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Mila Resources PLC - London-based gold company focused on Australia - Says its stage 2 drilling programme is ready to start at the Kathleen Valley Gold project in Western Australia. Says this stage will build on the success of stage 1 results, focussing solely on the Coffey deposit located in the southern portion of the Kathleen Valley project, as it looks to build a "significant" commercial resource at the project.
Executive Chair Mark Stephenson says: "Given the excellent results of our Stage 1 drill campaign, which returned the highest assays received to date and defined a sizeable mineralised zone, we are excited to get to work with our Stage 2 programme. Coffey is proving to be a standout deposit, with all the geological signatures of a major new mineralised system, and our focus is now to test the extent of this system by targeting the deeper high-grade zone."
Mila says stage 1 delivered "excellent" results at the Coffey deposit, which defined mineralisation over a zone that is 200 metres long, 220 metres down dip and ranging from 2 metres to 10 metres in thickness. The results included 6.6 metres at "almost 15 grammes gold and 22 grammes silver," it notes.
Current stock price: 3.55 pence
12-month change: up 20%
By Xindi Wei; xindiwei@alliancenews.com
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