Larvotto Resources (ASX:LRV) exercised its option with Kilo Copper to proceed with the exclusive right to explore, develop, and mine the Blockade Copper Mine, following the completion of its due diligence drilling, according to a Thursday Australian bourse filing.

The company said due diligence reverse circulation drilling confirmed strong copper mineralization beneath the historical Blockade open pit, returning mineralized intersections of up to 31 meters at 1.2% copper from 63 meters, including 8 meters at 1.9% copper from 78 meters, with mineralization remaining open both down-dip and down-plunge and the deepest hole drilled to 244 meters.

The Blockade transaction provides an advanced copper development asset surrounded by Larvotto's existing Mt Isa tenements, located on a granted mining lease, which is key to a rapid production start, it added.

The company's shares fell past 1% in recent Thursday trade.