Mila Resources PLC (LSE:MILA) shares climbed in Tuesday morning's trade, after announcing progress towards Phase 2 drilling at its Yarrol gold project in Queensland.
The company said new targets have been identified following a ground magnetic survey and a review of exploration data.
Land access agreements have been secured and drill pad construction is underway, and drilling is scheduled to begin shortly.
"We have been particularly active in recent months following our successful capital raise in May that will fund the continued drilling and de-risking of Yarrol into 2026," executive chair Mark Stephenson said.
Consultant RSC Mining and Mineral Exploration completed a review of historical and Phase 1 data, providing a framework to support a maiden mineral resource estimate.
In London, Mila shares were up just over 5% changing hands at 0.92p.