The company picked up the 1.4-million-ounce gold equivalent operation after entering into a binding term sheet with the administrators of former owner, Red River Resources, for a purchase price of less than $6 per ounce.

Significantly, the acquisition also includes an operational processing plant, which was put on care and maintenance in 2021. It features a 250,000 tonnes per annum capacity and came with associated infrastructure.

The area has been mined since the 1870s and the Hillgrove operations have produced more than 740,000 ounces of gold and about 40,000 tonnes of antimony. It is believed to be Australia’s biggest antimony deposit and also sits in the world’s top 10 resources for the commodity.

Management says its latest drilling campaign has confirmed significant mineralisation not only within the Little Reef lode, but also within the associated shear zone that was intersected with several drillholes. Importantly, the results infill and extend to depth the current Bakers Creek mineralisation, which is not currently included in the Hillgrove mineral resource.

With gold still comfortably sitting above the $3520 per ounce mark, Larvotto’s diamond drill assays have been timed to perfection – and the market is clearly paying close attention.

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