After successfully raising $5 million in equity, Larvotto Resources has kicked off an exploration campaign at its Hillgrove gold and antimony project in NSW.
The company has commenced a 5250m reverse circulation drilling program to infill the resource and test extensions of the Clarks Gully deposit.
The deposit has a current mineral resource of 266,000 tonnes at 3.8 per cent antimony and 2.0 grams per tonne gold. Larvotto has identified a large, untested geochemical anomaly directly south which it intends to drill.
Larvotto managing director Ron Heeks said the Clarks Gully deposit hosts high-grade ore suited to both open pit and underground extraction.
“Favourably, it has potential for early-stage development which could supplement production from the already developed Metz underground mining area to the south,” he said.
“Significantly, the mineralisation is open in all directions and there is great potential for it to extend to depth as all of the other deposits in the field do.
“We look forward to demonstrating the current mineralisation extends in all directions and continues to contain significant mineralisation.”
Hillgrove is a 254km2 project consisting of four exploration leases and 48 granted mining leases with a defined mineral resource of 1.4 million ounces at 6.1 per cent grams per tonne gold equivalent.
The current mineral resource also places Hillgrove in the top ten largest antimony deposits in the world, and the largest in Australia.
Historically, the Hillgrove field has produced over 750,000 ounces of gold and 40,000 tonnes of antimony and there are currently multiple high-grade drill targets outside of the current mineral resources which have been identified for further near-term drilling.
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