Larvotto Resources (ASX:LRV) has begun a 2,000m diamond drilling program at its newly acquired, wholly owned Hillgrove Mines Project in New South Wales.
The $14.75 million market capitalisation company says the drilling will test ‘spectacular’ and ‘high-grade’ drilling intercepts at the Bakers Creek deposit, which is estimated to have produced more than 300,000 ounces of gold from 176,000 tonnes of ore between 1880 to 1916.
Larvotto reports that the upcoming drilling will follow up on recent gold grades of up to 257 grams per tonne.
The company notes Bakers Creek has the potential to host ‘significant, high-grade’ gold mineralisation, making it a ‘high-priority’ drill target.
Managing Director Ron Heeks says prior results from Bakers Creek need to be extended and infilled to be applied into the Hillgrove resource model and eventually applied to mineral resource upgrades.
“The location and grade of the intercepts makes drilling this area the highest priority as we aim to quickly demonstrate the full exploration potential at Hillgrove. This drill program will test the potential for an extension of Bakers Creek Lode, the highest-grade zone mined at Hillgrove.
Our goal is to significantly upgrade the mineral resources while we also move into reserve estimation studies from the current measured and indicated resource base.
Hillgrove has a long history of gold and antimony concentrate production, and Larvotto is committed to bringing Hillgrove back into production, resulting in the return of the associated social and economic benefits in the Armidale region.”
The Hillgrove Mines project currently covers a landholding of 254km-square consisting of 4 exploration leases and 48 granted mining leases for 1.4 million ounces of resources at 6.1g/t gold equivalent.
Write to Adam Drought at Mining.com.au
Images: Larvotto Resources
