Mila Resources Plc (LON: MILA) has reported highly encouraging induced polarisation survey results from its 100%-owned Monal Copper-Gold Project in south-eastern Queensland, strengthening the case for future drilling.
At the Basilica prospect, three IP lines identified a clear target at around 200 to 300 metres depth, where a chargeability halo surrounds a deeper resistivity low that becomes increasingly conductive with depth. Mila interprets this as a potential sulphide-bearing zone around an altered porphyry core.
Surface sampling directly above the anomaly has returned grades of up to 0.72g/t gold, 1.77% copper and 51g/t silver, from quartz veins containing visible chalcopyrite and pyrite. Historic work in the same area reported rock-chip grades of up to 2% copper and 2.34g/t gold.
A second target at the Childs prospect also displayed porphyry-like characteristics, with a compact ring-shaped chargeability anomaly coinciding with a resistivity low and nearby historic copper-gold-molybdenum geochemistry.
Childs lies around 10km north-northeast of the Mount Cannindah deposit, which hosts a JORC resource of 14.5 million tonnes grading 1.09% copper equivalent.
Executive Director Mark Stephenson said the combination of geophysics and surface geochemistry had significantly strengthened Mila’s view that Monal could contain multiple previously undefined near-surface porphyry systems.
The company now intends to advance the targets towards drilling.
