TVI Pacific 30.66% owned TVIRD Balabag Gold and Silver Mine Completes Phase 5B Drilling Program
TVI Pacific 30.66% owned TVIRD Balabag Gold
and Silver Mine Completes Phase 5B Drilling
Program
CALGARY, AB
,
Dec. 20, 2021
/CNW/ - TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) ("
TVI
" or
"
the Company
") is pleased to provide an update of exploration activities at the Balabag gold and
silver mine ("
Balabag
"). Balabag is owned 100% by TVI Resource Development Phils., Inc.
("
TVIRD
"), a
Philippines
corporation in which TVI holds a 30.66% interest, and is located in
Zamboanga del Sur, Philippines.
TVIRD's Balabag Mine
TVIRD owns 100% of Balabag which covers a 4,779-hectare Mineral Production Sharing Agreement
("
MPSA
", MPSA No. 086-97-IX) located within the Municipality of Bayog, Province of Zamboanga
del Sur and Municipalities of Diplahan and Kabasalan, Province of Zamboanga Sibugay, Mindanao,
Philippines. The mine is situated approximately 75 kilometers (47 miles) east-northeast of TVIRD's
Canatuan mine.
TVI announced on
November 22, 2019
that TVIRD had determined to advance Balabag towards
commercial production. As part of plant commissioning, Balabag development progressed to the
commencement of continuous milling operations in July, 2021 which included the first discharge of
tails to Stage 1 of the tailings storage facility ("
TSF
"). The TSF is being constructed in stages to
accommodate progressively increasing resources as they are defined.
Twenty-four-hour operation of the plant was introduced in late
August 2021
with the first shipment of
gold doré being completed on
September 30, 2021
. To the date of this news release, Balabag has
completed seven (7) shipments of 6,320 kg of gold doré containing 6,715 ounces of gold and
192,519 ounces of silver for 9,215 gold equivalent ounces.
PHASE
5B
HIGHLIGHTS
:
31 drillholes with a total meterage of 4,204.30 meters have been completed through the Phase
5B
drilling program and include:
4.10 g/t gold and 29.30 g/t silver
over 4.00 meters of drill intercept from drillhole BLDH-
21-407;
4.59 g/t Au and 16.09 g/t Ag
over 3.50 meters from drillhole BLDH-21-418; and a
further
2.27 g/t Au and 4.30 g/t Ag
over 4.90 meters from drillhole BLDH-21-421 in Lalab.
5.66 g/t gold and 22.48 g/t silver
over 2.40 meters and a further
2.26 g/t gold and 17.20
g/t silver
over 5.40 meters of drill intercepts from drillhole BLDH-21-399 in the Miswi Area.
3.21 g/t gold and 42.98 g/t silver
over 2.90 meters of drill intercept from drillhole BLDH-
21-406;
2.21 g/t gold and 30.82 g/t Ag
over 2.60 meters from drillhole BLDH-21-409;
3.19 g/t gold and 124.13 g/t silver
over 2.85 meters from drillhole BLDH-21-413 and a
further
3.42 g/t gold and 120.44 g/t silver
over 3.35 meters from drillhole BLDH-21-417,
all in West Tinago.
2.86 g/t gold and 21.13 g/t silver
over 10.60 meters of drill intercept from drillhole BLDH-
21-397R in South Tinago.
A total of 428 drillholes with a total meterage of 47,521.35 meters have been completed at
Balabag since
November 2005
through to completion of the Phase
5B
drilling program in
November 2021
.
Mr.
Cliff James
, Chairman and CEO of TVI and Chairman of TVIRD stated, "We continue to be
pleased with the results of the ongoing drilling programs at Balabag. The results have demonstrated
potential for additional gold mineralization laterally, near surface and at depth, and we expect the
results of both the Phase 5A and
5B
programs may potentially add to the estimated mineral
resource reported in the NI 43-101 Mineral Resource Update filed under TVI's profile on SEDAR on
July 20
, 2021. A Phase 6 drilling program is expected to commence in 2022 to further explore yet
more opportunity within the ultimate pit shell and its lateral extensions that the TVIRD team believes
exist along the Tinago and East Miswi vein systems. Additional discoveries may then add even more
to the mine life of Balabag."
Phase
5B
Drill Results
:
The Balabag Mine Phase
5B
drilling program was completed on
November 8, 2021
and included a
total of 31 drillholes with overall meterage of 4,204.30 meters drilled at the Lalab, Miswi, South
Tinago and West Tinago areas. Since TVIRD commenced its own drilling program at Balabag in
November 2005
, it has completed 428 drillholes with an aggregate meterage of 47,521.35 meters.
