Shares in Mila Resources PLC (LSE:MILA), the gold and copper development company focused on Australia, rose 12% to 1.57p after it told the market it had identified compelling drill targets for potential copper and gold mineralisation at its Monal project in south-eastern Queensland.
The targets emerged from induced polarisation surveys, a geophysical technique that maps buried mineral zones by measuring how rocks hold and release electrical charge.
At the project's Basilica prospect, the surveys revealed a signature consistent with a porphyry system, a type of large, disseminated copper-gold deposit formed around cooling intrusions of molten rock.
Modelling showed a chargeability halo surrounding a deeper zone interpreted as potentially sulphide-bearing, a pattern the company reads as pointing to mineralisation between 200 and 300 metres down.
Rock chip samples taken at surface directly above that anomaly returned grades of up to 0.72 grams of gold per tonne, 1.77% copper and 51 grams of silver per tonne.
The company said these came from quartz veins containing visible copper and iron sulphides, which its technical team views as a surface expression of the deeper target.
A second target, the Childs prospect, produced a compact, ring-shaped chargeability high consistent with a discrete buried source.
Childs lies roughly 10 kilometres from the Mount Cannindah deposit, which holds a defined resource of 14.5 million tonnes at 1.09% copper equivalent, within the same regional structural corridor.
Both prospects sit around the margins of the Late Triassic Glassford Complex, an area already host to several known porphyry systems.
Executive director Mark Stephenson said the results had strengthened the company's view of the project's potential for multiple near-surface porphyries across the wider licence.
He added that the targets sat within a proven mineralised district and added meaningful value to Mila's broader Queensland portfolio.
The company said it intended to advance the targets, though it did not give a timetable for drilling.
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