Update of Activities at TVI Pacific's 30.66% owned TVIRD Balabag Gold and Silver Mine
Update of Activities at TVI Pacific's 30.66%
owned TVIRD Balabag Gold and Silver Mine
CALGARY, AB
,
April 4, 2024
/CNW/ - TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) ("
TVI
" or
"
the Company
") is pleased to provide an update of operating 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.
HIGHLIGHTS
:
Since start-up, and through to
February 29, 2024
, eighty-seven (87) doré shipments have been
completed containing 82,670 ounces of Au and 1,670,636 ounces of Ag for 101,840 gold
equivalent ounces (
"
AuEq oz"
).
In the current year, and through to
February 29, 2024
, seven (7) doré shipments containing
7,090 ounces of Au and 87,269 ounces of Ag for 8,164 AuEq oz have been completed.
A further five (5) shipments have been completed since
February 29, 2024
, bringing the total
number of completed doré shipments to ninety-two (92) in the approximate amount of 105,529
AuEq oz.
Average mill throughput in
March 2024
has been 2,196 tonnes per day (
"t/d"
) and 1,947 t/d
year-to-date.
The Phase 7 exploration program has commenced and through to
March 31, 2024
, ten (10)
drillholes have been completed with a further three (3) ongoing for a total meterage-to-date of
1,096.50 meters.
"Balabag continues to be the current pride and award-winning example of responsible mining
operations among the TVIRD portfolio and has helped to set the baseline for other projects such as
the Siana Gold mine. We are pleased that Balabag has to date completed 92 doré shipments and
has since
September 2022
maintained a schedule of 3 to 4 shipments per month", said Mr.
Cliff
James
, Chairman and CEO of TVI and Chairman of TVIRD, "We look forward to continuing to
expand the portfolio of operating mines held by TVIRD and to further exploration activities
particularly at Balabag so to 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."
TVIRD Mining Update
:
Balabag Gold Mine
Since the start-up of production in
July 2021
and through to
February 29, 2024
, TVIRD has
completed eighty-seven (87) shipments of gold doré from its 100%-owned Balabag gold and silver
mine. Balabag covers a 4,779-hectare Mineral Production Sharing Agreement ("
MPSA
", MPSA No.
086-97-IX with expiry date
November 20, 2047
) located within the Municipality of Bayog, Province of
Zamboanga del Sur and Municipalities of Diplahan and Kabasalan, Province of Zamboanga Sibugay,
Mindanao, Philippines.
For the two months ended
February 29, 2024
, Balabag completed seven (7) shipments that
contained 7,090 ounces of Au and 87,269 ounces of Ag for 8,164 AuEq oz, generating gross
revenue of US
$15.9 million
(
February 28, 2023
: US
$11.6 million
) with an average Au price of US
$2,034.05
and Ag price of US
$22.81
.
Since Start-up of
Production: July 2021
to Feb.29.2024
Current Year:
Jan.31.2024 to
Feb.29.2024
One Month ended
Feb.29.2024
Number of Shipments
87
7
4
Gold doré
(kg)
56,382
3,048
1,930
Gold
(oz)
82,670
7,090
4,310
Silver
(oz)
1,670,636
87,269
55,548
Gold Equivalent
(oz)
101,840
8,164
4,994
A further five (5) shipments have been completed since
February 29, 2024
, and through to the date
of this press release, bringing the total number of shipments since completion of the first shipment
on
September 30, 2021
, to 92 shipments in the amount of 105,529 AuEq oz.
The average processing rate at the Balabag gold processing plant in the two (2) months ended
February 29, 2024
, was 1,819 t/d while plant availability was 91%. Head grades for the two (2)
months ended
February 29, 2024
, averaged 2.23 g/t Au and 32.27 g/t Ag with recoveries at 95% for
Au and 82% for Ag.
A focus to optimize the operation has continued and has thus far resulted in a significant increase in
recoveries and plant availability, as reflected in the following table:
Year ended
Year ended
Year ended
2 months ended
December 31, 2021
December 31, 2022
December 31, 2023
February 29, 2024
(average)
(average)
(average)
(average)
Gold
Silver
Gold
Silver
Gold
Silver
Gold
Silver
Head Grade
1.91 g/t
69.58 g/t
1.88 g/t
62.24 g/t
1.38 g/t
25.62 g/t
2.23 g/t
32.27 g/t
Recoveries
87.91 %
69.22 %
88.11 %
63.79 %
93.00 %
77.18 %
95.05 %
81.95 %
Mill Throughput
1,151 tonnes per day
1,797 tonnes per day
2,186 tonnes per day
1,819 tonnes per day
Plant
Availability
76 %
86 %
85 %
91 %
Average mill throughput for the two months ended
February 29, 2024
, was below average mill
throughput for the twelve months ended
December 31, 2023
, due to maintenance activities and
water shortages caused by the El Niño phenomenon that resulted in below-normal rainfall
conditions. Through to
March 30, 2024
, average mill throughput has ramped back up to 2,196 t/d
month-to-date and 1,947 t/d year-to-date.
The cash cost per ounce for the two months ended
February 29, 2024
, was US
$1,236
per AuEq oz
(twelve (12) months ended
December 31, 2023
, was US
$1,443.75
per AuEq oz) and the All-in Cost
averaged for the two months ended
February 29, 2024
, was US
$1,508.01
per AuEq oz (twelve
(12) months ended
December 31, 2023
, was US
$1,900.54
AuEq oz)
TVIRD has commenced the Phase 7 exploration program and through to
March 31, 2024
, ten (10)
drillholes have been completed with a further three (3) ongoing for a total meterage-to-date of
1,096.50 meters, representing 23.89% of the total 4,590 meterage target. This program is focused
on the Lalab, Miswi and Tinago areas.
TVIRD has thus far made twelve (12) payments against the 5-year term loan with China Banking
Corporation (
"Facility"
), reducing the outstanding principal loan balance of the US
$28.5 million
Facility to approximately US
$5.7 million
. The purpose of the Facility has been to finance
development activities at Balabag.
As announced on
September 5, 2023
, TVIRD closed an additional short-term loan with China
Banking Corporation in the amount of US
$14 million
, the proceeds of which have been used for
working capital purposes and further optimization of the Balabag processing plant. This short-term
loan has a term of 357 days and interest calculated on the full amount drawn is to be paid monthly.
The interest rate has been set at 6.75% per annum. This short-term loan was fully drawn down on
September 1
, 2023.
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 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: (1) TVIRD's Balabag operations and related optimization
works including improvements to, but not limited to, throughput, recoveries and plant availability;
(2) the results of completed and possible future exploration activities, are based upon, but are not
limited to, TVIRD's past exploration, 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
(which are all subject to change).
The Company wishes to clarify that in making the decision to put Balabag into production, TVIRD,
a Philippine corporation that the Company does not control, relied exclusively on technical and
economic analysis prepared under Philippine regulations and did not rely on any feasibility study
classifying mineral reserves prepared in accordance with NI 43-101. Historically such projects
have a much higher risk of economic and technical failure.
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/April2024/04/c9471.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 09:43e 04-APR-24