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Larvotto Resources bags $5m for gold-antimony project

Ramelius, white cliff minerals, gold, larvotto resources

Just a week after announcing that its flagship Hillgrove gold project may be larger than expected, Larvotto Resources has secured firm commitments for $5 million in equity funding.

Larvotto has launched a single tranche placement of 47.6 million shares to raise $5 million.

The equity raise means the explorer is now well-funded to continue development and exploration at its flagship Hillgrove gold-antimony project in NSW.

Proceeds from the placement will be used to fund near-term completion of the pre-feasibility study (PFS) as well as exploration drilling of high-grade intercepts which fall outside of the existing JORC resource of 1.4 million ounces of gold equivalent.

In conjunction with the placement, Larvotto is also offering a share purchase plan to raise up to $1 million.

Larvotto managing director Ron Heeks said the equity raise positions the company to rapidly complete the PFS.

“Given the advanced nature of the Hillgrove project, with its existing plant, well-developed infrastructure and ready access to ore from existing declines, we intend to move rapidly from the published PFS to the bankable feasibility study stage,” he said.

“We are also continuing our discussions with offtake partners for both our gold and antimony concentrates, which we expect to provide additional funding options for Larvotto.

“In the meantime, funds from this equity raising will be directed to ongoing drilling at the Hillgrove project. We have recently enjoyed great success with the drill-bit, notably at Bakers Creek, and are confident of adding materially to our high-grade resource base.”

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