Mila Resources PLC (LSE:MILA) has been readmitted to the London Stock Exchange's Main Market today following the reverse takeover of an initial 30% interest in the Kathleen Valley gold project and an exploration licence in Western Australia.
The former cash shell said it plans to acquire an additional 50% interest in the licence and the project.
"Today's readmission to trading marks the beginning of a new chapter for Mila as we look to quickly scale up activities at Kathleen Valley and establish ourselves as a post-discovery exploration accelerator focussed on this highly prospective, and productive, region of Western Australia,” said executive director Mark Stephenson.
Kathleen Valley lies about 20 kilometres south of BHP Group PLC (LSE:BHP)'s Mount Keith nickel mine and within the Mount Keith-Kathleen Valley-Leinster minerals belt.
The region hosts some of the largest gold projects in Australia. Gold has been mined in the area since the 1890s, with most of the early production coming from the Kathleen Valley (4 kilometres (km) north of the Kathleen Valley project area) and Sir Samuel (Bellevue) (5km south of the Kathleen Valley project area) mining centres.
“We are confident that the Kathleen Valley project is a valuable beachhead in this Tier One mining jurisdiction and with the application of a proven exploration model to this known gold discovery, we will prove up a larger gold resource inventory to take forward towards production,” said Stephenson.
“I look forward to reporting our progress at Kathleen Valley over the coming weeks and months as we target a pipeline of high impact news during Q4 2021 and throughout 2022."
Mila has also appointed two new directors: Neil Hutchison as chief technical officer and Lindsay Mair as a non-executive director.