CALGARY, Oct. 18, 2019 /CNW/ - TVI Pacific Inc.
(TSX-V: TVI) (OTC Pink: TVIPF) ("TVI" or "the
Company") is pleased to announce that TVI Resource Development
Phils., Inc. ("TVIRD"), a Philippines corporation in which TVI holds a
30.66% interest, has filed an updated National Instrument 43-101
("Updated NI 43-101") technical report in relation to the
Balabag Gold and Silver Project ("Balabag" or "the
Balabag project"), which is available on SEDAR at
www.sedar.com and on TVI's website.
Certain statements in this News Release constitute
forward-looking statements, including statements respecting further
exploration activities of the Balabag project. Readers should
refer to the cautionary statement that appears at the end of this
News Release.
Balabag Project Updated NI 43-101 Highlights
- Total improved Measured and Indicated gold ounces of 138,700
ounces, while total Measured and Indicated silver ounces have been
reduced to 3.69 million ounces.
- Reported results are based on 268 drill holes (for a total of
31,945 meters drilled) completed from 2005 to 2013.
- A relatively more continuous quartz vein system along strike
has been interpreted based on drill data of 25 meter spacing.
- During the latter part of 2018 and to date in 2019, an
additional 28 holes have been drilled (for an additional total of
2,356 meters), for which information continues to be
analyzed.
Updated NI 43-101
TVIRD has filed an Updated NI 43-101 technical report entitled
"NI 43-101 Technical Report: Balabag Gold and Silver Project,
Balabag, Depore, Zamboanga del Sur, Philippines". The report was prepared by
Michael Bue, Bsc. Eng, M.Eng, P.Eng,
Technical Advisor and a Project Advisory Group member of TVI,
acting as the Qualified Person in compliance with National
Instrument 43-101 Standards of Disclosure for Mineral Properties
reporting requirements by virtue of his membership in the
professional Engineers of Ontario
and Canadian Institute of Mining and Metallurgy. In
preparation of the Updated NI 43-101, Mr. Bue has relied mainly on
the information provided by the technical personnel of TVIRD, which
include a Competent Person under the Philippine Mineral Reporting
Code and recognized also by the Philippine Stock Exchange, based on
previous technical reports as well as the latest Mineral Resource
and Reserves report of January 2014. The mine was defined
based on the resource block model as of December 2018. The
Project has been further validated and assessed with a mine site
visit by Mr. Bue in April 2019. The Updated NI 43-101
replaces the NI 43-101 compliant technical report filed with SEDAR
in June 2012.
The current resource model represents an update of the previous
models prepared by P.J. Lafleur (GeoConseil Inc., 2007), TVIRD
(Inhouse resource model, 2011) and C.P. Smyth (Georeference Online
Ltd, 2012). The updated resource model in January 2014 is based on 268 drill holes (for a
total of 31,945 meters drilled) completed from 2005 to 2013. A
total of 69 drill holes (for a total of 8,245 meters drilled) were
added from 2011 to 2013.
Drilling and mapping suggests the occurrence of three major vein
systems, being Tinago on the north, Miswi to the southeast and
Lalab to the south with the main mineralized zone situated at the
Tinago area where a relatively more continuous quartz vein system
along strike has been interpreted based on drill data of 25 meter
spacing.
The breakdown of mineral resources in the Updated NI 43-101, at
a cut-off grade of 0.4 grams per tonne gold equivalent ("g/t Au
Eq") in the Measured and Indicated categories, as compared to
the June 2012 Report, is presented in
Year 2014 in the following table:
Year
|
Category
|
Tonnage
|
Au
g/t
|
Ag
g/t
|
Au
oz
|
Ag
oz
|
|
|
|
|
|
|
|
2012
|
Indicated
|
1.78
million
|
2.34
|
72.3
|
134,262
|
4.14
million
|
|
|
|
|
|
|
|
2014
|
Measured +
Indicated
|
2.4
million
|
1.79
|
47.8
|
138,700
|
3.69
million
|
Notes:
|
|
|
1)
|
Mineral resources are
not mineral reserves and do not have a demonstrated economic
viability. All figures have been rounded to reflect relative
accuracy of the estimates.
|
|
|
2)
|
All was classified as
Indicated in the 2012 report but further clarified in the 2014
report.
|
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.
