Larvotto Resources Begins Drilling To Grow Clarks Gully Deposit Resource

Larvotto Resources Ltd (ASX:LRV) has started exploration drilling at the Clarks Gully deposit within its Hillgrove Project in New South Wales.

This follows a successful A$5 million equity raising with the potential for a further A$1M via a share purchase plan.

Read: Larvotto Resources Secures A$5M For Hillgrove Gold-Antimony Project

Clarks Gully drilling

Larvotto’s 5,250-metre RC drilling program will infill resources and test extensions of the Clarks Gully deposit.

The mineralisation at Clarks Gully is defined from surface to a depth of 200 metres with a current resource of 266,000 tonnes at 3.8% antimony and 2 g/t gold (8.40 g/t gold equivalent).

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.

Exploration strategy

The company also plans to undertake a further diamond drilling program targeting the high-grade gold zone at Bakers Creek once the Clarks Gully drilling is underway.

Larvotto’s exploration strategy is to rapidly increase the Hillgrove resource base of 1.4 million ounces at 6.1g/t gold equivalent.

Potential for early-stage development

Larvotto Managing Director Ron Heeks said: “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.”

 

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