공시 • Aug 30
TVI Pacific 30.66% Owned TVIRD Balabag Gold and Silver Mine Completes Phase 6 Drilling Program
TVI Pacific Inc. provided an update of exploration activities at the Balabag gold and silver mine. Balabag is owned 100% by TVI Resource Development Phils. Inc., a Philippines corporation in which TVI holds a 30.66% interest, and is located in Zamboanga del Sur, Philippines. TVIRD owns 100% of Balabag which covers a 4,779-hectare Mineral Production Sharing Agreement located within the Municipality of Bayog, Province of Zamboanga del Sur and Municipalities of Diplahan and Kabasalan, Province of Zamboanga Sibugay, Mindanao, Philippines. The mine is situated approximately 75 kilometers east-northeast of TVIRD's Canatuan mine. TVI announced on November 22, 2019 that TVIRD had determined to advance Balabag towards commercial production. As part of plant commissioning, Balabag development progressed to the commencement of continuous milling operations in July, 2021 which included the first discharge of tails to Stage 1 of the tailings storage facility. The TSF is being constructed in stages to accommodate progressively increasing resources as they may be defined with the current focus now being the construction of Stage 3. Twenty-four-hour operation of the plant was introduced in late August 2021 and TVIRD has advised that commercial production was achieved at Balabag effective November 1, 2021. The average processing rate at the Balabag plant improved to 1,635 throughput per day for the seven months ended July 31, 2022, with an average of 1,972 tpd through the month of July. Plant availability also improved to 85% for the seven months ended July 31, 2022 and to an average of 93% through July. Head grades for Au and Ag averaged 1.86 g/t and 70.72 g/t, respectively, for the seven months ended July 31, 2022, with recoveries at 88.2% for Au and 59.2% for Ag through the same period. Activities at site continue to be focused on further optimizing the operation. The first shipment of gold doré was completed on September 30, 2021, and to the date of this news release Balabag has completed twenty-two (22) shipments of 23,384 kg of gold doré containing 27,032 ounces of gold and 710,119 ounces of silver for 35,798 gold equivalent ounces. The Balabag Mine Phase 6 drilling program was completed on June 12, 2022 and included a total of 55 drillholes with overall meterage of 4,735.15 meters drilled to test the extension of known main veins in the East Tinago, South Tinago and West Tinago areas of Balabag Hill. Since TVIRD commenced its own drilling program at Balabag in November 2005, it has completed 538 drillholes with an aggregate meterage of 52,256.50 meters. Phase 5A, Phase 5B and Phase 6 drilling results have not yet been included in the most recent Mineral Resource estimate presented in the NI 43-101 Technical Report entitled "NI 43-101 Exploration Results and Mineral Resource Update Report on the Balabag Gold-Silver Project" and filed under the Company profile on SEDAR on July 20, 2021. That Technical Report, dated July 19, 2021, has been based only on drill results collected through to completion of the Phase 4 drilling program in December 2020. Four drillholes in the South Tinago area yielded notable gold assays at shallow depths of 6.25 meters to 37.65 meters. Drillholes BLDH-22-426 returned 15.0 meters of 1.02 g/t Au and 13.42 g/t Ag at a depth of 22.65 to 37.65 meters; BLDH 22-428 yielded 3.90 meters of 1.14 g/t Au and 13.63 g/t Ag at a depth of 23.62 to 27.52 meters; BLDH-22-440 yielded 2.00 meters of 3.20 g/t Au and 20.81 g/t Ag at a shallow depth of 6.25 to 8.25 meters and further yielded 2.80 meters of 8.24 g/t Au and 26.37 g/t Ag at a depth of 17.25 to 20.05 meters; BLDH-22-458 yielded 2.00 meters of 3.40 g/t Au and 2.16 g/t Ag at a depth of 13.40 to 15.40 meters. Vein extension to the west of Tinago was confirmed with drillholes BLDH-22-424 R, BLDH-22-453, BLDH-22-462, BLDH-22-465 and BLDH-22-467 yielding significant gold and silver assays. BLDH-22-424R returned 2.56 g/t Au and 92.28 g/t Ag over 2.70 meters; BLDH-22-453 returned 1.31 g/t Au and 2.54 g/t Ag over 1.30 meters; BLDH-22-462 returned 1.11 g/t Au and 10.27 g/t Ag over 3.70 meters; BLDH-22-465 returned 5.04 g/t Au and 71.93 g/t Ag over 4.05 meters and BLDH-22-467 returned 3.99 g/t Au and 119.04 g/t Ag over 3.30 meters. At East Tinago - Yoyon area, two drillholes yielded significant gold and silver assays at shallow depths. Drillhole BLDH-22-442 returned 22.47 g/t Au and 22.79 g/t Ag over 1.00 meters at a depth of 27.75 to 28.75 meters while drillhole BLDH-22-451 yielded 3.05 g/t Au and 31.66 g/t Ag over 0.80 meters at a depth of 26.05 to 26.85 meters. The results of the Phase 6 drilling program provide more geological information that supports the western extension of the Tinago veins at the West Tinago area and the potential extension of veins to the east at the East Tinago -Yoyon area. New target resource potential was identified at the southern portion of Tinago. Further to the results provided through the Phase 6 drilling program, TVIRD is currently finalizing a Phase 7 program that includes additional in-fill, step-out and vein extension resource drilling and follow-up mapping of Balabag and its immediately surrounding area. This program is expected to commence in late 2022. The primary focus of this program will be to more thoroughly explore and further define resources within an expanded ultimate pit and is to include lateral and down dip continuity of the West Tinago vein system, the southeast extension of South Tinago stockwork zones and the down dip continuity of the East Miswi and Lalab vein system.