TVI Pacific 30.66% owned TVIRD Balabag Gold and Silver Mine Completes Phase 6 Drilling Program
TVI Pacific 30.66% owned TVIRD Balabag Gold
and Silver Mine Completes Phase 6 Drilling
Program
CALGARY, AB
,
Aug. 29, 2022
/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 may be defined with the current focus now
being the construction of Stage 3. Twenty-four-hour operation of the plant was introduced in late
August 2021
and TVIRD has advised that commercial production was achieved at Balabag effective
November 1, 2021
.
The average processing rate at the Balabag plant improved to 1,635 throughput per day (
"tpd"
) for
the seven months ended
July 31, 2022
, with an average of 1,972 tpd through the month of July.
Plant availability also improved to 85% for the seven months ended
July 31, 2022
and to an average
of 93% through July. Head grades for Au and Ag averaged 1.86 g/t and 70.72 g/t, respectively, for
the seven months ended
July 31, 2022
, with recoveries at 88.2% for Au and 59.2% for Ag through
the same period. Activities at site continue to be focused on further optimizing the operation.
The first shipment of gold doré was completed on
September 30, 2021
, and to the date of this news
release Balabag has completed twenty-two (22) shipments of 23,384 kg of gold doré containing
27,032 ounces of gold and 710,119 ounces of silver for 35,798 gold equivalent ounces.
PHASE 6 DRILLING HIGHLIGHTS
:
55 drillholes with a total meterage of 4,735.15 meters have been completed through the Phase
6 drilling program and include:
2.56 g/t gold and 92.28 g/t silver
over 2.70 meters of drill intercept from drillhole BLDH-
22-424R;
5.04 g/t Au and 71.93 g/t Ag
over 4.05 meters from drillhole BLDH-22-465; and
a further
3.99 g/t Au and 119.04 g/t Ag
over 3.30 meters from drillhole BLDH-22-467 in
West Tinago.
2.99 g/t gold and 7.69 g/t silver
over 3.0 meters of drill intercept from drillhole BLDH -22-
426;
3.20 g/t gold and 20.81 g/t silver over 2.0 meters
and a further
8.24 g/t gold and
26.37 g/t silver over 2.80 meters
of drill intercepts from drillhole BLDH-22-440;
3.40g/t
gold and 2.16 g/t silver
over 2.00 meters of drill intercepts from BLDH -22- 458 in the
South Tinago Area.
22.47 g/t gold and 22.79 g/t silver
over 1.0 meter of drill intercept from drillhole BLDH-22-
442;
3.05 g/t gold and 31.66 g/t Ag
over 0.80 meters from drillhole BLDH-22-451 in the
East Tinago - Yoyon Area.
A total of 538 drillholes with a total meterage of 52,256.50 meters have been completed at
Balabag since
November 2005
through to completion of the Phase 6 drilling program in
June
2022
.
"While TVIRD continues its focus on the optimization of operations it continues also to explore
opportunities that 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 21, 2021
", said Mr.
Cliff
James
, Chairman and CEO of TVI and Chairman of TVIRD, "The results are encouraging as they
have opened up a potential extension of veins at East Tinago – Yoyon and new target resource
potential to the south of Tinago."
Phase 6 Drill Results
:
The Balabag Mine Phase 6 drilling program was completed on
June 12, 2022
and included a total of
55 drillholes with overall meterage of 4,735.15 meters drilled to test the extension of known main
veins in the East Tinago, South Tinago and West Tinago areas of Balabag Hill. Since TVIRD
commenced its own drilling program at Balabag in
November 2005
, it has completed 538 drillholes
with an aggregate meterage of 52,256.50 meters. Phase 5A, Phase
5B
and Phase 6 drilling results
have not yet been included in the most recent Mineral Resource estimate presented in the NI 43-101
Technical Report entitled "NI 43-101 Exploration Results and Mineral Resource Update Report on
the Balabag Gold-Silver Project" and filed under the Company profile on SEDAR on
July 20
, 2021.
That Technical Report, dated
July 19, 2021
, has been based only on drill results collected through to
completion of the Phase 4 drilling program in December 2020.
