Larvotto Resources Ltd (ASX:LRV) has seen its shares rise more than 30 percent on news that solid intercepts grading beyond 65 grams per tonne have been found at the Baker’s Creek section of its Hillgrove Gold-Antimony Project in New South Wales.
Diamond drilling at the site picked up intercepts of 31 metres at 65.8 grams per tonne (g/t) from 244m; including 5.3 metres at 220g/t from 245.0 metres and 4.75 metres at 161g/t from 255.1 metres.
Managing Director, Ron Heeks said the intercepts were exceptional, and provided greater confidence in the Hillgrove field more widely.
“Bakers Creek has historically produced over 300,000 ounces of high-grade gold,” he said.
“From our interpretation of these mined areas, we concluded there should be further extension to the ore shoots: the standout result of 31m at 65.8 g/t Au has clearly demonstrated that the mineralisation does extend to depth while maintaining excellent grades.
“We believe that other adjacent mineralised zones will also extend to depth in a similar way, and we look forward to testing these with upcoming drill programs, providing confidence that we can add further resources at Hillgrove from deeper zones.”
Baker’s Creek comprises Hillgrove Field’s deepest workings, along with three high-grade lodes, and was the site of historic production from 1878 to early 1990s.
Located 23 kilometres east of Armidale, Hillgrove project contains a mineral resource of 1.4 million ounces of gold equivalent grading at 6.1g/t.
Larvotto was trading at 9.4 cents at 12:05 AEST, a rise of 30.5 percent since the market opened.