Australian resources company Larvotto Resources has announced that the definitive feasibility study (DFS) for the Hillgrove antimony-gold project in New South Wales (NSW), Australia, is nearing completion, despite delays due to engineering modifications.
These changes, including the transition from a wet tailings storage facility to a dry stack landform and the incorporation of inputs from ongoing metallurgical testing to optimise processing, aim to minimise environmental impact and enable progressive rehabilitation.
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The DFS will incorporate conservative commodity price assumptions of $2,400/oz for gold and $25,000 per tonne (t) for antimony.
These figures are notably lower than the current market prices, which exceed $3,100/oz for gold and $60,000/t for antimony.
Additionally, Larvotto is progressing with its exploration efforts, with four diamond rigs operating double shifts on-site.
The expanded exploration team of around 30 employees and contractors is set to deliver a continuous flow of results for mineralisation and future drilling targets.
Larvotto also opened a community engagement centre, Hillgrove Hub, at the project to deepen the company’s ties with Armidale, Hillgrove and nearby areas.
The Hillgrove Hub serves as a central location for hiring local employees and offering residents a place to access information and connect directly with Larvotto representatives.
Larvotto Resources managing director Ron Heeks said: “As the project progresses – with the DFS nearing completion and exploration activities ongoing – we are proud to be creating employment opportunities, supporting local businesses and delivering critical minerals that will contribute to both the regional and national economy.”
In March 2024, Larvotto Resources signed an $8m (A$12.62m) non-binding term sheet with Wogen Resources and Xcelsior Capital for the progress of the Hillgrove project.
