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Let's see how the enhanced offer for Lionstown affects the price across here with MILA...
Let us see what the assay results are and where we go from there...
"Drilling to commence at Kathleen Valley: 6 drill holes" Mila RNS was on 14 June 2023.
[1] Then, it goes for assays and when it comes back, it has to be checked /analysed by the technical team.
In the case of Havieron, it took 3 months to get the assays back in Western Australia. So, have to wait for the RNS.
[2] "We also know that the fund raise is being planned soon. "[In this thread]. From the Mila RNS Interim Results dated 31.3.23, it was stated that £696k was raised in Oct 2022 and £212k in Nov 2022 making that £908k in total.
Mila did not say how much the above said 6 drill holes cost to drill but from Pitfield, Western Australia the CEO said they paid £300k for 21 holes MEANS that 6 holes cost about £85,700.
[3] All exploration co's cannot just drill at will and this is general info. They can only drill IF the results are in line with expectations etc as norm. So, unless they plan to do more drilling, they cant raise?
How do they raise and tell the funders , oh , we have no results yet and we raise? Funders will ask to see the results first.
Assays are surely going to be some way off if other W.Australian co's are anything to go by. Even at Pitfield, 3 months was up on 23 July 2023 and that means that they are analysing it , so appears to be like the Havieron timing ?
[4] Mila RNS of 27.7.23 re: Liontown JV >>with Mila >>Kathleen Valley for lithium exploration.
The RNS states:" THRU THIS AGREEMENT WITH LIONTOWN , we will SEE E X P L O R A T I O N ==U N D E R WAY==at this area of the licence. ..Supplementary work on HERITAGE SURVEYS."
? Hope that clarifies.
Per my post below, the Mila RNS stated that in this climate one cannot just raise to do drilling easily so they have to be prudent with the money. So, simple maths suggests there is £800k left even if one budgets for £100k [ not £85,700.]
I am NOT privy to anything else as that is general norm in the industry and even the Pitfield CEO confirmed that drilling and raises are only predicated on results.?
So, we know that the six-hole drill has been completed and MILA await the assay results. We also know that a fundraise is being planned soon.
We know nothing of the schedule of a possible drilling campaign by Liontown but it certainly won't be imminent.
In answer to the questions posed:
[1]"Thru this agreement with LIONTOWN, we will see lithium EXPLORATION =underway= at this area of the licence."
[2] "In addition to Liontown's work unlocking the lithium v a l u e , we will also benefit from their funding of SUPPLEMENTARY development work including HERITAGE surveys which are a significant undertaking."
[There's the answer from the Mila RNS, 27.7.23 verbatim. All work will be done BY LIONTOWN relating to the lithium
exploration so no one will know until the RNS. ]
[3] Liontown "will invest A$100k in Mila thru a CONVERTIBLE LOAN: the notes are repayable by converting into Mila shares at a PRICE to be determined on Mila's NEXT FUND RAISE."
[In so far, as fund raise per the question posed, it is a general term in the context , in that , "as and when"?
In the Mila RNS "Interim Results" dated 31.3.23, it was stated £696k was raised in Oct 2022 and £212k in Nov 2022
but qualified by, "However, given the risks associated with exploration & the high costs of drilling in Western Australia
,we are SPENDING the FUNDS PRUDENTLY. ...we are also mindful that equity markets are currently difficult for
junior explorers and accessing capital for expensive drilling programmes cannot be TAKEN for GRANTED."
Mila RNS: Drilling to re-commence at Kathleen Valley" dated 14 June 2023 ---6 RC holes. We will update the market
when the ASSAY results have been returned & ANALYSED."
[So, that is the second answer verbatim from the Mila RNS [2].
General Comment:
In the case of another Western Australia co, they paid £300k for 21 RC holes and whilst this cannot be taken to be the case for Mila, it does give a idea of costs in general only.
Hope that helps.
[
Who knows ? try hot copper as ‘news’ posted 👍 asking a question like that !! you should be older and wiser 😉
What's a reasonable timeline for expecting Liontown to conduct this exploratory work on Mila's property?
And what's the likelihood that the placing referred to by Mila in the July 27 RNS happens sooner rather than later, to capitalise on the excitement of the last couple of days, reflected in the sp?
Kindly refer to the MILA Resources 27 July 2023 RNS:
There is also an AMENDMENT Deed: It could take Mila to 80%.
Yes, it is in the RNS that the other owners are Trans Pacific Energy Group Ltd/NCM [TPE is a subsidiary of NCM.
In fact, TPE drilled 12 holes [1st round drilling was 2 holes and next round was 10 holes] and after that they
reversed into Mila which listed in late 2021. The only exploration asset is their Kathleen Valley Licence E36/876
and on listing the valuation report stated the exploration assets to be £15m.
https://www.milaresources.com/latestdocuments
Mila only owns 50% of the E36/876 property. Not right to think of this JV as just being between Mila and Lion.#town.
