Business
Drilling to re-commence at Kathleen Valley
Drilling to re-commence at Kathleen Valley.
About this update from Mila Resources Plc
[{"type":"text","content":"\n\n Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural Resources\n14 June 2023\nMila Resources Plc\n(\"Mila\" or \"the Company\")\n \nDrilling to re-commence at Kathleen Valley\n &\nCorporate Update\n \nMila Resources Plc, the post-discovery exploration accelerator, is pleased to announce that drilling will re-commence at the Company's Kathleen Valley Gold Project in Western Australia ('Kathleen Valley' or the 'Project') next week.\n \nDrilling Programme June 2023\n \n· The programme consists of a Six-hole reverse circulation ('RC') programme for 820m with depths from 90-180m building on the 2022 programme which confirmed consistent, high-grade mineralisation at Kathleen Valley.\n· The RC programme designed to extend the known mineralisation along strike to the north-west where it is open and untested (Figures 1 & 2).\n· A report is being commissioned to study the deeper mineralisation - previous drilling identified high-grade mineralisation at depth including 1m @ 27.60 g/t Au & 47.50 g/t Ag from 211m.\n· Kathleen Valley is proximal to some of the largest gold projects in Australia, including the adjacent, high-grade Bellevue Gold Project, the high-grade producing Agnew Gold Mine and the Bronzewing Gold Mine.\n· We will update the market when the assay results have been returned and analysed.\n \nCorporate Update\n \nFurther to our recent announcement on 3 April 2023, the Company continues to advance conversations with a farm-in partner for a potential transaction at Kathleen Valley relating to the exploration of other minerals (except for gold and base metals) within the licence area. Mila and its partners at Kathleen Valley will continue to focus on gold and base metals and retain the rights to those minerals. Whilst there can be no certainty that any transaction will be completed, the Board hopes it will be in a position to update the market in the near future.\n \nMark Stephenson, Executive Chairman of Mila commented: \"We are pleased to be launching this small and targeted RC programme, which we believe will provide useful insights into the wider resource potential at Kathleen Valley. We are also continuing to progress JV discussions as previously r...