Below is from Mila announcement. LTR has been working with Mila in the background.
Chairman Statement
The period under review has been seen Mila's strategy advance and mature, most excitingly through Mila's partnership with Australia's leading lithium company, Liontown Resources ("Liontown"). As shareholders will be aware, our first asset within our post-discovery exploration accelerator model, the Kathleen Valley Gold Project, has yielded highly encouraging gold results since our work programme began in 2021, however it was lithium, not gold, that attracted Liontown to us in 2023, as they are confident about the lithium mineralisation on their licence which extends south into Kathleen Valley. This resulted in a mutually beneficial partnership between Mila and Liontown, through which exploration for both gold and lithium will be carried out on our tenement throughout 2024. This partnership also serves to underscore the value of our accelerator model as we look to broaden our horizons to potential new projects.
Kathleen Valley
Mila has now completed several drilling phases at Kathleen Valley, designed to test the known mineralisation and test the "unknown" by drilling at depth and stepping out from the previously tested mineralisation. With each drilling phase, the Company is generating a clearer picture of this highly structured geological system, featuring concentrated zones of high-grade gold mineralisation, potentially mirroring Bellevue's system to the west of us.
Our focus over the coming months will be to capitalise on the operational and technical efficiencies of working with Liontown. Post period end, Liontown commissioned an aerial image survey for its baseline studies and to comply with heritage and environmental regulations, ahead of commencing sampling and drilling works on the project. Liontown has now completed the aerial image survey and a soil sampling programme is underway. The assay results will then be used by Liontown to determine drilling targets for lithium, and also by Mila for precious and base metals to provide a more complete picture of the geological model for Kathleen Valley and determine any new targets outside of the recent focus on the Coffey deposit.
As previously reported, Mila benefits from a number of development routes given Kathleen Valley is surrounded by gold mining infrastructure and some of Australia's leading gold companies. We are committed to moving Kathleen Valley forward, leveraging the geological information and technical/Heritage Survey expertise of Liontown.
Extract from Mila chairman’s report
(20min delay)