Mila Resources Prospectus with includes Competent Persons Report on Listing on the
London Stock Exchange dated 2021.
Link to check: https://www.milaresources.com/latestdocuments
"Pg 86/174 : The m a p p e d presence of pegmatites in the Kathleen Valley, at comparable lateral distance
for the granite batholith as mapped for the SPODUMENE -bearing pegmatites at KATHLEEN'S CORNER
to the N O R T H of the project, is encouraging.
...
However, the sampling of dykes at present [3 samples] is VERY LIMITED and CSA Global is of the opinion
that the project has the potential for hosting SPODUMENE [LITHIUM-BEARING] pegmatites."
---
Pg 76/174: Jubilee Mines NL explored ground NORTH of Kathleen Valley for tantalum [and lithium] in 1998 & 2000
These results included 4 ROCK CHIPS from 2 pegmatite dykes approx ---== 2 0 0 to 3 0 0 metres==--- of the E36/876 BOUNDARY. The remainder of the sampling was well to the NORTH OF THE PROJECT towards KATHLEEN'S CORNER
. The tenement CLOSEST to Kathleen CORNER returned results of 0.89%, 0.92%, 1.01%, 1.09% & 1.09% li20 [Source: Kelly 2000].
Recent lithium exploration work by LIONTOWN Resources at KATHLEEN'S CORNER & MT MANN, i m m e d i a t e l y
NORTH OF E 3 6/ 876 had identified a Mineral Resource of 21 Mt @1.4% Li20 &Ta205 at 0.5% Li20 c u t -off.
[Liontown Announcement 4 Sep 2018] ."
==Valuation Report: On Mila Listing 2021: £15 million. Link as above.
-----------LIONTOWN, A$6BN MKT CAP ON ASX, OZ >>> JV on 27.7.23 >>> MILA RESOURCES to explore for LITHIUM on
Mila's Kathleen Valley LICENCE E 3 6/ 876 Western Australia.-----
From the map on Fig 12 of the above CSA Competent Person's Report, shows Mila's E36/876 is NORTH OF KATLEEN'S CORNER & MT MANN belonging to Liontown.
Mark Stephenson , CEO of Mila stated in his interview with Zak and Proactive that Mila's E36/876 licence is 2 KM from Liontown.
DYOR. Sun, 30 July 2023. Mila Resources 1.68p @Mkt Cap £5.5million.
For the summary of Mila Resources & Liontown Joint Venture dated 27.7.23 which was RNS' ed.
See other MILA forum of today, Sun, 30 July 2023.
Answer: Go to Hotcopper Liontown to read both Aussie and Blighty posters on the Mila Resources JV with Aussie Liontown, a A$6bn co on the ASX.
The thread is : News: JV Mila with Liontown.
Link: https://hotcopper.com.au/asx/ltr/
That is where all the action is given it will be Liontown that will be doing all the exploration work on Mila's Licence E36/876 , Kathleen Valley, Western Australia.
Too many posts to re-post here. Sat, 29.7.23 Mila :£5.5m mkt cap @1.60/1.8p spread.
Morning all, new to this board and invested after the recent rns and just wondering how the the current investors feel about the latest news and how this stands with mila and the deal with liontown ? Much appreciated any response !!
Don
Not sure why my content got cut off?
"Material to us."
>
"THEIR GEOS THINK THERE'S POTENTIAL.
LIONTOWN :TOP GEO IN THE LITHIUM SECTOR.
Liontown results shortly>>THEY WILL TALK ABOUT US.---
"Aussie shareholders to come on board. They know about Liontown.
>>WHAT THIS COULD POTENTIALLY MEAN.>>>
Comment:
"Material to them."
Liontown is a A$6bn mkt cap co, so material to them?
Liontown shareholders to come onboard Mila after Liontown talks about us at results?
"WHAT THIS COULD POTENTIALLY MEAN?" as in , to the Aussies at Liontown if they come onboard?
Have a listen and check.
Link: https://twitter.com/ZaksTradersCafe/status/1684542625750159360 27.7.23
Mark Stephenson, CEO of Mila Resources talking to Zak:
"Liontown taking it seriously.
Material to us.
Liontown is 2km North.
>
Liontown results shortly >>THEY WILL TALK ABOUT US.>>"WHAT THIS COULD POTENTIALLY MEAN."
About Liontown, our JV partner at Kathleen Valley, Oz.
"After rejecting a $5.5bn takeover, Liontown lifechanger, TIM GOYDER continues
to place his chips on lithium."-Stockhead.com.au, 17 May 2023.
