Mila Resources PLC (LSE:MILA) said rock chip samples from the recently acquired Monal, Yarrol, and Mt Steadman licences in Queensland, have highlighted significant gold and copper mineralisation across multiple targets.
Rock chip and sampling at Monal returned best grades of 26.8 g/t gold and 24.6 g/t with high copper grades also noted.
At Yarrol, sampling peak values of 6.49 g/t gold and 2.69% copper were found within the historic resource area
Mila said the samples follow a due diligence and ground-truthing programme and it is now moving onto geological models across the licences that will involve appointing consultants to conduct a ground survey across key targets.
Mark Stephenson, a Mila director, said the result had come in little over a week: signing the option to acquire the licences, underlining Mila's commitment to move quickly in Queensland.
"Today's findings, along with the ground-truthing and geological models we are developing, confirm the substantial potential of these projects,” he added.
Alastair Goodship, exploration manager, added: "While these rock chip samples were selective and taken from known pits, so the presence of gold wasn't a surprise, it was very encouraging to see the clear extension of the existing resource and shallow mine workings.
“Additionally, the easy access to the land was a real positive, providing a solid foundation for efficient exploration.”