag-Zn Deposit
The Company has embarked on a comprehensive exploration campaign
with the view of expanding the acquired maiden JORC Inferred gold
resource at Kathleen Valley's Coffey Au-Ag-Zn Deposit (21,000oz @
2.1g/t Au*). The initial 11,100m drilling campaign is intended to
increase the JORC resource in the southern area of the licence,
with 40 new RC & DD holes as well as geophysical testing of
deeper holes using downhole-electromagnetic surveying (DHEM). This
will include drilling to greater depths of 250-350m, expanding the
current footprint of the resource by step out drilling and
selective in-fill drilling to test the calculated JORC Exploration
Target of 145,000-280,000oz which has a grade range of 1.8-2.5g/t
Au.
The Coffey resource was estimated by the Project vendor in late
2020, incorporating 12 RC drill holes totalling 2,160m. Since the
acquisition of the Project, Mila has completed one diamond drill
hole to a depth of 240.9m and 10 reverse cycle (RC) holes ranging
from 111-200m in depth for a total of 1,505m into the Coffey
Deposit resource zone. The 11 completed drill holes (1,755.9m)
focussed on in-fill drilling within the resource zone, as well as
step-out drilling around the edges of the zone to further define
the quality and continuation of the mineralisation both up and down
dip, as well as along-strike to the southeast (Figure 2 & Table
1).
Geological logging of these holes has verified the continuation
of the alteration, sulphides and quartz veining which typically
hosts the Au-Ag-Zn mineralisation within the target zone of the
Coffey Deposit (Figure 3), giving the Company confidence as it
moves forwards with the drilling programme well into 2022.
Samples for all completed holes have been despatched and are
currently being tested at an interstate independent laboratory to
speed up the sample turnaround time. Mila expects to have results
over the coming weeks and will update investors once they have been
collated and interpreted.
Two new targets - Sturrock and Powell Prospects
The Company intends to begin drilling at two new major targets,
to the north of the current resource, after the completion of the
planned Coffey Deposit RC drilling. The Sturrock Prospect is
located 3.5km to the NNW of Coffey, on a sheared contact between
mafic and ultramafic rocks which hosts the historical Main Road Au
Pit, 2km along strike to the NE (Figure 4). Recent auger soil
sampling (2019) highlighted a 700m x 250m zone of anomalous gold in
soils and shallow historical aircore drilling returned zones of
highly anomalous gold grades of between 0.1-1.1g/t Au. 12 RC holes
totalling 2,400m with downhole-electromagnetic surveying of the
deeper holes is scheduled and testing the anomaly to depth in an
optimal direction to the shears.
The Powell Prospect is located 3.1km NNE of Coffey and 2.0km ESE
of Sturrock in the northeast portion of the tenement (Figure 4).
The auger soil sampling highlighted a 500m x 500m "X" shaped zone
of anomalous gold in soils where it appears that two shear zones
intersect. Field work located an historical shallow shaft and pit
which has been dug in the area and further investigative work is
required prior to drill testing.
Drilling is expected to commence in mid-January following the
festive holidays in Australia.
Mark Stephenson commented:
"I am delighted at the progress on the ground at Kathleen
Valley. The commitment and ingenuity of the team in Western
Australia has enabled us to advance the Project as we look to build
on the maiden resource and unlock the wider potential of the asset.
As we have explained before, we believe that the current resource
and Exploration Target represents just the 'tip of the iceberg' as
these were delivered from just 2,160m RC drilling to date. Kathleen
Valley is located in a region which hosts some of the largest gold
projects in Australia and with this compelling geological address,
I am extremely excited to see the results as they are received from
the assay laboratories."
Table 1: Drillhole collar details
HoleID Type Depth Dip Azimuth MGA_East MGA_North MGA_RL DrillComp Year
Drilled
KVRC001 RC 191.0 -60 240 258846 6946629 488.6 JarrahFire 2019
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC002 RC 161.0 -60 240 258823 6946615 487.4 JarrahFire 2019
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC003 RC 120.0 -60 240 258787 6946594 486.1 Ausdrill 2020
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC004 RC 140.0 -60 240 258806 6946604 486.6 Ausdrill 2020
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC005 RC 220.0 -60 240 258866 6946641 489.9 Ausdrill 2020
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC006 RC 190.0 -60 240 258784 6946655 485.6 Ausdrill 2020
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC007 RC 220.0 -60 240 258824 6946667 487.0 Ausdrill 2020
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC008 RC 160.0 -60 240 258847 6946571 486.8 Ausdrill 2020
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC009 RC 214.0 -60 240 258884 6946592 488.1 Ausdrill 2020
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC010 RC 132.0 -60 240 258716 6946672 485.4 Ausdrill 2020
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC011 RC 186.0 -60 240 258750 6946692 486.5 Ausdrill 2020
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC012 RC 226.0 -60 240 258784 6946713 488.0 Ausdrill 2020
====== ====== ==== ======== ========= ========== ======= =========== =========
KVDD013 DD 240.9 -60 240 258928 6946619 490.5 DrillCore 2021
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC014 RC 180.0 -60 240 258894 6946567 487.5 Ausdrill 2021
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC015 RC 117.0 -55 260 258845 6946545 485.4 Ausdrill 2021
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC016 RC 129.0 -60 225 258846 6946570 486.7 Ausdrill 2021
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC017 RC 200.0 -65 240 258904 6946605 488.9 Ausdrill 2021
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC018 RC 150.0 -60 240 258835 6946622 488.0 Ausdrill 2021
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC019 RC 183.0 -65 240 258856 6946635 489.0 Ausdrill 2021
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC020 RC 177.0 -55 240 258840 6946681 488.0 Ausdrill 2021
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC021 RC 111.0 -60 240 258773 6946647 485.6 Ausdrill 2021
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC022 RC 147.0 -60 240 258770 6946701 487.0 Ausdrill 2021
====== ====== ==== ======== ========= ========== ======= =========== =========
KVRC023 RC 111.0 -60 240 258736 6946682 486.0 Ausdrill 2021
====== ====== ==== ======== ========= ========== ======= =========== =========
Competent Person Statement
The information in this announcement relating to Exploration
Results is based on information compiled by Neil Hutchison, who is
a Technical Director of Mila Resources, and a member of The
Australasian Institute of Geoscientists. Mr Hutchison has
sufficient experience relevant to the style of mineralisation and
type of deposit under consideration, and to the activity he is
undertaking to qualify as a Competent Person as defined in the 2012
Edition of the "Australasian Code for Reporting of Exploration
Results, Mineral Resource and Ore Reserves".
Mr Hutchison consents to the inclusion in the report of the
matters based on his information in the form and context in which
it appears.
**ENDS**
For more information visit www.milaresources.com or contact:
Mark Stephenson info@milaresources.com
Mila Resources Plc
Jonathan Evans
Brandon Hill Capital Limited +44 (0) 20 3463 5000
Nick Emerson
SI Capital +44 (0) 20 3143 0600
Susie Geliher
St Brides Partners Limited +44 (0) 20 7236 1177
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