Neither of the Phase 5A or Phase
5B
drilling results have been included in the NI 43-101 Technical
Report entitled "NI 43-101 Exploration Results and Mineral Resource Update Report on the Balabag
Gold-Silver Project" dated
July 19, 2021
and filed under the Company profile on SEDAR on
July 20,
2021
as that Technical Report has been based only on drill results collected through to completion of
the Phase 4 drilling program in December 2020.
Thirty-one (31) drillholes were completed to test the extension of known main veins in the Balabag
Hill. Significant intercepts from the Phase
5B
drilling, targeting West Tinago, South Tinago, Miswi
and Lalab veins in the main Balabag Hill, are presented in the table below:
HOLE Number
FROM
(m)
TO
(m)
LENGTH
(m)
Au
(g/t)
Ag
(g/t)
Lithology
Location
BLDH-21-397
5.80
15.50
9.70
1.59
15.75
QSW/QSX1
South Tinago
BLDH-21-397R
3.90
14.50
10.60
2.86
21.13
QSW
South Tinago
BLDH-21-397R
18.50
29.30
10.80
0.81
6.62
QSW/QSX1
BLDH-21-398
83.45
83.80
0.35
2.01
122.14
BX2
West Tinago
BLDH-21-398
89.10
89.50
0.40
0.43
1.91
BX1
BLDH-21-399
16.00
17.35
1.35
0.67
7.40
QSW
Miswi
BLDH-21-399
21.20
22.20
1.00
0.50
3.34
QSW
BLDH-21-399
22.90
28.30
5.40
2.26
17.20
BX2/QSW
BLDH-21-399
97.60
100.00
2.40
5.66
22.48
BX1/QSX1
BLDH-21-400
44.50
48.15
3.65
2.41
2.51
QSX1
WestTinago
BLDH-21-400
61.15
63.65
2.50
0.37
1.99
Fault
BLDH-21-400
95.95
98.70
2.75
0.28
1.19
QSX1
BLDH-21-400
157.60
160.80
3.20
0.80
6.95
BX1/QSX1/BX2
BLDH-21-406
67.40
67.70
0.30
0.46
1.89
ANFL
West Tinago
BLDH-21-406
76.35
79.25
2.90
3.21
42.98
QSX1/BX2
BLDH-21-407
233.70
237.75
4.05
4.10
29.30
QSX1/BX2
Lalab
BLDH-21-407
240.00
242.05
2.05
0.36
0.82
BX2
BLDH-21-409
114.90
117.50
2.60
2.21
30.82
QSX1/BX2
West Tinago
BLDH-21-410
282.45
288.30
5.85
2.78
9.51
BX2/QSX1
Lalab
BLDH-21-413
77.20
79.70
2.50
0.39
8.58
BX2
West Tinago
BLDH-21-413
92.60
95.45
2.85
3.19
124.13
BX2
BLDH-21-413
102.00
104.10
2.10
0.40
14.31
PYCL
BLDH-21-413
108.10
108.55
0.45
0.79
22.41
BX2
BLDH-21-413
117.35
117.70
0.35
3.91
44.04
BX2
BLDH-21-417
14.00
15.85
1.85
0.24
1.35
FLT
West Tinago
BLDH-21-417
30.10
33.45
3.35
3.42
120.44
BX2/QSW
BLDH-21-417
52.95
55.30
2.35
0.92
23.82
BX2
BLDH-21-418
147.90
151.44
3.54
4.59
16.09
BX2
Lalab
BLDH-21-418
167.70
169.70
2.00
1.34
17.63
BX2
BLDH-21-419
52.31
52.70
0.39
1.57
2.60
QSX1
West Tinago
BLDH-21-419
98.70
100.95
2.25
0.62
3.55
IDAC
BLDH-21-419
105.00
105.35
0.35
11.09
464.48
BX2
BLDH-21-421
223.75
224.12
0.37
1.20
21.20
BX2
Lalab
BLDH-21-421
224.58
226.70
2.12
1.09
2.91
BX3/ANFL
BLDH-21-421
245.60
247.75
2.15
0.48
18.70
BX2/QSX1
BLDH-21-421
249.20
252.00
2.80
0.54
14.53
BX2/BX3
BLDH-21-421
259.40
263.23
3.83
0.49
4.86
QSW/BX2
BLDH-21-421
263.85
268.75
4.90
2.27
4.30
BX2/QSX1
Six drillholes in the West Tinago area returned gold assays above 1 g/t Au, showing mineralized vein
continuity directly to the west of the main Tinago vein system. Vein extension to the west of Tinago
was confirmed with drillholes BLDH-21-396, BLDH-21-400, BLDH-21-406, BLDH-21-409, BLDH-21-
413 and BLDH-21-417. Drillhole BLDH-21-397R, drilled at the South Tinago area, yielded notable
assays at shallow depth of 3.90 meters to 14.50 meters, yielding 2.86 g/t Au and 21.13 g/t Ag.
