MIL confirms a new gold anomaly

EXPLORER MIL Resources has found evidence of a new large gold anomaly, Wallaby Ridge, at its Poi gold-copper project in PNG through soil sampling.
MIL confirms a new gold anomaly MIL confirms a new gold anomaly MIL confirms a new gold anomaly MIL confirms a new gold anomaly MIL confirms a new gold anomaly

While the grades are not particularly impressive, an extensive area is covered.

Soil sampling uncovered a 500-metre stretch at 0.13 grams per tonne gold and 0.01% copper, while a separate result unearthed 860m at 0.06gpt gold and 0.02% copper, including 665m at 0.03% copper.

These results came from 303 ridge and spur soil samples taken at 25m intervals to a depth of just 1m.

Wallaby Ridge is located about 2 kilometres northeast and along strike of MIL's Aladdins prospect which has a trench assay result of 12m at 9.6gtp gold and 0.65% copper.

The results came as MIL continues to focus on an 11km prominent airborne radiometric anomaly.

The Poi project is in the far southeast of Central province.

Last month MIL and Sinotech Minerals Exploration Co signed a funding deal and farm-in agreement over MIL's PNG tenements.

Held by its subsidiary Titan Metals, MIL has a package of five exploration licences and five exploration licence applications prospective for gold, copper, nickel and molybdenum.

Under the terms of the memorandum of understanding, Beijing-based Sinotech will take a 30% stake in MIL through the purchase of $A5 million worth of shares priced at 3.4c per share, with an attached 1 for 2 option.

Sinotech will also fund exploration on the Titan Metals portfolio, comprising five granted exploration licenses and six exploration license applications in PNG, earning up to 50% in any, or all, of the projects.

While China is increasingly hungry for gold, this deal does not cover MIL's Amazon Bay Titanomagnetite Ironsands project.

MIL aims to produce 2.5 million tonnes per annum of a vanadium-bearing, titano-magnetite concentrate from this project.

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