Mila Resources PLC (LSE:MILA) shares rose in Wednesday’s early deals, on positive ‘maiden’ drill results from the Yarrol Gold Project in Queensland.
The programme targets high-grade gold along a 20 square kilometre corridor.
Assays from the first two of ten holes confirmed broad widths and strong grades.
“This drilling campaign set out to confirm that Yarrol hosts a high-grade gold system,” said executive chair Mark Stephenson.
“The team are delighted with these initial results … We look forward to both delivering further drill results at Yarrol in the coming weeks and developing the potential of our other exciting Queensland assets in the coming months."
In London, Mila shares rose to 0.31p up 7.25% - having changing hands as high as 0.39 in opening deals.
Drilling details
Drill hole MYARC0197 returned 17 metres at 5.46 grams per tonne gold, including 8 metres at 9.76 grams per tonne and a peak of 47.40 grams per tonne.
Hole MYARC0195 intersected 2 metres at 6.44 grams per tonne gold. Results for the remaining eight holes are due by the end of the second quarter.