High gold intercepts were also reported from BLDH-21-407 and BLDH-21-418, both situated in
Lalab. Core samples collected from 233.75 meters to 237.75 meters of BLDH-21-407 produced an
average of 4.10 g/t Au and 29.30 g/t Ag while 3.54-meter intercept from BLDH-21-418 produced an
average of 4.59 g/t Au and 16.09 g/t Ag intersected at depth of 147.90 to 151.44 meters. At the
Miswi area, BLDH-21-399 produced an assay of 2.26 g/t Au and 17.20 g/t Ag at 22.80 meters to
28.30 meters and another zone from 97.60 meters to 100.00 meters intercepting 2.4 meters
producing 5.66 g/t Au and 22.48 g/t Ag.
The results of the Phase
5B
drilling program provide more geological information that supports the
downdip extension of the Lalab vein system and the potential extension of veins to the east at Miswi
and to the west at Tinago. New target resource potential was identified at the southern portion of
Tinago.
Phase 6 Drilling Program:
Further to the results provided through the Phase 5A and
5B
drilling programs, TVIRD has
developed a Phase 6 program that includes additional in-fill resource drilling and follow-up mapping
of Balabag and its immediately surrounding area. This program is expected to be performed in
2022. The primary focus of this program will be to more thoroughly explore and further define
resources within an expanded ultimate pit. A total meterage of 4,500 meters is expected to be
drilled and to include lateral continuity of the West Tinago vein system, the northeast extension of
South Tinago stockwork zones and the lateral and east continuity of the East Miswi vein system.
Exploration of vein continuity is expected to follow in a subsequent program at a later date.
Quality Assurance / Quality Control:
All drill core samples were prepared and analyzed at TVIRD's Balabag Mine Laboratory, an
independent laboratory that is currently undergoing the ISO certification process. TVIRD has
appointed an Analytical Chemist to ensure that sampling procedures are strictly followed in
accordance with industry standards and to implement and monitor the laboratory's internal QA/QC
program. Assaying was done by fire assay method wherein gold is analyzed by fire assay with an
Atomic Absorption Spectroscopy ("
AAS
") finish on 50-gram samples while silver is analyzed using a
triple Acid digest
(HN03, HCl, and HCl0 4) AAS finish on a 1-gram sample. Any sample assaying
greater than 5 g/t Ag was re-run by fire assay method with gravimetric finish.
In addition to the Certified Reference Materials ("
CRM
") or standards inserted by the Balabag Fire
Assay Laboratory during the analysis of samples, the TVIRD geology department has continued to
insert CRMs or standards, duplicates and blank samples into the sample stream at a frequency of
one in twenty to monitor quality control. The CRMs are purchased from OREAS, an Australian-
based company recognized as the world leader in certified reference materials for the global mining
industries.
The results of QA/QC samples did not show any significant bias of analysis or contamination during
sample preparation and laboratory analysis.
Qualified Persons
The Qualified Person responsible for the scientific and technical content of this press release is Mr.
Michael James Bue, Bsc.
Eng, M.Eng, P.Eng. Mr. Bue has acted as the Qualified Person in
compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("
NI 43-
101
") reporting requirements by virtue of his membership in the Professional Engineers of
Ontario
and Canadian Institute of Mining and Metallurgy and has confirmed compliance of this press release
with NI 43-101 requirements.
About TVI Resource Development Phils., Inc.
TVIRD, a Philippine corporation in which TVI holds a 30.66% interest, is a diversified mining
company that focuses on the acquisition, exploration, development and production of resource
projects in the Philippines. TVIRD has a pool of highly competent managers, technical personnel
and skilled workers with previous experience in gold-silver operation and owns 100% of the Balabag
gold/silver mine, 100% of the Siana gold mine and Mapawa project, and a 60% interest in Agata
Mining Ventures Inc. ("
AMVI
"), a direct shipping Nickel/Iron operation that commenced in
October
2014
and in which TVIRD is operator. Balabag has shipped 9,215 gold equivalent ounces through 7
shipments to
December 13, 2021
, and AMVI has shipped a total of 18.70 million wet metric tonnes
of nickel laterite ore through 344 shipments through to
November 30, 2021
.
