LONDON - Mila Resources Plc (LSE:MILA), a company focused on post-discovery exploration, announced today that Liontown Resources (ASX:LTR) Limited, through its subsidiary LBM (Aust) Pty Ltd, has terminated its option agreement regarding the Kathleen Valley project. The agreement, which involved the potential acquisition of 50% of the lithium rights on the E36/876 property for A$200,000, will not be pursued by Liontown.
Following this development, Mila Resources will reassess the data collected during the option period, including promising lithium and tantalum grades from grab samples and known gold occurrences. The company's immediate focus will shift to conducting geophysical surveys on the Yarrol Property, with plans to upgrade the historic resource to JORC compliance and explore extensions to known mineralization.
Mark Stephenson, a director at Mila Resources, expressed disappointment over Liontown's decision but emphasized the importance of a diversified asset portfolio to mitigate risks, especially in early-stage exploration. Despite the setback, Mila remains optimistic about its portfolio, which includes four exploration properties. Stephenson highlighted the encouraging early results from the Yarrol Property and indicated that updates on the company's progress would be forthcoming.
The termination of the option agreement with Liontown allows Mila Resources to refine its strategy for the Kathleen Valley project and pursue its broader exploration goals. The company's efforts to develop its portfolio and advance its projects will continue, with updates expected in the near future.
This news article is based on a press release statement from Mila Resources Plc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.