ASX-listed Larvotto Resources has completed the acquisition of the high-grade gold/antimony Hillgrove project, in New South Wales, for $8-million.
The strategic acquisition of Hillgrove has transformed Larvotto from explorer to developer with a substantial mineral resource estimate of 1.4-million gold-equivalent ounces, with a grade of over 6 g/t gold equivalent, containing the largest critical mineral antimony deposit in Australia.
The Hillgrove acquisition supports Larvotto’s growth strategy to seek accretive opportunities to increase its metals resource base and drive shareholder value.
Recent exploration success demonstrates the potential to significantly increase mineral resource tonnes and grades in the near-term and bolster the company’s leverage to critical minerals.
“There has been strong support from shareholders and interested stakeholders since the company made the announcement in October and we are excited to be charged with developing the mine for the benefit of shareholders and also the local community.
“The interest in gaining access to the antimony concentrate from various parties around the world has been very high and confirms that the market is in need of new antimony sources,” says Larvotto Resources MD Ron Heeks.