Mila Resources PLC
20 August 2026
Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural Resources
20 August 2026
Mila Resources Plc
("Mila" or the "Company")
Highly Positive Geophysics Results from Monal Copper-Gold Project:
Compelling Drill Targets for Potential Epithermal & Porphyry Cu-Au Mineralisation
Mila Resources Plc (LSE: MILA), the post-discovery gold and copper resource development company focused on Australia, is pleased to announce highly positive results of Induced Polarisation (IP) surveys at key targets at the Company's 100% owned Monal Copper-Gold Project in south-eastern Queensland ("Monal" or the "Project").
This IP programme builds on extensive work completed by the Company since acquiring the Project, including the review of historic exploration data, geological mapping and surface sampling. The integration of this new geophysical dataset with existing geological and geochemical information presents clear drill targets for potential epithermal and porphyry copper, gold and molybdenum mineralisation.
Highlights
Basilica Prospect:
· Three dipole-dipole IP lines have been surveyed and modelled across the Basilica and Jazza targets (7282700N, 7282850N, 7283000N), all confirmed to good data quality (n ≥ 18, strong reciprocity, ~300 m depth of investigation).
· Results show a clear target between 200 to 300m, with the porphyry characteristics of a chargeability halo surrounding a deep resistivity low that itself becomes conductive with depth, interpreted as a potential sulphide-bearing zone around a more altered core (shown in Figure 1).
· Rock chip sampling returned high-grade Cu-Au-Ag assays at surface, hosted in quartz veins with visible chalcopyrite and pyrite, directly above the chargeability anomaly. The technical team considers the veins to be a possible surface expression of this deeper anomaly, consistent with a porphyry-style target at depth.
· Latest rock chips from quartz veins with visible sulphides returned results up to 0.72 g/t Au, 1.77% Cu and 51 g/t Ag, and historic reports list rock chip samples of up to 2% Cu and 2.34 g/t from sulphidic quartz veins in the same area
Childs Prospect:
· Porphyry-like characteristics demonstrated, with gradient-array IP results defining a compact, high-amplitude chargeability high with a closed, ring-shaped signature, coincident with a resistivity low - a pairing consistent with a discrete buried source.
· A historic nearby auger hole returned coincident copper-gold-molybdenum values, with elevated copper geochemistry more broadly in the wider area.
· The Childs prospect lies approximately 10 km NNE of the Mount Cannindah deposit (JORC MRE 14.5Mt @ 1.09% CuEq) within the same regional structural corridor.
Commenting, Executive Director Mark Stephenson said:
"The results from our work at Monal are showing scale, having followed up on historic work and finding extensive surface expressions of copper, gold and molybdenum; the team is extremely encouraged. 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.
"The combination of compelling drill targets within a proven mineralised district highlights the opportunity at Monal and adds meaningful value to Mila's wider Queensland portfolio.
"We are particularly excited by the scale and quality of the targets now emerging and intend to advance them. These results further demonstrate the depth and quality of Mila's broader asset base and the potential for multiple projects to deliver substantial value for shareholders."
FURTHER INFORMATION
Regional Context
The Monal Project lies within the Yarrol Province of the New England Orogen, a major orogenic belt hosting numerous porphyry Cu-Au-Mo and skarn-mineralised corridors. Within the Yarrol Province, key regional analogues include Mount Cannindah, the large Briggs porphyry Cu-Mo system, and the Coalstoun Lakes Cu-Au-Mo porphyry, demonstrating the fertility of the local intrusive suites.
The Basilica and Childs Prospects together with several historically-worked occurrences, are distributed around the margins of the Late Triassic Glassford Complex. Basilica and Childs sit approximately 21 km apart on the western and eastern sides of the complex respectively, with the historically worked Blue Bag-Lady Inez Cu-Fe skarns lying between them (15 km east of Basilica, 6 km west of Childs). Basilica additionally lies 4 km SSE of the Silver Star-Munholme Creek occurrence, on the complex's western margin. Childs lies approximately 10 km NNE of the Mount Cannindah deposit.
This concentration of known porphyry systems and mineralised occurrences around the Glassford Complex provides strong regional support for the Company's interpretation of Monal as prospective for a significant porphyry-related Cu-Au-Mo mineral system.
Basilica Prospect
· Rock chips collected by Mila from quartz veins with visible sulphides returned results up to 0.72 g/t Au, 1.77 % Cu and 51 g/t Ag.
