Mila Resources (LSE:MILA) has reported further high-grade gold intercepts from its Q3 reverse circulation drilling at the Yarrol Gold Project in Queensland, extending the known mineralised envelope at Yarrol North to roughly 170 metres vertical depth.
The London-listed exploration company, which focuses on advancing stranded Australian mineral assets toward production, said the new results come from four of the nine holes drilled this quarter, with assays from the remaining five holes due over coming weeks.
"These latest results from Yarrol are particularly encouraging and continue to strengthen our belief that we are dealing with a significantly larger gold system than was recognised historically," said Executive Chairman Mark Stephenson.
Historic exploration at Yarrol had defined mineralisation to only roughly 60 metres below surface, so the latest holes, MYARC0224 and MYARC0225, more than double that depth, with MYARC0224 returning three stacked mineralised intervals including 43 metres at 1.06 g/t gold from 45 metres and a deeper intercept of 2 metres at 2.35 g/t gold from 166 metres.
MYARC0225 delivered the highest grade of the programme, 2 metres at 11.85 g/t gold from 156 metres, including 1 metre at 23.40 g/t gold, the deepest significant intercept recorded at Yarrol North to date.
Two further holes, MYARC0223 and MYARC0227, confirmed near-surface mineralisation within the historic resource envelope, including 3 metres at 2.34 g/t gold from 14 metres in MYARC0223, just beneath historic workings.
Mila holds full ownership of Yarrol following the completion in August of its option exercise with Elemental Royalty Corporation, which also handed the company full control of the Mount Steadman and Monal project areas.
That deal cleared the way for the current nine-hole, roughly 1,400-metre drilling campaign, part of a staged push toward an initial Mineral Resource Estimate, with Stephenson reiterating that the company is targeting that estimate for Yarrol in the fourth quarter.
The programme draws on an independent technical review by RSC alongside a machine-learning target-generation workflow developed with MinML, which the company says is helping refine the geological model of an east-dipping, structurally controlled system that remains open to the north along the Yarrol Fault corridor.
Assay results from the remaining five holes will be released in batches over the coming weeks, the company said.