Larvotto Resources Limited (ASX: LRV, Germany: K6X, 'Larvotto' or 'the Company') today announced it will commence exploration drilling at Hillgrove, following a successful $5M equity raising with the potential for a further $1M via a share purchase plan (SPP).
The Clarks Gully deposit is a steep dipping zone of mineralisation associated with both highgrade gold and antimony that remains open in all directions, particularly at depth.
The drill program will extend previous drilling to test the strike and depth extent of the mineralised zone and infill the defined resource to 20m spacing, which will increase confidence ahead of Ore Reserve estimation studies. Larvotto's exploration strategy is to rapidly increase the Hillgrove Resource base, while converting the current Measured and Indicated (M+I) Mineral Resource Estimate (MRE) into JORC Ore Reserves. The Company plans to undertake a further diamond drilling program targeting the high-grade gold zone at Bakers Creek once the Clarks Gully drilling is underway.
Managing Director, Ron Heeks commented, 'The Clarks Gully deposit extends from surface and remains open at depth. It currently has a M+I Mineral Resource Estimate (MRE) with 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. 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. Soil geochemistry strongly indicates that the mineralisation extends to the south of the previously mined open pit and initial testing of the area is included as part of this program. The geochemical anomaly is of the same order as that over the current deposit and has the potential to significantly increase the overall resource at Clarks Gully. We look forward to demonstrating the current mineralisation extends in all directions and continues to contain significant mineralization
Hillgrove Mines
Hillgrove Mines is currently a 254km2 project consisting of four exploration leases and 48 granted mining leases with a defined Mineral Resource containing 1.4Moz Resources at 6.1g/t AuEq1 The current Mineral Resource places Hillgrove in the world top 10 global antimony deposits and is Australia's largest antimony deposit, as well as containing high-grade gold. The field also contains largely untested tungsten mineralisation that has always been mined with the gold and antimony, but never extracted in the process plant. Antimony and tungsten are considered critical minerals by multiple countries including the US, EU, China, and Australia. The Hillgrove mineral field is strategically located adjacent to existing road infrastructure and within close proximity to the urban centres of Armidale (23km), Tamworth (145km) and Coffs Harbour (170km). The area has been an active mining centre for over 100 years and has the benefit of offering a residential operation. Historically, the Hillgrove field has produced over 750,000oz of gold and 40,000t 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 including Bakers Creek
Clarks Gully Clarks Gully is located 4.7km NNW of the Hillgrove processing plant, where the mineralised trend, hosting the Eleanora-Garibaldi and Brackins Spur deposits, intersects the regional Hillgrove Fault. It is part of the wider Hillgrove mineral field which has a JORC 2012 Mineral Resource of 1.4Moz @ 6.1g/t AuEq. The Clarks Gully Mineral Resource of 266kt @ 3.8% Sb and 2.0g/t Au at 8.40g/t AuEq, for 17,000Oz Au and 10,000 tonnes of Sb, is defined from surface and has not been exploited by previous mining, except for a small open pit which extracted antimony and gold ore in 1980. Typical of other lodes at Hillgrove and being located high in the mineralised profile, atop the plateau, Clarks Gully is antimony dominant mineralisation. This varies from deeper mineralisation that tends to become gold dominant as is evident in deposits such as Bakers Creek, which is located at the bottom of the gorge, approximately 450 m below. (ASX Release May 8, 2024. High Grade Gold Results at Hillgrove). Clarks Gully was drilled in 1990 with shallow drill holes which identified a small resource. During 2005 and 2015-16 additional rounds of drilling took place to produce the current resource. Structurally bound on the predominant NNW orientation, the Clarks Gully resource is interpreted to be the northern extension of the main Elanora-Garibaldi line of reefs. The structure is hosted within the large dominant Monzogranite known to dominate the northern areas of Hillgrove.
Competent Persons Statement
The information in this Announcement that relates to exploration targets and exploration results is based on information compiled by Mr Ron Heeks, who is a Member of the Australasian Institute of Mining and Metallurgy and who is Managing Director of Larvotto Resources Limited. Mr Heeks has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Heeks consents to the inclusion in the release of the matters based on his information in the form and context in which it appears. The Company is not aware of any new information or data that materially affects the information included in this Announcement. All material assumptions and technical parameters underpinning the estimates in the Announcements referred to, continue to apply and have not materially changed.
About Larvotto Resources Ltd
Larvotto Resources Limited (ASX:LRV) is actively advancing its portfolio of in-demand minerals projects including the 1.4Moz AuEq high-grade Hillgrove Gold-Antimony Project in NSW, the large Mt Isa copper, gold, and cobalt project adjacent to Mt Isa townsite in Queensland, the Eyre multi-metals and lithium project located 30km east of Norseman in Western Australia and an exciting gold exploration project at Ohakuri in New Zealand's North Island. Larvotto's board has a mix of experienced explorers, miners and corporate financiers.
Forward Looking Statements
Any forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, Larvotto does not intend, and does not assume any obligation, to update this forward-looking information. Any forward-looking information contained in this news release is based on numerous assumptions and is subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking information.
Contact:
Tel: +61 (0)8 6373 0112
Email: info@larvottoresources.com
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