Larvotto Resources : Positive Gold Geochemistry Results in Ohakuri New Zealand

ASX Announcement

2 June 2022

onlyHighlights

Positive Gold Geochemistry Results in

Ohakuri, New Zealand

use	∙ Excellent geochemical drilling results extend potential of existing Central Zone gold
mineralisation by 800m. Max gold value of 206ppb Au.
	∙ Central Zone has previously recorded very wide gold drill intersections over a large area
	including:-
	o 172m @ 0.41 g/t Au and 160m @ 0.32 g/t Au
	∙ Epithermal gold textures observed in shallow drill cuttings highlight likelihood of nearby gold
	system.
	∙ New results and geophysical modelling closely identify with Ohakuri being a classic epithermal
	gold system, LRV's targeted model.
personal	∙ Geophysical survey to commence within weeks to refine targets prior to drilling.

Larvotto Resources Limited (ASX:LRV, TGAT:K6X, 'Larvotto' or 'the Company') today announced excellent results from the recent shallow geochemical drilling at the Ohakuri Gold Project in New Zealand.

The program was successful in extending the potential of the current Central Zone target 800m to the west into previously untested areas.

Exploration has also confirmed the epithermal exploration model being used by the Company is aligning extremely well with the results being achieved and this has provided great confidence for positive results

Forfrom future work.

The 800m long geochemical anomaly identified has exceptional results of up to 206ppb (parts per billion) gold. The anomaly is located directly west of the existing Central Zone mineralisation.

Significantly, some samples collected display strong epithermal textures, indicating the presence of a potential gold mineralising system nearby.

ASX:LRV | TGAT:K6X | Page 1

Managing Director, Ron Heeks commented,

"The recent geochemistry program at Ohakuri has provided some exciting results, delivering both high values and unexpectedly, some highly altered and mineralised rocks from just below the shallow volcanic ash layer. Combined with remodelled geophysics and reinterpretation of the historic drilling, we now have

onlyresults that fit our exploration model brilliantly. The upside is that it is clear the main Central Zone anomaly has essentially not been tested by the historic drilling and these new results add a further 800m long zone of interest.

The geochemical survey was designed to extend the current Central Zone mineralisation by targeting the historic soil horizon that lies beneath a veneer of recently deposited unmineralised volcanic ash. The ash layer covers large areas of the Ohakuri Project and can obscure the mineralising features of interest."

useGeochemical Survey

Samples were collected from a tractor mounted core drill rig, with holes drilled in an attempt to penetrate the volcanic ash layer. An average drill hole depth was ~10m, however some reached up to 22m. It should

personalbe noted that not all the drilling managed to penetrate the ash layer, which meant some results were not usable for interpretation of anomalies.

In several cases, the samples produced unexpectedly high results for a geochemistry survey, as they encountered rock samples that indicate the presence of nearby epithermal mineralisation, including the example in Figure 1, that reveals quartz veining and strong epithermal style alteration.

For Figure 1. Sample from geochemistry with strong epithermal alteration and quartz veining (all results ppm)

The results of the survey are provided in Figure 4, along with the ESCAN geophysics and historical drilling

for context.

ASX:LRV | TGAT:K6X | Page 2

Geochemical sampling of the layer beneath the recent volcanic ash zone by previous explorers had also produced excellent results that formed broad, cohesive anomalies over the Central Zone. Historic surface soil sampling of the area produced no meaningful results, which highlighted to Larvotto the requirement to sample below the ash cover. The Larvotto program successfully extended historical geochemistry

onlyprograms to the west and confirmed previously untested geophysical anomalies within the Ohakuri Fault zone may be identifying a gold mineralised conduit.

