Mila Resources (LSE:MILA) has announced early results from its Q1 2026 reverse circulation drilling programme at the Yarrol Gold Project in Queensland, confirming gold mineralisation at the southernmost drill locations at Yarrol North. These results extend the known strike length of the system to more than than 500 metres, with mineralisation remaining open in all directions. Broad zones of gold, including higher-grade intercepts at the southern edge, are being incorporated—alongside pending assay data from additional infill and step-out drilling—into the dataset required for a maiden JORC-compliant mineral resource estimate.
At the Monal West licence, initial rock chip sampling at the Jazza target has identified anomalous gold, copper, and silver values, accompanied by elevated levels of molybdenum, zinc, and tungsten. This geochemical profile is consistent with the presence of a deeper porphyry system and related epithermal mineralisation. Backed by a significant inherited induced polarisation (IP) geophysical anomaly, the findings point to the possibility of a larger mineralised system. Mila plans to carry out targeted ground-based geophysical surveys to refine drill targets and advance both Yarrol and Monal West toward resource definition, supporting the broader growth potential of its Queensland assets.
The company’s outlook remains constrained by its financial position, characterised by a lack of revenue, ongoing losses, and continued negative free cash flow, alongside weak technical indicators such as a share price below key moving averages and a negative MACD. However, a relatively low level of debt and a stable equity base provide some underlying support, even as valuation remains difficult to justify given negative earnings and the absence of dividend yield.
More about Mila Resources
Mila Resources Plc is a London-listed gold exploration company focused on developing gold and copper projects in Queensland, Australia. Its primary asset, the Yarrol Gold Project, is advancing toward an initial JORC-compliant resource estimate, supported by additional exploration across its wider licence portfolio, including the prospective Monal West porphyry corridor.
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