Tim Goyder per article has 2 co's on the ASX, Chalice Mining and Liontown, both billion $ mkt caps ie $2.8bn & $6bn+ respectively.
Goyder is also the largest shareholder in LIONTOWN SPIN-OFFS: Minerals 260 [ASX $M16, Uranium & Rare Earths]
and Dev Ex has become so rich. Goyder is a billionaire.
Linghor who sold his IT firm before putting a large chunk in Liontown said it has been "life-changing."
Comment: Interesting c.v of the CEO of Liontown who is JV'ing into Mila.
P.S.
Liontown themselves have NOT yet RNS/ANN the JV with Mila yet.
To check, https://hotcopper.com.au/asx/ltr/
but yet, Liontown tweeted about the JV and gave a link to Mila's RNS of yesterday, 27.7.23
which stated Mila Resources CEO commenting on the reason why Liontown rejected Albermarle's A$5.5bn
due to undervaluing Liontown and the commercial potential of the lithium mineralisation on their doorstep ie Mila's?
To see the exact wording from the Mila CEO, see my post below. Interesting.
Mila Resources re: tweeted, Liontown's tweet about the FARM IN TO MILA 's lithium project, 5 hrs ago, Fri, 28 July 2023:
"Click link given by Liontown and it is From the MILA RNS of 27.7.23:
Mark Stephenson commented:
"..most recently evidenced by a proposed A$5.5bn bid for LIONTOWN by Albermarle Corp, 1 of the largest lithium producers in the world.
In rejecting the Albermarle approach, Liontown asserted it believes that the BID substantially undervalues Liontown,
highlighting the SIGNIFICANT COMMERCIAL VALUE of the LITHIUM MINERALISATION potential ON OUR DOOR S T E P."
https://twitter.com/LiontownRes/status/1684826411729883137 5 hrs ago, Fri, 28.7.23
Comment:
Really interesting. Also , one can see it from MILA'S TWITTER, top tweet [re-tweet], 5 hrs ago, 28.7.23
https://twitter.com/MilaResources
Does anyone have any clear and concise info on Liontown planned drilling campaign on MILA's Kvp site - schedule and number of drills?
P.S.
Refer to my post at 00:45 today, 28.7.23 wherein:
Liontown states that their KATHLEEN VALLEY ---->>> F E E D S ---->>>into their 2nd swarm MT MANN.
Liontown's lithium orebody has 2 swarms as above ie Kathleen Valley & Mt Mann.
Jubilee Mines NT in 1998/2000 per CSA Global Competent Report on MILA [2021] stated that they tested for rock samples at Kathleen's Corner & Mt Mann. LIONTOWN has a RESOURCE for Mt Mann and with a cut-off of 0.5% li20 with 1.4% li20 grade.
Since Liontown states it is one ore body and is OPEN AND AT STRIKE, then
Liontown is looking into Mila's E36/876 for a potential continuation--->>WHICH IS 2KM ACROSS ie NEXT DOOR.---
There is a CSA Global Competent Report on Kathleen Valley, Mila Resources and in particular on the lithium data etc.
From Liontown, they state that their Kathleen Valley lithium deposit is made up of 2 SWARMS and they form one mineralised body [1.7km strike x 600m depth]. The one nearer Mila's E36 /876 is Kathleen's Corner & Mt Mann of which there is a mineral resource with grades etc.
CSA Global provided work done by Jubilee Mines on the Liontown side with results of grade.
Comment:
So, given Liontown stated that their deposit is open and along strike, therefore, the JV is
to look for potentially a continuation ? Logically isnt it?
To read go to Hotcopper Liontown latest post on "News: LTR Mila signs agreement to explore for lithium."
CSA Global on Fig 12 also shows MILA'S E36/876 marked in "pink letters : LI PEGMATITES."
DYOR. Link: https://hotcopper.com.au/asx/ltr/ dated 28.7.23 last post on CSA Competent Report.
My first buy was at 2.35p, and with every drop, I'm averaging down now. The moral of the story is to accumulate while it's cheap, and at some point next week, this will move up nice and steady. This is currently undervalued!
I agree. Usually a bad tactic to jump fully in on a spike like yesterday's as miners are a long-term play so drip, drip buys on any drift backs usually works rather better.
Load up when it's quiet, then sell high when the crowds arrive. The next news will lift this off to the next high. Sometimes, it's always best to slowly build a position and take advantage of any drops.
Https://www.ltresources.com.au/projects/
Our project at Kathleen Valley in Western Australia will be one of the world’s largest lithium mines when it comes into production in mid-2024.
Final Investment Decision (FID) approval was given by the board in June 2022 following the execution of binding offtake agreements with Tesla, Ford and LG Energy Solution and the signing of a $300 million finance facility with Ford and construction commenced in December 2022.