Updated Exploration Model

Larvotto targeted the Ohakuri area, based on a typical epithermal exploration model of a deep magmatic source feeding gold mineralised zones to surface, with potential economic zones forming where the rising usemineralised fluids meet the groundwater layer. A simplified version of the exploration model is provided as Figure 2. As the re-evaluation of old data has been completed and new information added, Larvotto has

confirmed that the actual field results closely identify with the targeted model.

personalFigure 2. Ohakuri epithermal gold exploration model Figure 3. Vertical slice through ESCAN geophysics with geological interpretation

ForGeophysical Reprocessing

Larvotto inherited the results of an ESCAN geophysical survey undertaken by Glass Earth in 2007. Using the enhanced features of more modern techniques, the ESCAN survey has been reprocessed, greatly refining the previous ESCAN anomalies. It is now evident that a deep magmatic source some 500+ metres deep, exists below the Central and Ohakuri Fault targets, confirming the validity of the Larvotto exploration model. The magmatic source, as predicted, appears to have feeder zones that bifurcate as they near the surface and form resistive geophysical anomalies under the Central and Ohakuri Fault areas. This is shown in Figure 3. The similarity between the geophysical interpretation, actual results and the model is striking.

ASX:LRV | TGAT:K6X | Page 3

The resistive anomalies are thought to be caused by high silica (quartz) levels. Silica rich fluids are the transport mechanism for gold and silver bearing mineralisation from deep source rocks.

onlyThe mineralised solutions have moved upward and have spread laterally forming a sinter and silica cap, while altering and mineralising the wallrocks around the conduit. This lateral movement of gold rich fluids is evident in the very wide (+150m) mineralised intersections in many of the historic drill holes that extend from near surface.

Displayed in Figure 4 is an image of the ESCAN geophysics at 340m below surface. This clearly shows the main resistive (high silica?) trends under the Ohakuri and Central Zones. The high point of the trends useis drawn as black lines. At depth, these two zones join into the deep magmatic source shown in Figure 3. Interestingly, the geochemistry highs from the current and historical surveys are generally all near, but not

overlying the geophysical anomalies. personalFor

Figure 4. ESCAN geophysics, recent geochemical contours and historic drilling.

ASX:LRV | TGAT:K6X | Page 4

detailed Induced Polarisation (IP) geophysical survey will be undertaken over the Central and Ohakuri

Importantly, Figures 3 and 4 clearly highlight that the majority of the historic drilling which targeted the

Central Zone geochemistry highs, did not fully test the geophysical anomalies, leaving considerable

potential to discover high grade mineralisation within the existing and extensive low grade mineralised halo

that include hits such as:-

only	∙ 172m @ 0.41 g/t Au	160m @ 0.32 g/t Au
215m @ 0.21 g/t Au	170m @ 0.24 g/t Au

As is standard practice, the historic drilling undertaken was targeted to test below the anomalies generated by the surface geochemistry. The drilling succeeded in identifying the source of the anomalism, but as now appears apparent from the later ESCAN geophysics, this is probably due to the mineralised solutions

moving outwards from the main fluid conduits into the wallrocks creating a very large low-grade halo. useTherefore, Larvotto notes that the more concise, higher intensity anomalism has largely not been tested.

Next Exploration Steps

The Company now has an exploration model for Ohakuri and results that indicate its validity. The next

stage is to refine the broad ESCAN anomalies and generate a refined target for drilling. To undertake this, personalZones. The aim of the geophysical survey will be to produce discrete zones that will allow accurate

targeting of future diamond drilling.

A NZ based survey crew is booked and are currently relocating the required equipment from Australia to undertake the program. It is anticipated that the survey will commence in five weeks and will take up to three weeks to complete.

Competent Persons Statement

The information in this presentation that relates to exploration results is based on information compiled by Mr Ron Heeks, who is a Member of the Australasian Institute of Mining and Metallurgy and who is Managing Director of Larvotto Resources Limited. Mr Heeks has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code

Forfor Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Heeks consents to the inclusion in the release of the matters based on his information in the form and context in which it appears. The Company is not aware of any new information or data that materially affects the information included in this presentation. All material assumptions and technical parameters underpinning the estimates in the Announcements referred to continue to apply and have not materially changed.

ASX:LRV | TGAT:K6X | Page 5