Larvotto Resources has acquired the Hillgrove gold-antimony project in New South Wales from Trafigura.
The acquisition of Hillgrove has transformed Larvotto from explorer to developer with a substantial mineral resource estimate of 1.4 million ounces of gold with a grade of over six grams per tonne of gold equivalent.
Apart from high-grade gold, Hillgrove has Australia’s largest deposit of antimony, ranking in the top ten globally.
Antimony holds strategic importance for multiple countries including the United States, EU, China and Australia, particularly in the context of the global energy transition. It is considered a critical mineral in Australia.
Recent exploration success at Hillgrove also demonstrated the potential to significantly increase mineral resource tonnes and grades in the near-term and bolster the company’s leverage to critical minerals.
Larvotta acquired Hillgrove for a consideration of $8 million, with Trafigura now holding 15 per cent of Larvotto.
Larvotto Resources managing director Ron Heeks said he was delighted to have finalised the acquisition of the Hillgrove project.
“There has been strong support from shareholders and interested stakeholders… and we are excited to be charged with developing the mine for the benefit of shareholders and also the local community,” Heeks said.
“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.”
