CALGARY, AB, July 20, 2021 /CNW/ - TVI Pacific Inc. (TSXV:
TVI) (OTC Pink: TVIPF) ("TVI" or "the Company") is
pleased to announce that TVI Resource Development Phils., Inc.
("TVIRD") has completed an updated mineral resource estimate
in relation to the Balabag Gold and Silver Project
("Balabag" or "the Balabag project"). Balabag
is 100% owned by TVIRD, a Philippines corporation in which TVI holds a
30.66% interest. A technical report supporting the updated
mineral resource estimate has been prepared in accordance with
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects of the Canadian Securities Regulators ("NI
43-101") and is available on SEDAR at www.sedar.com and on
TVI's website (the "Technical Report").
Certain statements in this news release constitute
forward-looking statements, including statements respecting current
development and further exploration activities at Balabag.
Readers should refer to the cautionary statement that appears at
the end of this news release.
Balabag Project Updated NI 43-101 Highlights
- Total estimated Measured and Indicated Mineral Resource of 4.35
million tonnes at 1.79 g/t Au and 43.08 g/t Ag for 2.36 grams per
tonne gold equivalent ("g/t AuEq"), which approximates an
equivalent 331,000 AuEq oz, at a cut-off grade of 0.4 g/t
AuEq.
- Total estimated Inferred Resource of 141,000 tonnes at 2.78 g/t
Au and 64.11 g/t Ag for 3.63 g/t AuEq, at a cut-off grade of 0.4
g/t AuEq.
- Reported results are based on 382 drillholes (for a total of
41,161.60 meters drilled) completed between November 2005 and December
2020.
- Drilling has continued in 2021 with a further eighteen (18)
holes completed, the results of which are currently being
analyzed. The current focus has been to test and prove the
potential deeper mineralized bodies at Lalab, Miswi and West Tinago
as well as the shallower lateral extension of West Tinago and
shallow Daguman prospect located to the north of Balabag
Hill.
Updated NI 43-101
TVI has filed on SEDAR the updated NI 43-101 Technical Report
entitled "NI 43-101 Exploration Results and Mineral Resource Update
Report on the Balabag Gold-Silver Project". The report was
prepared by Mr. Jaime C. Zafra,
BSGeo. PGeo. FAusIMM, an independent consultant with significant
experience in the style of gold and silver deposition in
the Philippines and other
epithermal gold-silver deposits in Laos, Indonesia and Papua New Guinea. Mr.
Zafra is a Fellow of the Australasian Institute of Mining and
Metallurgy.
In addition to a site visit to examine mineralization in the
explored areas and to review the drilling and sampling conducted as
well as the assaying of gold and silver procedures, Mr. Zafra has
relied on historical exploration data provided by TVIRD and on an
earlier NI 43-101 report on resource estimates authored by P.J
Lafleur of Geo-Conseil Inc. in 2007 and an updated resource report
prepared by C.P. Smyth of Georeference Online Ltd.
("Georeference") in 2012, both of which are filed on SEDAR
under the Company's profile. The 2007 Lafleur and 2012 Georeference
technical reports are no longer current and should not be relied
upon. A total of 382 diamond drillholes with a cumulative meterage
of 41,161.60 meters was entered into the Balabag Project database
as of December 2020 and has been used
to update the resource model as presented in this updated NI 43-101
Technical Report. This represents a further 109 drillholes
that have been added to the Balabag Project database since the NI
43-101 technical report produced by Georeference.
Together with the diamond drilling, detailed geological mapping
and outcrop sampling have confirmed the presence of mineralized
bodies within the east-west trending epithermal vein system in
Balabag. Three major quartz vein systems have been identified
in the area: Tinago-Unao-Unao-Yoyon to the north; Miswi in
the east; and Lalab to the south.
The mineral resource was estimated using a conventional
geostatistical block modeling approach constrained by
mineralization wireframes. Geostatistical analysis, capping,
variography and estimation were conducted on the in-situ gold and
silver data.
The estimated Measured and Indicated Mineral Resource for the
Balabag Gold-Silver Project using a cut-off grade of 0.4 g/t AuEq
is 4.35 million tonnes at 1.79 g/t Au and 43.08 g/t Ag for 2.36 g/t
AuEq. This is equivalent to an approximate 331,000 AuEq oz at
metal prices of US$1,500/oz Au and
US$20/oz Ag. The estimated
Inferred Resource is 141,000 tonnes at 2.78 g/t Au and 64.11 g/t Ag
for 3.63 g/t AuEq, using a cut-off grade of 0.4 g/t AuEq
The overall Mineral Resource as of May
15, 2021 is presented in the following table.
Category
|
Tonnage
|
Au
(g/t)
|
Ag
(g/t)
|
AuEq
(g/t)
|
AuEq
(oz)
|
Measured
|
3,016,143
|
1.80
|
50.80
|
2.48
|
241,000
|
Indicated
|
1,338,029
|
1.74
|
25.69
|
2.08
|
90,000
|
Total
|
4,354,172
|
1.79
|
43.08
|
2.36
|
331,000
|
|
|
|
|
|
|
Inferred
|
140,919
|
2.78
|
64.11
|
3.63
|
16,000
|
The foregoing is a summary only of information contained in the
full Updated NI 43-101 and represents an estimate; actual results
may differ materially. Readers should refer to the full
Updated NI 43-101 for more detail concerning the information
summarized in this news release.
Several methods were used to determine the resource category in
the updated NI 43-101 Technical Report. Blocks generated
within 25 to 50 meter-drill-spacing were classified as Indicated
Resource while blocks within 25 meter-drill-spacing were coded as
Measured Resource. The average drill spacing in the Balabag
project is within 25 to 50 meters and the majority of the resource
blocks fall within the Measured and Indicated categories.