Significant intercepts from the Phase 6 drilling are presented in the table below:
Location
HOLE Number
FROM
(m)
TO
(m)
INTERVAL
(m)
Au
(g/t)
Ag
(g/t)
Lithology
South Tinago
BLDH-22-426
22.65
37.65
15.00
1.02
13.42
QSX1
24.15
27.15
3.00
2.99
7.69
QSX1
BLDH-22-428
23.62
27.52
3.90
1.14
13.63
QSW
BLDH-22-440
5.10
6.25
1.15
0.32
0.05
QSW
6.25
8.25
2.00
3.20
20.81
QSW
17.25
20.05
2.80
8.24
26.37
QSW
26.10
28.20
2.10
0.43
2.33
QSW
30.70
34.00
3.30
0.61
7.24
QSW
36.30
43.05
6.75
0.37
4.51
QSW
46.45
47.65
1.20
0.43
4.38
QSW
49.60
51.00
1.40
1.78
2.71
QSW
56.95
57.45
0.50
0.67
3.42
QSW
BLDH-22-443
32.20
33.35
1.15
1.01
13.60
QSW
BLDH-22-458
-
1.00
1.00
0.38
0.05
QSW
4.55
5.15
0.60
0.40
0.25
QSW
13.55
15.40
2.00
3.40
2.16
QSW
West Tinago
BLDH-22-424
104.40
111.90
7.50
1.01
23.88
BX2
BLDH-22-424R
93.60
94.60
1.00
0.42
0.05
QSW
110.85
113.55
2.70
2.56
92.28
BX2
BLDH-22-424R2
89.05
91.40
2.35
0.32
0.61
QSX1
113.00
114.40
1.40
1.30
33.43
BX2
BLDH-22-425
91.00
92.85
1.85
0.39
2.91
QSW
115.10
118.35
3.25
1.42
57.25
BX2
131.70
135.00
3.30
1.00
41.86
BX2
142.10
143.10
1.00
0.54
37.76
BX2
145.55
146.50
0.95
0.30
58.59
BX2
148.60
149.10
0.50
0.39
0.66
BX2
BLDH-22-437
130.45
133.45
3.00
1.04
27.82
BX2/BX3
133.45
133.90
0.45
0.33
0.44
BX2/BX3
BLDH-22-439
26.80
28.45
1.65
0.39
0.19
QSX1
58.40
61.25
2.85
0.84
50.39
BX2
64.70
65.70
1.00
0.52
9.25
ANFL
85.10
86.10
1.00
0.37
2.68
BX2
BLDH-22-453
92.00
93.30
1.30
1.31
2.54
QSX1
115.70
116.60
0.90
0.32
4.16
BX2
122.55
123.70
1.15
0.40
7.76
QSX1
BLDH-22-462
126.20
129.90
3.70
1.11
10.27
BX2
BLDH-22-464
78.20
79.70
1.50
0.55
1.20
QSW/BX2
92.05
93.05
1.00
2.57
159.77
BX2/BX3
BLDH-22-465
73.40
77.45
4.05
5.04
71.93
BX2
BLDH-22-467
66.45
69.75
3.30
3.99
119.04
BX2
East Unao
BLDH 22-438
1.20
3.00
1.80
0.45
3.33
Soil
Unao (Yoyon)
4.00
8.00
4.00
0.74
6.86
QSX1
11.00
11.50
0.50
1.52
1.24
QSX1
14.00
15.00
1.00
1.88
0.05
QSX1
24.05
24.75
0.70
0.36
0.87
QSW
BLDH-22-442
27.75
28.75
1.00
22.47
22.79
QSW
BLDH-22-451
26.05
26.85
0.80
3.05
31.66
QSW
Four drillholes in the South Tinago area yielded notable gold assays at shallow depths of 6.25
meters to 37.65 meters. Drillholes BLDH-22-426 returned 15.0 meters of 1.02 g/t Au and 13.42 g/t
Ag at a depth of 22.65 to 37.65 meters; BLDH 22-428 yielded 3.90 meters of 1.14 g/t Au and 13.63
g/t Ag at a depth of 23.62 to 27.52 meters; BLDH-22-440 yielded 2.00 meters of 3.20 g/t Au and
20.81 g/t Ag at a shallow depth of 6.25 to 8.25 meters and further yielded 2.80 meters of 8.24 g/t
Au and 26.37 g/t Ag at a depth of 17.25 to 20.05 meters; BLDH-22-458 yielded 2.00 meters of 3.40
g/t Au and 2.16 g/t Ag at a depth of 13.40 to 15.40 meters.