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on the acquisition of resource projects in
the
Asia Pacific
region. TVI currently holds a 30.66% equity interest in TVIRD, a
Philippines
corporation, and a 2.95% equity interest in Integrated Green Energy Solutions Ltd., a company
incorporated in
Australia
and previously listed on the ASX that is now subject to an order for winding
up and for which a liquidator has been appointed. TVI's other holdings include a 14.4% equity
interest in Mindoro Resources Ltd. and a 100% investment in shares of TG World Energy Corp. As
at the date of this announcement, TVI has 656,987,039 outstanding common shares and
696,887,039 fully diluted including the currently issued outstanding options of 39,900,000.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this News Release constitutes forward-looking information. Forward-
looking statements are often, but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should",
"believe", "scheduled", "to be", "will be" and similar expressions. The forward-looking statements
contained in this News Release include statements regarding TVIRD's plans for further drilling at
Balabag for which a specific plan and timeline have not yet been fully determined.
Forward-looking statements are based upon the opinions and expectations of management of the
Company as at the effective date of such statements and, in certain cases, information supplied by
third parties. Although the Company believes the expectations reflected in such forward-looking
statements are based upon reasonable assumptions and that information received from third
parties is reliable, it can give no assurance that those expectations will prove to have been
correct.
Forward-looking statements are subject to certain risks and uncertainties (known and
unknown) that could cause actual outcomes to differ materially from those anticipated or
implied and should not be read as guarantees of future performance or results.
These
factors include, but are not limited to, such things as: (i) general economic conditions in
Canada
,
the Philippines
and elsewhere; (ii) volatility of prices for precious metals, base metals, and other
commodities; (iii) commodity supply and demand; (iv) fluctuations in currency and interest rates;
(v) inherent risks associated with the exploration and development of mining properties, including
but not limited to geological characteristics, metallurgical characteristics of the mineralization, the
availability of equipment and facilities necessary to complete development and the ability to
develop adequate processing capacity; (vi) the cost of consumables and mining and processing
equipment; (vii) unforeseen technological and engineering problems; (viii) ultimate recoverability
of reserves; (ix) production, timing, results and costs of exploration and development activities; *
political factors, political stability or civil unrest, including but not limited to acts of sabotage or
terrorism; (xi) availability of financial resources or third-party financing; (xii) changes in laws or
regulations (domestic or foreign); (xiii) changes in administrative practices; (xiv) changes in
exploration plans or budgets; (xv) the availability of skilled labour; (xvi) the failure of parties to
contracts with the Company to perform as agreed, including its joint venture partners; (xvii) the
impact of the COVID-19 pandemic; and (xviii) extreme weather conditions and forces of nature
(i.e. typhoons, heavy rains, earthquakes, and the like) that may disrupt operations and
explorations.
Forward-looking information respecting TVIRD's plans for further drilling at Balabag, is based upon
various factors and assumptions including TVIRD's current business plan (which is subject to
change), TVIRD's 2021 and 2022 capital budgets (which are subject to change), the availability of
human resources and equipment to undertake exploration drilling projects, receipt of all required
regulatory approvals in a timely manner, and any new information that may come available with
respect to the geological and metallurgical characteristics of the mineralization.
The Company does not have control over TVIRD nor does it have any involvement in the
management or decisions of TVIRD or control over financial reporting and internal controls of
TVIRD. The Company relies on the internal controls and financial reporting controls of TVIRD and
their failure to maintain effectiveness or comply with applicable standards may adversely affect
TVI.
Accordingly, readers should not place undue reliance upon the forward-looking statements
contained in this news release and such forward-looking statements should not be
interpreted or regarded as guarantees of future outcomes.
Various risks to which the Company is exposed in the conduct of its business (including mining
activities) are described in detail in the Company's Annual Information Form for the year ended
December 31, 2020
, which was filed on SEDAR on
April 28, 2021
and is available under the
Company's profile at
www.SEDAR.com
.
The forward-looking statements contained in this News Release are made as of the date hereof
and the Company does not undertake any obligation to update or to revise any of the included
forward-looking statements, except as required by applicable securities laws in force in Canada.
The forward-looking statements contained herein are expressly qualified by this cautionary
statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE
TVI Pacific Inc.
View original content:
http://www.newswire.ca/en/releases/archive/December2021/20/c1657.html
%SEDAR: 00001837E
For further information:
Patrick Hanna, CPA, CMA, Chief Financial Officer, TVI Pacific Inc.,
Phone: 403-265-4356, E-mail: [email protected]
CO: TVI Pacific Inc.
CNW 09:12e 20-DEC-21