Midas touch reveals Larvotto gold-antimony target in NSW
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Doug Bright
Larvotto Resources has set a new scale around the Midas lode at Hillgrove, announcing a maiden gold equivalent exploration target of 3.95 million tonnes grading 5.16 grams per tonne (g/t) gold equivalent for 656,000 gold equivalent ounces, in a move that reinforces the project’s near-mine growth story.
Although the exploration target at this stage is conceptual rather than a mineral resource, this gives the market a clearer idea of what could be to the north of the project’s Syndicate vein, where underground mining is already underway. Larvotto says Midas is now drilled at a depth of more than 900 meters and up to 560 meters below the surface, with the vein still open to the north and at depth.
The company’s preferred case falls within a broader exploration range of 223,000 ounces to 2.95 million ounces of gold equivalent based on current drilling, historical mine data, surface geochemistry and IP geophysics. Importantly, Midas’ location adjacent to existing underground facilities means it can be tested more quickly and possibly incorporated into mine planning than deeper targets elsewhere on the Hillgrove site.
This strategic appeal has been building for some time. Larvotto’s quarterly report at the end of April highlighted earlier Midas drilling, which contained 6 meters of 8.5 g/t gold equivalent from 92 meters deep in a single hole, marking the wider Metz mining hub as a key growth corridor.
‘We have a clear line of sight to materially grow the Hillgrove mine life.’
Larvotto Resources general manager Ron Heeks
Follow-up drilling at Midas later in early May returned 13 meters of 8.56 grams/t gold equivalent from 253 meters in another hole; this included 1.2 meters of 34.53 grams/t gold equivalent, also confirming the continuity of the vein and indicating parallel uplift at Coxes Reef.
Larvotto says Midas is interpreted as the northern extension of the historically mined Syndicate lode, which targets antimony veins and produced more than 333,000 tonnes of two per cent antimony and 1.92 g/t gold between 2014 and 2016. The company plans 45 holes for 15,000m of drilling to work towards the first mineral resource at Midas; other holes also target parallel Coxes. Reef target.
The latest target falls within Larvotto’s larger Hillgrove inventory; This inventory includes a total measured, indicated and inferred resource of 8,766 million tonnes grading 7.1 g/t gold equivalent for 1,135 million ounces of gold and 96,000 tonnes of antimony. Tungsten is also reported as a byproduct in the resource base.
Larvotto Resources managing director Ron Heeks said: “The Midas Lode represents one of the most significant near-term growth opportunities at Hillgrove, and this initial Midas target is in addition to the existing significant Exploration Target of 670,000 to 1,080,000 ounces AuEq, which remains significantly below current underground operations.”
Larvotto said resource growth remains a priority at its Hillgrove operation, which operates four diamond drilling rigs across several mining hubs including Metz and Clarks Gully.
Planning is also underway to accelerate drilling along strike and downslope from surface and subsurface positions at Midas. Meanwhile, the company is preparing for first-pass testing at Coxes Reef and has received approvals for historic gold-antimony-tungsten drilling at Curry’s Block.
With Hillgrove’s processing plant coming online in August and preparations for full operations continuing to ramp up, Midas is shaping up as a potentially significant new resource opportunity as Larvotto approaches production. The company hopes the famous touch will emerge more from underneath.
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