Vein extension to the west of Tinago was confirmed with drillholes BLDH-22-424 R, BLDH-22-453,
BLDH-22-462, BLDH-22-465 and BLDH-22-467 yielding significant gold and silver assays. BLDH-
22-424R returned 2.56 g/t Au and 92.28 g/t Ag over 2.70 meters; BLDH-22-453 returned 1.31 g/t
Au and 2.54 g/t Ag over 1.30 meters; BLDH-22-462 returned 1.11 g/t Au and 10.27 g/t Ag over 3.70
meters; BLDH-22-465 returned 5.04 g/t Au and 71.93 g/t Ag over 4.05 meters and BLDH-22-467
returned 3.99 g/t Au and 119.04 g/t Ag over 3.30 meters.
At East Tinago - Yoyon area, two drillholes yielded significant gold and silver assays at shallow
depths. Drillhole BLDH-22-442 returned 22.47 g/t Au and 22.79 g/t Ag over 1.00 meters at a depth
of 27.75 to 28.75 meters while drillhole BLDH-22-451 yielded 3.05 g/t Au and 31.66 g/t Ag over 0.80
meters at a depth of 26.05 to 26.85 meters.
The results of the Phase 6 drilling program provide more geological information that supports the
western extension of the Tinago veins at the West Tinago area and the potential extension of veins
to the east at the East Tinago -Yoyon area. New target resource potential was identified at the
southern portion of Tinago.
Further to the results provided through the Phase 6 drilling program, TVIRD is currently finalizing a
Phase 7 program that includes additional in-fill, step-out and vein extension resource drilling and
follow-up mapping of Balabag and its immediately surrounding area. This program is expected to
commence in late 2022. The primary focus of this program will be to more thoroughly explore and
further define resources within an expanded ultimate pit and is to include lateral and down dip
continuity of the West Tinago vein system, the southeast extension of South Tinago stockwork zones
and the down dip continuity of the East Miswi and Lalab vein system.
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. Intertek Testing Services Philippines, Inc was utilized as an independent laboratory to
check and validate the assay results of TVIRD's Balabag Mine Laboratory.
The results of QA/QC samples did not show any significant bias of analysis or contamination during
sample preparation and laboratory analysis. The assay results of Balabag Laboratory and Intertek
Laboratory showed reasonable precision with all assay values falling within the range of + /- 10%
variance.
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 owns 100% of the Balabag gold/silver mine, 100% of the Siana
gold mine and Mapawa project, a 60% indirect interest in the Mabilo project, and a 60% interest in
Agata Mining Ventures Inc. Balabag has shipped 35,798 gold equivalent ounces through 22
shipments to the date of this news release and AMVI has shipped a total of 19.8 million wet metric
tonnes of nickel laterite ore through 363 shipments through to
July 31
, 2022.
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on mining projects in
the Philippines
, one
of the most prolifically mineralized countries in the world. TVI currently holds a 30.66% equity
interest in TVI Resource Development Phils., Inc. (
"TVIRD"
), a
Philippines
corporation. Through
TVIRD, TVI has ownership in a currently producing gold mine and a nickel/iron mine. Funded by
these producing mines, two recent corporate acquisitions by TVIRD have provided potential for
many additional immediate opportunities. The first of these opportunities expected to come
onstream is the Siana gold mine at which equipment is currently being rehabilitated with a plan to
restart operations. TVI has a long history of being able to successfully bring on mines in
the
Philippines
at much lower than standard industry capital costs.
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. Forward-looking
statements in this News Release are based upon the opinions and expectations of management of
the Company as at the effective date of such statements. Although the Company believes that the
expectations reflected in such forward-looking statements are based upon reasonable
assumptions, 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 by such
forward-looking statements.
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 and TVIRD 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 statements regarding TVIRD's Balabag operations and rehabilitation and
construction works at Siana are based upon, but are not limited to, TVIRD's past operations,
construction and project development experience in the region and in such terrain, current and
previous exploration activities, discussions with third parties, the availability of financing and
TVIRD's overall plans, budget and strategy for Balabag and Siana (which are all subject to
change). The forward-looking statements include information relating to the ramping-up of
production at Balabag and rehabilitation and development works at Siana.
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 material change report 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, 2021
, which was filed on SEDAR on
April 28, 2022
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/August2022/29/c0632.html
%SEDAR: 00001837E
For further information:
Patrick Hanna, Chief Financial Officer, TVI Pacific Inc., Phone: 403-265-
4356, E-mail: [email protected]
CO: TVI Pacific Inc.
CNW 07:00e 29-AUG-22