· Historic reports list rock chip samples of up to 2 % Cu and 2.34 g/t from sulphidic quartz veins.
· A chargeability halo surrounds a deep resistivity low that itself becomes conductive with depth, interpreted as a sulphide-bearing zone around a more altered core.
· Full-resolution RL depth slices (+557 to +317) show this response tightening into a coherent, closing feature at depth rather than remaining diffuse or open - consistent with a genuine pipe-like body rather than a survey-edge artefact.
· A circular ground magnetic low is coincident with the IP response at the RL317 slice. This rules out magnetite as the source of the chargeability and instead supports magnetite-destructive (phyllic) alteration - a well-documented, diagnostic porphyry-halo signature.
 |
Figure 1. Modelled IP results at the Basilica target. Pink polygon shows a high chargeability zone overlying a more resistive core and capped by a resistive zone above. Mineralised quartz veins were sampled at surface around this feature.
 |
Figure 2. Material sampled for rock chips in the Basilica Prospect targets. (L) Mineralised quartz vein outcropping at Basilica and (R) sulphide-rich material at Eastern Star.
Childs prospect
· Legacy soil geochemistry indicates a zoned multi-element signature around the IP anomaly, with alteration-style geochemistry proximal to the anomaly grading outward into a discrete copper-gold-silver soil anomaly (to 381 ppm Cu) approximately 250 m east. A single shallow auger hole 570 m away separately returned coincident copper-gold-molybdenum values (384 ppm Cu, 0.18 g/t Au, 1.8 ppm Mo)
· The prospect lies along a NE-SW trending lineament, 2km NE of the established Boggy Creek Au prospect containing a mineralised diorite intrusive and 10km NNE of Mt Cannindah
· Interpreted as a circular intrusive related structure from magnetic and photogeological interpretation.
· Recent Gradient Array IP surveying over 4.2 km² has defined a broadly NNW-trending anomaly fabric across the survey area, with strong resistivity highs concentrated in the eastern blocks and numerous chargeability highs distributed through the western blocks.
· A compelling high-amplitude chargeability high with a closed, ring-shaped signature, coincident with a resistivity low suggests a buried intrusive source, similar to the Basilica target within the western part of the survey grid.
Rock Chip Assays
Sampling of veins and gossanous material at the Basilica Prospect targets returned excellent copper, gold and silver grades. Anomalous grades for Mo, Bi, Pb and Zn were also found in several samples.
Table 1. Selection of best Cu-Au-Ag mineralised rock chips from the Basilica Group targets,
|
Prospect |
Target |
Easting |
Northing |
Au g/t |
Cu % |
Ag g/t |
|
Basilica |
Jazza |
306027 |
7282477 |
0.67 |
0.27 |
3.8 |
|
Basilica |
Jazza |
306027 |
7282477 |
0.72 |
1.33 |
51.4 |
|
Basilica |
Eastern Star |
304000 |
7278449 |
7.10 |
0.55 |
73.8 |
|
Basilica |
Eastern Star |
304000 |
7278449 |
4.99 |
5.31 |
56.4 |
These results align with those from the Goldfields Prospect targets to the north of the licence, where sampling of mineralised material by Mila geologists in 2024 at the Lady Griffiths mine in the historic Monal goldfields returned excellent Cu-Au grades up to 26.8 g/t Au and 0.88 % Cu.
Figure 3. Monal Project prospect locations
Competent Person Statement
The information in this announcement relating to Exploration Results is based on information compiled by Alastair Goodship, who is COO of Mila Resources, and a member of The Institute of Materials, Minerals and Mining and a Fellow of the Geological Society. Dr Goodship has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves".
**ENDS**
For more information visit www.milaresources.com or contact:
|
Mark Stephenson Mila Resources Plc |
info@milaresources.com |
|
Jonathan Evans Tavira Financial Limited |
+44 (0) 20 7100 5100 |
|
Nick Emerson SI Capital |
+44 (0) 20 3143 0600 |
|
Damon Heath Shard Capital Partners LLP |
+44 (0) 20 3971 7000 |
|
Susie Geliher St Brides Partners Ltd |
+44 (0) 20 7236 1177 |
ABOUT MILA RESOURCES
Mila Resources Plc (LSE: MILA) resource developer focussed on advancing a portfolio of gold and copper interests in Australia. The most advanced is the Yarrol Gold Project, which is moving towards an initial Mineral Resource Estimate, alongside the systematic advancement of exploration targets across its broader Queensland licence portfolio, including the Monal West porphyry corridor.
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