Mila Resources PLC (LSE:MILA) shares were up sharply on Tuesday, after it told investors that new drilling at the Yarrol Gold Project in Queensland returned the highest-grade gold intercept yet recorded at the project, strengthening its case for a maiden resource estimate.
The explorer reported results from holes 3, 4 and 5 of its 12-hole reverse circulation campaign completed in the first quarter of 2026, including 4 metres at 29.4 grams per tonne gold from 8 metres in hole MYARC0222.
That intercept included 1 metre at 112 g/t gold from 10 metres, which Mila said was the highest-grade gold intercept recorded at Yarrol, along with a further 1 metre at 5 g/t gold from 11 metres. Other results included 9 metres at 2.48 g/t gold from 31 metres in MYARC0216, including 1 metre at 15.05 g/t, and 7 metres at 1.0 g/t gold from 17 metres in MYARC0215, including 1 metre at 4.04 g/t.
Mila said the holes confirm high-grade mineralisation in the southernmost positions drilled to date at the Yarrol North target, while also extending shallow gold mineralisation further north and demonstrating continuity to the west outside the historic resource area.
In London, Mila shares were up 16.5%, changing hands at 1.4p each.