TVI Pacific 30.66% Owned TVIRD Balabag Gold and Silver Project Completes Phase 5A Drilling and Commences Phase 5B
TVI Pacific 30.66% Owned TVIRD Balabag
Gold and Silver Project Completes Phase 5A
Drilling and Commences Phase 5B
TSX-V:
TVI
OTC Pink:
TVIPF
CALGARY, AB
,
Aug. 4, 2021
/CNW/ - TVI Pacific Inc. (TSXV: TVI) (OTCPINK: TVIPF) ("
TVI
" or
"
the Company
") is pleased to provide an update of exploration activities at the Balabag gold and
silver project ("
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.
HIGHLIGHTS
:
16 drill holes with a total meterage of 2,155.45 meters have been completed through the Phase
5A drilling program and include:
6.71 g/t gold and 147.25 g/t silver
over 5.00 meters of drill intercept from drillhole BLDH-
21-385 in Lalab.
5.40 g/t gold and 25.97 g/t silver
over 3.45 meters of drill intercept from drillhole BLDH-
21-381 and a further
5.59 g/t gold and 112.77 g/t silver
over 7.00 meters of drill intercept
from drillhole BLDH-21-384 in the Miswi Area.
2.84 g/t gold and 76.78 g/t silver
over 4.70 meters of drill intercept from drillhole BLDH-
21-387 in West Tinago.
4.32 g/t gold and 110.98 g/t silver
over 4.90 meters of drill intercept from drillhole BLDH-
21-389 in South Tinago.
4.54 g/t gold and 10.63 g/t silver
over 1.60 meters of drill intercept from drill hole BLDH-
21-382 in the Oracoy area, indicating potential extension of the Balabag deposit to the
southwest portion of Tinago and west of Lalab.
A total of 398 drill holes with a total meterage of 43,317.05 meters have been completed since
November 2005
through to completion of the Phase 5A drilling program in
May 2021
.
Drilling at Balabag continues with the commencement of Phase
5B
, including:
Five (5) rigs currently onsite.
Twenty-seven (27) holes expected to be drilled with an estimated meterage of 4,155
meters.
Mr.
Cliff James
, Chairman and CEO of TVI and Chairman of TVIRD stated, "Phase 5A drilling
results continue to demonstrate potential for additional gold mineralization laterally, near surface and
at depth, all of which may potentially add to the estimated mineral resource reported in the NI 43-
101 Mineral Resource Update filed on SEDAR on
July 20
, 2021. Particularly exciting is that current
drilling continues to show extension of the Lalab vein system and the potential extension of veins to
the east at Miswi and to the west at Tinago as well as new target resource potential at the southern
portion of Tinago and the Oracoy area, all of which we have now started to explore further in our
Phase
5B
drilling program."
Phase 5A Drill Results
:
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 project is situated approximately 75 kilometers (47 miles) east-northeast of
TVIRD's Canatuan mine and TVI announced on
November 22, 2019
that TVIRD had determined to
advance Balabag towards commercial production and was progressing with various development
works. Commissioning works at the Balabag plant are now well underway in addition to final
completion of Stage 1 of the tailings storage facility.
The Balabag Project Phase 5A drilling program was completed on
May 16, 2021
and included a
total of 16 holes with overall meterage of 2,155.45 meters drilled at the Lalab, Miswi, Tinago,
Oracoy and Daguman areas. Since TVIRD commenced its own drilling program at Balabag in
November 2005
, it has completed 398 drillholes with an aggregate meterage of 43,317.05 meters.
Phase 5A drilling results have not 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 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.
Nine (9) drillholes were completed to test the extension of known main veins in the Balabag Hill.
Significant intercepts from the Phase 5A drilling, targeting Tinago, Miswi and Lalab veins in the main
Balabag Hill, are presented in the table below:
Hole Number
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
LITHO
BLDH-21-379
147.15
148.35
1.20
0.77
0.99
BX1
BLDH-21-385
131.95
132.25
0.30
1.19
0.53
FLT
BLDH-21-385
196.80
201.80
5.00
6.71
147.25
BX3
BLDH-21-385
207.30
211.25
3.95
1.25
2.70
BX2
BLDH-21-381
42.95
44.35
1.40
0.41
8.01
QSW
BLDH-21-381
64.20
65.75
1.55
0.62
0.10
IDAC
BLDH-21-381
74.35
77.80
3.45
5.40
25.97
BX2
BLDH-21-384
71.35
78.35
7.00
5.59
112.77
BX2
BLDH-21-380
99.00
101.45
2.45
2.20
52.29
BX3
BLDH-21-380
115.00
115.85
0.85
0.84
28.43
BX2
BLDH-21-380
127.80
129.70
1.90
0.43
2.35
QSX1
BLDH-21-380
134.10
134.35
0.25
0.66
35.16
BX2
BLDH-21-380
139.60
141.45
1.85
0.28
1.60
BX1
BLDH-21-386
95.40
96.50
1.10
0.29
5.47
QSX1
BLDH-21-386
127.15
128.70
1.55
2.23
53.47
BX2
BLDH-21-387
77.90
79.80
1.90
0.65
0.79
QSW
BLDH-21-387
102.30
103.40
1.10
1.96
48.40
BX3
BLDH-21-387
106.10
106.30
0.20
0.42
12.42
FLT
BLDH-21-387
107.30
108.90
1.60
0.43
0.87
SHR
BLDH-21-387
119.90
124.60
4.70
2.84
76.78
BX2
BLDH-21-387
126.30
128.85
2.55
0.79
4.43
BX1
BLDH-21-387
134.90
138.60
3.70
0.83
8.97
BX2
BLDH-21-387
145.60
146.00
0.40
0.67
2.83
BX2
BLDH-21-388
112.20
115.40
3.20
1.20
46.72
BX2
BLDH-21-388
116.50
117.45
0.95
0.51
19.28
QSX1
BLDH-21-388
136.75
137.05
0.30
0.71
0.65
FLT
BLDH-21-389
7.90
12.80
4.90
4.32
110.98
QSW
BLDH-21-389
15.13
18.22
3.09
2.50
10.97
QSW
BLDH-21-389
99.45
99.90
0.45
1.29
0.05
BX1
Two (2) holes were drilled at the Oracoy area, located immediately southwest of the Tinago vein.
