Mila Resources (LSE:MILA) has reported what it sees as highly positive results from induced polarisation (IP) geophysical surveys at its 100% owned Monal Copper-Gold Project in south-eastern Queensland.
The London-listed gold and copper resource company, which is focused on Australia, said the surveys have defined compelling drill targets for potential epithermal and porphyry copper-gold-molybdenum mineralisation at the project.
At the Basilica prospect, three IP lines revealed a chargeability halo surrounding a deep resistivity low that becomes conductive with depth, a signature the company interprets as a possible sulphide-bearing zone around an altered core between 200 and 300 metres depth.
Rock chip sampling directly above the anomaly returned up to 0.72 g/t gold, 1.77% copper and 51 g/t silver, hosted in quartz veins with visible chalcopyrite and pyrite, while historic samples from the same area reached 2% copper.
At the Childs prospect, gradient-array IP defined a compact, ring-shaped chargeability high paired with a resistivity low, consistent with a buried intrusive source, sitting around 10km north-northeast of the Mount Cannindah deposit, which carries a JORC mineral resource estimate of 14.5 million tonnes at 1.09% copper equivalent.
"The IP results, together with rock chip sampling showing clear porphyry-style signatures at surface, have significantly strengthened our view of the Project's potential for multiple yet undefined near-surface porphyries across the wider licence area," said Executive Director Mark Stephenson.
The company said it intends to advance the targets toward drilling.
In London, Mila Resources shares climbed 7.1% to 1.5p after the IP results.
News Intelligence what this means for the company
Mila Resources' induced polarisation surveys at Monal have identified drill-ready porphyry targets backed by high-grade surface assays—up to 0.72 g/t gold, 1.77% copper and 51 g/t silver at Basilica, with historic samples reaching 2% copper in the same area. This follows the company's full ownership acquisition of the Monal portfolio in August 2026, and represents the first geophysical results from the project; the company now intends to drill these targets, moving from exploration definition toward testing.
The IP-defined targets and surface assay grades strengthen the case for Monal as a near-term drill asset within Mila's portfolio, but remain undrilled and unresourced; the investment case turns on whether drilling validates the porphyry signatures and whether grades and tonnage justify development economics at a project-stage explorer with limited cash.
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