Larvotto Resources (ASX:LRV) has prepared an initial exploration target for the Midas lode at its Hillgrove Antimony-Gold Project in New South Wales.
The company has established a preferred exploration target of 3.95 million tonnes @ 5.16 grams per tonne gold equivalent for 656,000 contained gold equivalent ounces at the Metz Mining Centre.
The Midas lode exploration target ranges between 223,000 and 2.95 million gold equivalent ounces, with grades spanning 2.58g/t to 8.55g/t gold equivalent across 2.7 million to 10.7 million tonnes.
The lode extends over 900m of potential strike length and has been drill-tested to a 560m depth, remaining open to the north and at depth. Midas sits directly along strike from the Syndicate lode, which extends 900m below surface and forms the focus of current mining operations.
Managing Director Ron Heeks says Midas represents “one of the most important near-term growth opportunities at Hillgrove”.
The Midas target adds to Larvotto’s existing Hillgrove exploration target of 670,000 to 1.08 million gold equivalent ounces, which covers extensions below current underground workings at the Eleanora-Garibaldi and Metz Mining Centre areas.
“Unlike that target, Midas is accessible from surface and from existing underground development, giving us a clear pathway to test and potentially convert this opportunity well ahead of deeper targets across the field,” Heeks says.
“Drilling has now confirmed that high-grade gold–antimony–tungsten mineralisation continues along strike, with the Midas trend completely open. It is worth noting that the gold equivalent calculation already accounts for processing recovery.
“We’re also excited by the adjacent Coxes Reef trend that remains untested by drilling. Combined with the existing Metz mineral resource, three surface rigs, and one underground rig turning across the project, we have a clear line of sight to materially growing the Hillgrove mine life as we advance toward our planned mid-year production start.”
The company has begun underground ore mining on the Syndicate lode ahead of the planned August mill production start. Existing Syndicate lode underground development extends to within 50m of the Midas lode position, providing early-stage access for systematic assessment.
Larvotto continues to operate four diamond drill rigs across multiple mining centres, including the Metz Mining Centre and Clarks Gully. Planning is underway to expedite drilling along strike and down dip of the projected Midas lode from surface and underground positions, plus inaugural testing of the parallel Coxes Reef target.
The company estimates 45 holes for 15,000m of drilling at nominal 125m horizontal and vertical spacing will provide sufficient coverage to inform a maiden Midas mineral resource estimate.
Drilling results from all programs will be integrated into ongoing geological modelling and resource evaluation to support continued growth at Hillgrove.
Larvotto Resources will be attending the Noosa Mining Investor Conference, held on 22–24 July at Peppers Noosa Resort in Queensland.
Mining.com.au is an official media partner of this year’s conference and will be at the event.
Write to Maddison Elliott at Mining.com.au
Images: Larvotto Resources