Inferred blocks were generated in areas with significant gold
intercepts, where more drilling is required to better define a
resource category.
As reported in the Company's exploration update announced on
February 25, 2021, and again on
May 3, 2021, the Phase 5A drilling
program commenced in the second week of March 2021 and has now been completed.
Eighteen (18) holes were drilled, and the results are currently
being analyzed. The focus of the Phase 5A drill program was
to test and prove the potential deeper mineralization at Lalab,
Miswi and West Tinago as well as the shallower lateral extension of
West Tinago and shallow Daguman prospect located to the north of
Balabag Hill. A further Phase 5B drilling program is currently being
considered.
"We are pleased to have filed the Technical Report that supports
the recent mineral resource update on Balabag. Recent
drilling has focused on improving our geological confidence in the
mineralized body and it is a welcomed reward to see an increase in
the size of the resource expanding our current measured and
indicated resource base to 331,000 AuEq and inferred resources
to 141,000 tonnes at 3.63 g/t AuEq", stated Cliff James, Chairman and CEO of TVI and
Chairman of TVIRD. "TVIRD has advised that its current plan
is to expand its exploration efforts, as drilling to date has been
predominantly shallow and, as noted in the Company's news release
of May 3rd, 2021,
management of TVIRD believes that there is potential for additional
gold mineralization as has been identified at depth in addition to
laterally and near surface."
Qualified Person
The Qualified Person responsible for the technical content of
this news release is Mr. Jaime C.
Zafra, BSGeo. PGeo. FAusIMM, an independent consultant with
42 years of experience in the field of geology, mineral exploration
and mineral resource estimation, project development, mineral
resource / reserve modelling and studies and mineral property
evaluation. Mr. Zafra has significant experience in the
style of gold and silver deposition in the Philippines and other epithermal
gold-silver deposits in Laos,
Indonesia and Papua New
Guinea. Mr. Zafra is acting as the Qualified Person in
compliance with NI 43-101 as a Fellow of the Australasian Institute
of Mining and Metallurgy. Mr. Zafra is also an Accredited
Competent Person with the Geological Society of the Philippines and has considerable
involvement and significant experience with gold-silver, nickel and
iron projects.
About Balabag
TVIRD owns 100% of Balabag which covers a 4,779 hectare Mineral
Processing Sharing Agreement ("MPSA", MPSA No. 086-1997-IX)
located within the municipalities of Bayog, Zamboanga Del Sur and
Zamboanga Sibugay Province, Island of Mindanao, Philippines.
On September 19, 2019, TVIRD
commenced the renewal process of the Balabag MPSA, which will
expire on November 19, 2022, and on
March 19, 2021, Secretary
Roy A. Cimatu of the Department of
the Environment and Natural Resources issued an Order approving the
renewal of the Balabag MPSA for another twenty-five (25) year
period through to November 20,
2047.
Development works are continuing at Balabag since TVI announced
on November 22, 2019, that TVIRD had
determined to advance the project towards commercial
production. Commissioning of the front-end circuits commenced
in December 2020 and as at the
current date the carbon-in-leach ("CIL") tanks have been
loaded with activated carbon and leaching at the CIL tanks is
ongoing. Ore is now being fed from low grade run of mine
("ROM") ore stockpile on a test basis in preparation for the
commencement of continuous milling operations. Infrastructure
has been constructed, including the gold room, power plant, water
supply, the assay and metallurgical laboratory, explosives
magazine, helipad, warehouse and shops, offices, accommodation
facilities, mine roads and other access roads. Completion of
the Tailings Storage Facility ("TSF") remains as the
critical path to bringing the Balabag Mine online with first doré
production, which is being constructed in stages to accommodate
progressively increasing resources as they are defined. It is
expected that tailings deposition in the first phase, Stage 1, will
commence in the third quarter of 2021 with the commissioning and
operation of the processing plant.
TVI Pacific 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.
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:
(1) statements regarding TVIRD's plans for further drilling at
Balabag for which a specific plan and timeline have not yet been
determined; (2) statements regarding ongoing development works at
Balabag and preparations for the commencement of continuous milling
operations; (3) statements regarding the tailings storage facility
at Balabag; and (4) statements regarding the commencement of
tailings deposition and commissioning and operation of the
processing plant at Balabag.
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.
Forward-looking information respecting ongoing development works
at Balabag and preparations for the commencement of continuous
milling operations, is based upon various factors and assumptions
including completion of Stage 1 of the tailings storage facility,
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 ongoing development
works and the absence of any unforeseen issues arising from such
public health crises as the COVID-19 pandemic that may require the
quarantine of workers and/or their inability to travel to or from
Balabag or result in the closure of transportation routes and
delays in delivery of required materials and supplies.
Forward-looking information respecting the tailings storage
facility at Balabag, is based upon various factors and assumptions
including accuracy of design and construction, the availability of
skilled labour and equipment to undertake required construction,
the absence of extreme weather conditions and forces of nature that
may make work areas inaccessible during the time of development,
soil conditions and slope stability.
Forward-looking information respecting commencement of tailings
deposition and commissioning and operation of the processing plant
at Balabag, is based upon various factors and assumptions including
completion of Stage 1 of the TSF, 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 ongoing development works, the proper
functioning of all equipment and infrastructure that has been
installed and constructed, and the absence of any unforeseen issues
arising from such public health crises as the COVID-19 pandemic
that may require the quarantine of workers and/or their inability
to travel to or from Balabag or result in the closure of
transportation routes and delays in delivery of required materials
and supplies, and the like.
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.
Forward-looking information respecting the content of the
Updated NI 43-101 is based upon various assumptions and factors
including exploration and development work completed to date at
Balabag. Readers are cautioned that mineral resources that
are not mineral reserves do not have demonstrated economic
value.
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.