Mila Resources PLC (LSE:MILA) shares were on the back foot on Thursday, down 9% at 1p, as the explorer raised additional capital and reported early results from its latest Yarrol drilling campaign, which have pushed the confirmed strike length at Yarrol North beyond 500 metres, strengthening the case for a maiden resource as mineralisation remains open in every direction.
The first assays from the Q1 2026 reverse-circulation programme came from two holes testing the southern and western edges of the system. Hole MYARC0221 returned 9 metres at 0.7 grams per tonne gold from 31 metres, including 1 metre at 1.45 g/t and 1 metre at 1.35 g/t, while MYARC0219 delivered 5 metres at 1.0 g/t from 42 metres, including 2 metres at 1.44 g/t.
Mila said those holes were drilled at the southernmost positions tested so far, and to the west of holes included in the historic resource area.
Executive chairman Mark Stephenson said the results showed the system was “still there, mineralised and remains open”, with higher-grade intercepts appearing at the limits of current drilling. The wider 12-hole programme includes infill and step-out work designed to build the dataset needed for an initial JORC mineral resource estimate, with more results still to come.
Elsewhere, first rock chip assays from the Jazza target at Monal West returned anomalous gold, copper and silver, led by a sample grading 1.8% copper, 0.72 g/t gold and 51.4 g/t silver. Mila said the broader geochemical signature, including elevated molybdenum, zinc and tungsten, points to a possible porphyry and associated epithermal system at depth. The group now plans targeted ground geophysical surveys to advance Basilica and Jazza towards drill-ready status.
In a separate announcement, Mila announced it raised £600,000 of gross proceeds, with the new capital earmarked for more work at Yarrol and other exploration properties.