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Larvotto identifies new exploration target at NSW’s Hillgrove, boosting shares by nearly 20%

ASX News, Materials
ASX:LRV      MCAP $187.5M
28 June 2024 13:45 (AEDT)

AI dreams up gold bars on a table. Source: Adobe Stock

Mutli-mineral explorer Larvotto Resources Ltd (ASX:LRV) has outlined an exploration target of between around 670,000 and 1.08 million ounces of gold equivalent (AuEq) for its Hillgrove mineral field in New South Wales, with grades ranging from 7.4 and 9.46 grams per tonne.

The company has already delineated an inferred mineral resource estimate of 1.4 million ounces at 6.1 grams per tonne AuEq for the Hillgrove project, built around the Metz and Eleanora-Garibaldi areas, and the company’s chief priority is still the boosting of these figures through exploration work.

However, its newly announced target exists outside this resource, and refers to potential mineralisation located directly under the Eleanora-Garibaldi and Metz mining areas, themselves sitting below historic workings with a history of production.

The market seemed happy with the news, sending Larvotto shares to 12 cents by 13:40 AEST, a rise of 19.99 percent since the market opened.

Larvotto achieved the target estimation through assessment of a continuing compilation of existing geological and mining information, recent drilling, and the mineral resource estimate (MRE) published in December.

Managing director, Ron Heeks said the delineation of the new target in addition to the high-grade resource revealed at Hillgrove was an excellent result for the company.

“Our ongoing evaluation of the extensive Hillgrove landholding continues to demonstrate the exploration upside which exists at this exceptional project,” he said.

“For this exercise, Larvotto has simply extended the known mineralisation of the several previously mined zones to the depth of the deepest resource in the field using historical mining and resources numbers to achieve the initial Hillgrove Exploration Target.

“Given we have previously demonstrated the increasing grade with depth of the mineralisation from recent drilling we believe that the estimate is realistic, although it does not include the potential of many other zones in the Hillgrove area at this stage.

“Our recent focus on the areas surrounding and between historic mining areas has identified several exciting opportunities which could add further resources to our near-term profile at Hillgrove.”

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