TVI Pacific Provides an Update of Restart Activities at TVIRD's 100% owned GRC Siana Gold Mine
TVI Pacific Provides an Update of Restart
Activities at TVIRD's 100% owned GRC Siana
Gold Mine
CALGARY, AB
,
April 2, 2024
/CNW/ - TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) ("
TVI
" or
"
the Company
") is pleased to provide an update of restart activities at the Siana Gold Mine
(
"Siana"
). Siana is owned and operated by Greenstone Resources Corporation (
"GRC"
), a 100%
owned subsidiary of the Philippine corporation in which TVI holds a 30.66% interest, TVI Resource
Development Phils, Inc. (
"TVIRD"
). Siana is located in Tubod, Surigao del Norte, approximately 35
kilometers from Surigao City and near to Lake Mainit in the southern
Philippines
island of Mindanao.
HIGHLIGHTS
:
Milling operations have restarted on
March 18
th
, 2024, with an average throughput of 2,300
tonnes per day (
"t/d"
).
Recovery rates have averaged 83% for gold (
"Au"
) and 50% for silver (
"Ag"
) while head
grades have averaged 2.00 grams per tonne (
"g/t"
) for Au and 12.29 g/t for Ag.
Planning for the anticipated underground operation has commenced.
An Environmental Compliance Certificate (
"ECC"
) has been received on
February 28, 2024
, to
construct a solar plant that is expected to help cater to the energy requirement of the Siana
Gold Processing Plant. The project is expected to have a total power generating capacity of
9.90 Megawatts (
"MW"
).
As previously reported, TVIRD/GRC commenced soft-recommissioning and rehabilitation of the mill
in
December 2022
after the plant had stood idle through a long period of care and maintenance
since the decision of Red 5 Limited/GRC Siana to suspend operations in April 2017. During the soft-
recommissioning stage the low-grade stockpile of mineralized material was used and a total of
365,249 tonnes of low-grade mineralized material with an average grade of 0.68 g/t Au and 4.37 g/t
Ag was milled, averaging a plant utilization of 64% and an average throughput of 2,200 t/d. The
drawdown of the low-grade stockpile was managed to align with the restart of mine development
and the removal of a large amount of waste located above the target high-grade ore required for
continuous mining operations. The mill was temporarily again shutdown in early
August 2023
for
further rehabilitative works but through to that time and through to
February 29, 2024
, a total of 699
kg of doré containing 6,466 oz of Au and 15,538 oz of Ag had been smelted and shipped.
Milling operations resumed on
March 18, 2024
, and through to
March 30, 2024
, a total of 29,900
tonnes of mill feed has run through the mill at an average throughput of 2,300 t/d for the thirteen (13)
running days ended
March 30
, 2024. Milling was raised to higher throughput than planned to test
the maximum capacity of the plant. During the said duration, mill throughput reached a maximum of
3,000 t/d. In its first 277 hours of run time since the mill resumed operations, recovery rates for the
carbonaceous limestone ore have averaged 83% for Au and 50% for Ag while the head grades have
averaged 2.00 g/t for Au and 12.29 g/t for Ag. Recoveries are expected to increase as the mill
stabilizes and the ramp-up of mill throughput is also expected to continue in the coming months as
Siana moves toward commercial production. The nameplate capacity of the GRC Siana Outotec mill
is 1.1 million tonnes per annum.
Mining operations in the open-pit continue to ramp-up and approach a level of sustainable production
as higher-grade ore is exposed. An average total-to-date through
March 29, 2024
, of 1,000 t/d of
ore has been mined and 13,000 t/d of waste has been moved at an average strip ratio of 1:8 (ore to
waste). There is currently an approximate 70,766 tonnes of ore on the run-of-mine (
"ROM"
)
stockpile above the 0.75 g/t Au cut-off grade. The stockpile has an average grade of 2.19 g/t Au
and 9.21 g/t Ag. The current stockpile inventory is composed of 57% carbonaceous limestone ore
and 43% base metal veins. These are the two major mineralized domains identified by the grade
control section.
Planning for the anticipated underground operation has commenced in
March 2024
and rehabilitation
works are set to begin in
April 2024
, starting with rehabilitation and improvement of the Batching
Plant.
On
February 28, 2024
, an ECC was issued to PAVI GREEN COMMERCIAL ROOFTOP, INC. for
construction of a solar plant at Siana. The ECC is valid for a period of 25 years through to
February
28, 2049
. The Siana Gold Tailings Storage Facility No. 4 Ground-Mount Solar Project is expected to
supply renewable energy to the Siana Gold Processing Plant, satisfying an approximate 25% of its
estimated energy needs. The project is expected to have a total power generating capacity of 9.90
MW through 14,196 solar panels. Commercial production of the solar plant is currently expected in
Q3 2024.
TVIRD owns 100% of Siana through its 100%-owned subsidiary, GRC. The mine covers a 3,289
hectares ("
ha
") MPSA (MPSA No. 184-2002-XIII) in addition to 100% of the neighboring 1,482 ha
MPSA No. 280-2009-XIII for the Mapawa Project and the Ferrer Claim (as covered by the
Application for Mineral Production Sharing Agreement No. A000046 and comprising of one Block of
595 ha).
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 operating Balabag gold/silver mine, 100% of
the Siana gold mine and the neighboring Mapawa project (gold), a 60% indirect interest in the Mabilo
project (a copper-gold-iron skarn deposit that offers potential for multi-metal products, namely
copper, gold and silver, with by-products magnetite and pyrite), and a 60% interest in Agata Mining
Ventures Inc. (nickel/iron Direct Shipping Operations ("
DSO")
mine).
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 maintains a strong presence in
the
Philippines
through its 30.66% equity interest in TVIRD, a
Philippines
corporation. Through TVIRD,
TVI has ownership in TVIRD's 100%-owned Balabag gold/silver mine, a currently producing mine,
and is focused on ramping-up to commercial production at TVIRD's recently restarted 100%-owned
Siana gold mine. TVIRD also has in its portfolio of projects its 100%-owned Mapawa project (gold),
a 60% indirect interest in the Mabilo project (a copper-gold-iron skarn deposit that offers potential
for multi-metal products, namely copper, gold and silver, with by-products magnetite and pyrite), and
a 60% interest in Agata Mining Ventures Inc. (nickel/iron DSO mine).
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 the
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 the 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 the restart of operations at TVIRD's Siana Gold Mine
(
"Siana"
) and its ability to reach commercial operation, as well as the ongoing development of
mining operations, the anticipated underground mining and construction and date of commercial
operation of a solar project are based upon, but are not limited to, TVIRD's past operational,
construction and project development experience in the region and in such terrain, the condition of
and ability to restore and/or replace equipment and infrastructure acquired with the acquisition of
Siana, current and previous exploration activities, discussions with third parties, the availability of
financing and TVIRD's overall plans, budget and strategy for Siana (which are all subject to
change).
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, 2022
, which was filed on SEDAR+ on
May 15, 2023
, and is available under the
Company's profile at
www.sedarplus.ca
.
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/April2024/02/c4316.html
%SEDAR: 00001837E
For further information:
Contact Information: Patrick Hanna, Chief Financial Officer, TVI Pacific
Inc., Phone: 403-265-4356, E-mail: [email protected]
CO: TVI Pacific Inc.
CNW 09:34e 02-APR-24