Mila Resources (LSE:MILA) has reported the final assay results from a 12-hole reverse circulation drilling programme at its Yarrol Gold Project in Queensland, with the latest results reinforcing the scale and continuity of the mineralised system.
According to the company, the drilling has confirmed multiple high-grade gold shoots contained within broader zones of moderate-grade mineralisation. The programme also demonstrated that mineralisation extends beyond the boundaries of the historic resource area and remains open both along strike and at depth, highlighting additional exploration potential.
The results mark an important step in the project’s advancement, enabling Mila to move into the next phase of development. Work will now focus on pre-resource evaluation activities, including detailed geological modelling and the preparation of an initial mineral resource estimate, which could provide the foundation for future economic studies.
Alongside progress at Yarrol, the company continues to advance its wider Australian exploration portfolio. At the Monal gold-copper project in Queensland, induced polarisation geophysical surveys and additional mapping programmes are underway to refine porphyry-related drill targets. Meanwhile, Mila has initiated a strategic review and resource update at the Kathleen Valley gold project in Western Australia, with the aim of identifying and unlocking further value from the asset.
By progressing Yarrol towards resource definition while simultaneously advancing exploration and development work across its other projects, Mila is seeking to establish a diversified pipeline of gold and gold-copper assets capable of supporting future growth and enhancing long-term optionality for shareholders.
The company’s outlook remains constrained by the absence of revenue, ongoing losses and persistent negative free cash flow. However, technical indicators provide some support, with the shares trading above key moving averages, although momentum measures suggest the stock may be approaching overbought territory. Valuation metrics remain limited by negative earnings and the lack of a dividend.
More about Mila Resources
Mila Resources is a London-listed exploration and development company focused on gold and copper opportunities in Australia. Its portfolio includes the Yarrol and Monal projects in Queensland, as well as a 30% interest in the Kathleen Valley gold project in Western Australia, where the company also holds an earn-in right that could increase its ownership to 80%. The assets provide exposure to both established and emerging mineral districts across Australia.
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