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Mila Resources Prospectus with includes Competent Persons Report on Listing on the
London Stock Exchange dated 2021.
Link to check: https://www.milaresources.com/latestdocuments
"Pg 86/174 : The m a p p e d presence of pegmatites in the Kathleen Valley, at comparable lateral distance
for the granite batholith as mapped for the SPODUMENE -bearing pegmatites at KATHLEEN'S CORNER
to the N O R T H of the project, is encouraging.
...
However, the sampling of dykes at present [3 samples] is VERY LIMITED and CSA Global is of the opinion
that the project has the potential for hosting SPODUMENE [LITHIUM-BEARING] pegmatites."
---
Pg 76/174: Jubilee Mines NL explored ground NORTH of Kathleen Valley for tantalum [and lithium] in 1998 & 2000
These results included 4 ROCK CHIPS from 2 pegmatite dykes approx ---== 2 0 0 to 3 0 0 metres==--- of the E36/876 BOUNDARY. The remainder of the sampling was well to the NORTH OF THE PROJECT towards KATHLEEN'S CORNER
. The tenement CLOSEST to Kathleen CORNER returned results of 0.89%, 0.92%, 1.01%, 1.09% & 1.09% li20 [Source: Kelly 2000].
Recent lithium exploration work by LIONTOWN Resources at KATHLEEN'S CORNER & MT MANN, i m m e d i a t e l y
NORTH OF E 3 6/ 876 had identified a Mineral Resource of 21 Mt @1.4% Li20 &Ta205 at 0.5% Li20 c u t -off.
[Liontown Announcement 4 Sep 2018] ."
==Valuation Report: On Mila Listing 2021: £15 million. Link as above.
-----------LIONTOWN, A$6BN MKT CAP ON ASX, OZ >>> JV on 27.7.23 >>> MILA RESOURCES to explore for LITHIUM on
Mila's Kathleen Valley LICENCE E 3 6/ 876 Western Australia.-----
From the map on Fig 12 of the above CSA Competent Person's Report, shows Mila's E36/876 is NORTH OF KATLEEN'S CORNER & MT MANN belonging to Liontown.
Mark Stephenson , CEO of Mila stated in his interview with Zak and Proactive that Mila's E36/876 licence is 2 KM from Liontown.
DYOR. Sun, 30 July 2023. Mila Resources 1.68p @Mkt Cap £5.5million.
Mila only owns 50% of the E36/876 property. Not right to think of this JV as just being between Mila and Lion.#town.
Kindly refer to the MILA Resources 27 July 2023 RNS:
There is also an AMENDMENT Deed: It could take Mila to 80%.
Yes, it is in the RNS that the other owners are Trans Pacific Energy Group Ltd/NCM [TPE is a subsidiary of NCM.
In fact, TPE drilled 12 holes [1st round drilling was 2 holes and next round was 10 holes] and after that they
reversed into Mila which listed in late 2021. The only exploration asset is their Kathleen Valley Licence E36/876
and on listing the valuation report stated the exploration assets to be £15m.
https://www.milaresources.com/latestdocuments
What's a reasonable timeline for expecting Liontown to conduct this exploratory work on Mila's property?
And what's the likelihood that the placing referred to by Mila in the July 27 RNS happens sooner rather than later, to capitalise on the excitement of the last couple of days, reflected in the sp?
Who knows ? try hot copper as ‘news’ posted 👍 asking a question like that !! you should be older and wiser 😉
In answer to the questions posed:
[1]"Thru this agreement with LIONTOWN, we will see lithium EXPLORATION =underway= at this area of the licence."
[2] "In addition to Liontown's work unlocking the lithium v a l u e , we will also benefit from their funding of SUPPLEMENTARY development work including HERITAGE surveys which are a significant undertaking."
[There's the answer from the Mila RNS, 27.7.23 verbatim. All work will be done BY LIONTOWN relating to the lithium
exploration so no one will know until the RNS. ]
[3] Liontown "will invest A$100k in Mila thru a CONVERTIBLE LOAN: the notes are repayable by converting into Mila shares at a PRICE to be determined on Mila's NEXT FUND RAISE."
[In so far, as fund raise per the question posed, it is a general term in the context , in that , "as and when"?
In the Mila RNS "Interim Results" dated 31.3.23, it was stated £696k was raised in Oct 2022 and £212k in Nov 2022
but qualified by, "However, given the risks associated with exploration & the high costs of drilling in Western Australia
,we are SPENDING the FUNDS PRUDENTLY. ...we are also mindful that equity markets are currently difficult for
junior explorers and accessing capital for expensive drilling programmes cannot be TAKEN for GRANTED."
Mila RNS: Drilling to re-commence at Kathleen Valley" dated 14 June 2023 ---6 RC holes. We will update the market
when the ASSAY results have been returned & ANALYSED."
[So, that is the second answer verbatim from the Mila RNS [2].
General Comment:
In the case of another Western Australia co, they paid £300k for 21 RC holes and whilst this cannot be taken to be the case for Mila, it does give a idea of costs in general only.
Hope that helps.
[