Larvotto Resources (ASX:LRV) set a preferred exploration target of 3.95 million tonnes at 5.16 grams per tonne grade of gold equivalent for the Midas Lode at its Hillgrove antimony-gold project in New South Wales, according to a Tuesday filing with the Australian bourse.

The exploration target is modeled on a contained gold-equivalent volume range of 223,000 ounces to about 2.9 million ounces, and a tonnage range of 2.7 million tonnes to 10.7 million tonnes, per the filing.

The Midas Lode has been drilled-tested down to 560 meters with a potential strike length of more than 900 meters, the company said.

It added that ongoing exploration modelling has also flagged a potential northern extension to Coxes Reef, an undrilled parallel structure to Midas.

Larvotto Resources shares fell about 1% in recent Tuesday trade.