Significant intercepts from the Phase 5A drilling in Oracoy are shown in the following table:
Hole Number
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
LITHO
BLDH-21-382
21.40
23.40
2.00
0.24
3.46
QSW
BLDH-21-382
25.50
27.32
1.82
1.00
2.80
QSW
BLDH-21-382
30.75
32.15
1.40
0.61
8.30
QSW
BLDH-21-382
37.15
38.30
1.15
0.61
3.28
BX1
BLDH-21-382
42.75
44.10
1.35
0.41
2.56
BX1
BLDH-21-382
47.90
49.50
1.60
4.54
10.63
QSX1
BLDH-21-382
60.60
61.30
0.70
0.46
19.50
ANFL
BLDH-21-383
38.35
39.34
0.99
0.40
2.08
QSX1
BLDH-21-383
62.15
62.90
0.75
3.86
7.17
QSX1
BLDH-21-383
64.55
65.55
1.00
0.72
3.47
QSX1
BLDH-21-383
77.50
78.20
0.70
2.69
6.13
FLT
Completing the Phase 5 drilling program, a further five (5) drillholes were drilled at Daguman area,
located north of Balabag Hill. Drill intercepts with notable gold grades are presented below:
Hole Number
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
LITHO
BLDH-21-390
41.10
41.60
0.50
0.46
3.20
ANFL
BLDH-21-391
6.10
7.98
1.88
0.27
4.26
QSW
BLDH-21-391
40.35
42.10
1.75
2.06
0.56
BX1
BLDH-21-392
0.00
1.96
1.96
0.42
0.15
SOL
BLDH-21-392
2.60
3.05
0.45
0.60
0.05
BX1
BLDH-21-392
15.90
16.95
1.05
0.53
0.15
QSX1
BLDH-21-393
1.50
3.00
1.50
0.52
34.96
QSX1
Five drillholes in the Tinago area returned gold assays above 1 g/t Au, showing mineralized vein
continuity directly to the west and southern portion of the deposit. Vein extension to the west of
Tinago was confirmed with drillholes BLDH-21-380, BLDH-21-386, BLDH-21-387 and BLDH-21-388.
A significant average gold grade of 2.84 g/t Au with total meterage of 4.70 meters was intersected
with BLDH-21-387, starting at depth of 119.90 meters. Drillhole BLDH-21-389 which was drilled at
the South Tinago area yielded notable assays at shallow depth of 7.90 meters and 15.13 meters,
yielding 4.32 g/t Au and 2.50 g/t Au, respectively. A narrow intercept of 0.45 meters with average
grade of 1.29 g/t was recorded at depth of 99.45 meters. High gold intercepts were also reported
from BLDH-21-385 which is situated in Lalab. Core samples collected from 196.80 meters to
201.80 meters produced an average of 6.71 g/t Au and 147.25 g/t Ag while another 3.95-meter
intercept with 1.25 g/t Au and 2.70 g/t Ag was intersected at depth of 207.30 meters. At the Miswi
area, BLDH-21-381 produced an assay of 5.40 g/t Au and 25.97 g/t Ag at 74.35 meters to 77.80
meters. BLDH-21-384 intersected a 7-meter thick vein intercept, yielding an average of 5.59 g/t Au
and 112.77 g/t Ag at depth of 71.35 meters.
In the Oracoy area, BLDH-21-382 returned an average grade of 4.54 g/t Au and 10.63 g/t Ag from a
depth of 47.90 meters to 49.50 meters. This intercept indicates potential extension of the Balabag
deposit to the southwest portion of Tinago and west of Lalab.
At the Daguman area, drill core intercept with a total meterage of 1.75 meters, averaging 2.06 g/t
Au and 0.56 g/t Ag was reported at depth of 40.35 meters.
The results of the Phase 5A 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 and the Oracoy area.
Drilling results from the Daguman area also indicate the occurrence of shallow, oxidized enriched
gold mineralization further to the northern portion of the Balabag Hill.
Phase
5B
Drilling Program Commences:
Further to the results provided through the Phase 5A drilling program, TVIRD has mobilized five (5)
drill rigs and commenced the Phase
5B
drilling program on
July 17
, 2021. Twenty-seven (27) holes
are expected to be drilled in this program with an estimated meterage of 4,155 meters. The focus
of Phase
5B
is to test and prove the potential deeper orebodies at Lalab, Miswi and West and South
Tinago. The Phase
5B
drilling program together with assays and reporting is currently expected to
be completed in Q4 2021.
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 project in addition to 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.
AMVI has shipped a total of 17.44 million wet metric tonnes of nickel laterite ore through 320
shipments through to
June 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 and a 2.95% equity
interest in Integrated Green Energy Solutions Ltd., a publicly listed company incorporated in
Australia
with shares listed on the ASX (but currently suspended since
January 2020
and subject to
an order for winding up). 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 capital budget (which is 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/August2021/04/c1986.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 07:00e 04-AUG-21