Larvotto Resources has delivered a volley of high-grade gold-antimony-tungsten results from its Freehold prospect, part of the company’s fully-owned Hillgrove antimony-gold project, near Armidale in New South Wales.
Final assays from the remaining 15 holes of the 31-hole, 7893-metre diamond drilling campaign have extended the mineralised system to 700 metres of strike – more than double the extent of historical mining.
The program returned a standout intersection 0f 10m grading 9.61 grams per tonne gold equivalent from 526m depth at the southern extent of Larvotto's drilling at the prospect, including a richer four-metre run at the top of the main intercept which averaged 19.91 grams per tonne gold equivalent.
The latest drilling at Freehold has firmed up the prospect’s potential, with the mineralised system remaining open to the south and at depth.
Another impressive shallow hit returned 9m at 8.05g/t gold equivalent from 105m, including 4.4m at 13.53g/t gold equivalent from 109m. Other notable results include 2.4m at 10.37g/t gold equivalent from 146.7m, containing a bonanza 0.4-metre section at 53.99g/t gold equivalent from 148.7m downhole. Another hole returned 2.1m at 12.19g/t gold equivalent from 112m.
Larvotto Resources managing director Ron Heeks said: “The completed Freehold program has substantially advanced our understanding of this historically important mining centre. Drilling has extended mineralisation beyond the known workings, confirmed multiple gold-antimony-tungsten lodes and defined the system over more than 700 metres of strike. The standout intersection in FRE042 demonstrates the potential for high-grade shoots to continue down-plunge within the broader Freehold structure.”
The drilling has confirmed multiple steeply dipping, northwest-trending structures hosting the high-grade mineralisation, indicating the historic workings tapped only part of a much broader system.
Adding another gem to Freehold's appeal is the persistent occurrence of tungsten mineralisation, a highly sought-after critical metal. The drilling intersected several high-grade zones, including 1.5m at 1.95 per cent tungsten trioxide from a shallow 16m. Other hits include 0.6m at 1.01 per cent tungsten trioxide from 226m and 0.5m at 0.82 per cent of the trioxide from 251m.
Recent metallurgical testwork on Hillgrove mineralisation has achieved 90 per cent tungsten recovery, although Larvotto has used a more conservative 70 per cent recovery assumption in its gold-equivalent calculations. The positive tungsten market backdrop, strongly influenced by China’s restricted availability, enhances the strategic value of these results.
Confirmation of significant antimony and tungsten mineralisation comes at an opportune time, with Australia now establishing a Critical Minerals Strategic Reserve initially focused on antimony. The policy shift is backed by up to $1 billion in government support for reserve transactions through an expanded $5 billion critical minerals facility, reflecting concerns over ongoing tight global supply.
The Freehold prospect lies just 1.2 kilometres east of Larvotto's recently commissioned Hillgrove processing plant. It is forecast to produce 4900 tonnes of antimony and 40,500 ounces of gold per annum over an initial eight-year mine life. The first physical shipment of 68 tonnes of antimony concentrate left the site gate in October.
Freehold is not yet included in the project’s broader mineral resource of 1.7 million ounces of gold equivalent; however, the latest results from the prospect provide a compelling basis for further evaluation. The new data will be incorporated into geological modelling and mineral resource estimation studies, while Freehold's future drilling priority will be ranked alongside other targets for their potential to expand the current resource inventory at Hillgrove.
With the historic Freehold mine only developed over 300m of strike and Larvotto’s recent drilling more than doubling the known footprint, the company is now armed with a much-improved geological framework to chase higher-grade shoots plunging beneath the old workings, extensions to the south and at depth, and additional parallel lodes.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
