CALGARY, AB, May 3, 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 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:
- 35 drill holes with a total meterage of 2,866.50 meters have
been completed through the Phase 4 drilling program and
include:
-
- 4.25 g/t gold and 102.36 g/t silver over 11.15 meters of
drill intercept from drill hole BLDH-20-351R1 in West Tinago.
- 15.60 g/t gold and 493.92 g/t silver over 8.55 meters of
drill intercept from drill hole BLDH-20-351R2 in West Tinago.
- 15.58 g/t gold and 515.57 g/t silver over 2.50 meters of
drill intercept, and a further 8.55 g/t gold and 134.13 g/t
silver over 2.85 meters of drill intercept and 9.39 g/t
gold and 222.74 g/t silver over 2.70 meters of drill intercept
from drill hole BLDH-20-253 in the Miswi Area.
- 8.62 g/t gold and 127.33 g/t silver over 0.4 meters of
drill intercept at a depth of 136.85 meters in Lalab, indicative of
continuing gold mineralization at depth, from drill hole
BLDH-20-354.
- 15.98 g/t gold and 180.98 g/t silver over 1.25 meters of
drill intercept from drill hole BLDH-20-378 in east Tinago.
- A total of 382 drill holes with a total meterage of 41,161.60
meters have been completed since November
2005 through to December
2020.
- Drilling at Balabag continues with four (4) rigs currently
onsite.
Mr. Cliff James, Chairman and CEO
of TVI and Chairman of TVIRD stated, "The latest results from our
ongoing exploration program are excellent and are consistent with
our strategy of continuing to expand our Balabag resource base to
support growth of the Balabag Mine and the project portfolio of
TVIRD. Current drilling has demonstrated the potential for
additional gold mineralization laterally, near surface and at
depth. It should be noted that drilling so far has been
predominantly shallow such that there appears to be good potential
for mineralization to be encountered at deeper levels than have
been tested to date. TVIRD is currently incorporating these
Phase 4 results into an updated NI 43-101 compliant resource
estimate to better define the Balabag mineral resources as we
continue with pre-commissioning of the Plant in preparation for the
commencement of continuous milling operations."
Drill Results:
TVIRD owns 100% of Balabag which covers a 4,779-hectare Mineral
Processing 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.
TVIRD commenced its own drilling program at Balabag in
November 2005 and has continued
exploration through to the current date, completing 382 drill holes
with a total meterage of 41,161.60 meters as at December 31, 2020. This is inclusive of the
Phase 4 drilling program that was completed in December 2020 and included 35 drill holes and a
total meterage of 2,866.50 meters drilled at Lalab, Miswi, Tinago
and Mossad areas.
The following table shows the significant intercepts from the
Phase 4 drilling program:
Drill holes BLDH-20-351R1 and BLDH-20-351R2 are located in the
West Tinago area. Significant gold and silver intercepts were
recorded starting at a depth of 67meters. A drill intercept
with core length of 11.15 meters from BLDH-20-351R1 returned an
average of 4.25 g/t Au and 102.3 g/t Ag. Consequently,
BLDH-20-351R2 yielded a continuous aggregate of 8.55 meters with
average of 15.60 g/t Au and 493.9 g/t Ag.
High gold and silver intercepts were also reported from
BLDH-20-353 which is situated in the Miswi area. A 2.6 meter
interval from this drillhole produced an average grade of 15.58 g/t
Au and 515.6 g/t Ag starting at 61.15 meters. At 74.65
meters, another 2.85 meter intercept recorded an average of 8.55
g/t Au and 134.1 g/t Ag. Drill core intercept with a total
meterage of 2.7 meters, averaging 9.39 g/t Au and 222.7 g/t Ag was
also reported at a depth of 107.40 meters.
Meanwhile, another significant intercept at a depth of 136.85
meters in the Lalab Area resulted to 8.62 g/t Au and 127.3 g/t Ag
average grades with BLDH-20-354. While the core length is
only 0.4 meters, it indicates the continuity of gold mineralization
at depth.
The remaining significant intercepts from Phase 4 drilling range
from 0.6 to 4.0 g/t Au with core length ranging from 0.4 meters to
5 meters.
The occurrence of high-grade gold and silver intersections
determined through Phase 4 drilling provide more geological
information that suggests potential for defining the extension of
gold and silver mineralization towards the western side of the
deposit at Tinago and at deeper levels of the Lalab and Miswi
areas.
Quality Assurance / Quality Control:
All drill core samples were prepared and analyzed at the
Company's Balabag Mine Laboratory, an independent laboratory of the
company 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 Au was
re-run by fire assay method with gravimetric finish.
In addition to internal laboratory standards, the geology
department has continued to insert their own standards, duplicates
and blank samples into the sample stream at a frequency of one in
twenty to monitor quality control.
The results of QA/QC samples did not show any significant bias
of analysis or contamination during sample preparation and
laboratory analysis.
Next Steps:
As reported in the Exploration Update announced on February 25, 2021, the Phase 5A drilling program
commenced in the second week of March
2021. Eighteen (18) holes are expected to be drilled in this
part of the program with an estimated total meterage of 2,200
meters. The focus of Phase 5A is to test and prove the
potential deeper orebodies at Lalab, Miswi and West Tinago as well
as to test the shallow Daguman prospect located to the north of
Balabag Hill. The Phase 5A drilling program together with
assays and reporting is currently expected to be completed in Q2
2021.
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. It operates under the highest
standards of health and safety practices for its workers and its
host community; and is uncompromising in its best-practices
approach to environmental protection as well as community
development. 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 16.73
million wet metric tonnes of nickel laterite ore through 307
shipments through to March 31,
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). Integrated Green Energy Solutions Ltd. is engaged in
the commercialization of technologies to convert waste plastics to
fuel in Australia and
internationally. 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 656,537,039 outstanding common shares and 696,887,039 fully
diluted including the currently issued outstanding options of
40,350,000.
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.
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 contract 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 statements regarding TVIRD's development
works at Balabag are based upon, but are not limited to, TVIRD's
past 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 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, 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.