Exploration work has continued at Balabag following preparation
of the internal TVIRD resource model in 2014. Activities have
included mapping and sampling of underground tunnels, particularly
in the Lalab and Miswi area, and has extended into Mossad (north of
Balabag hill). Additional drilling was initiated in 2018 and
has continued into 2019 with 28 drill holes (for a total of 2,356
meters drilled). Drilling in the Miswi area has been at a 25
meter spacing while drilling in the Lalab area has been at a 40 to
100 meter spacing and random scout holes have been drilled thus far
in Mossad. The objective of this drilling is to collect
additional data to better assess the latest geological
interpretation at the southern part of the deposit and the possible
extension of the Lalab veins toward the eastern direction, and to
test also the newly found vein exposures in the Tinago-Miswi
area. Continuous mapping in the northern part of the deposit
has revealed more outcropping veins, which were also tested by
drilling. Data from the recent drilling campaign continues to
be analyzed.
"TVIRD is excited to see greater confidence provided with
respect to the breakdown of mineral resources at Balabag and in
particular the increase in total anticipated Measured and Indicated
gold ounces", stated Cliff James,
Chairman and CEO of TVI and Chairman of TVIRD. "The Balabag
project is expected to be TVIRD's next mine and TVIRD has been
working to complete the technical analysis required to support
commencement of development activities at Balabag for a number of
years while also continuing work to determine the potential for
expanding the resource and reserves of the project."
The Qualified Person responsible for the technical content of
this press release is Mr. Michael James
Bue, Bsc. Eng, M.Eng, P.Eng, Technical Advisor and a Project
Advisory Group member of TVI.
About Balabag
Balabag is owned 100% by TVIRD and has received in October 2013 the Environmental Compliance
Certificate ("ECC", extended in July
2018 to October 2020), in
April 2016 the Declaration of Mining
Project Feasibility ("DMPF"), and in May 2018 the Special Tree-Cutting and Earth
Balling Permit from the Forest Management Bureau ("FMB") of
the Department of Environment and Natural Resources ("DENR")
which are the last of the major permits required before development
can commence at Balabag
TVIRD continues to analyze the results of a recent two-phase
exploration program for Balabag in which the first phase has
included a re-mapping of tunnels that were abandoned by the illegal
small-scale miners and were previously inaccessible to TVIRD.
With the new information coming from these tunnels, it is expected
that an improved interpretation of the vein systems of Lalab and
Miswi veins will be
established.
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 holds a 60% interest in AMVI, a nickel
laterite DSO operation that commenced in October 2014 and in which TVIRD is
operator. To date AMVI has shipped a total of 12.71 million
wet metric tonnes through 235 shipments. TVIRD also owns 100%
of the Balabag gold/silver project.
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 3.57% equity interest in
Integrated Green Energy Solutions Ltd, a publicly listed company
incorporated in Australia with
shares listed on the ASX, that is engaged in the commercialization
of technologies related to converting 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. As at the date of this announcement, TVI has
655,537,039 outstanding common shares and 696,887,039 fully diluted
including the currently issued outstanding options of
41,350,000.
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 that could cause actual events or outcomes to differ
materially from those anticipated or implied by such
forward-looking statements. These factors include, but
are not limited to, such things as changes in general economic
conditions in the Philippines and
elsewhere; the volatility of prices for certain base and precious
metals and other commodities; commodity supply and demand;
fluctuations in currency and interest rates; an inability to
procure third party approvals in a timely manner or on satisfactory
terms; new laws and regulations (domestic and foreign); inherent
risks associated with the exploration and development of mining
properties; ultimate recoverability of reserves; production,
timing, results and costs of exploration and development
activities; political or civil unrest; TVIRD's overall plans,
budget and strategy (which are all subject to change), and extreme
weather conditions and forces of nature (i.e. typhoons, heavy
rains, earthquakes, and the like) that may disrupt operations and
exploration. 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.
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.
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, 2018, which was filed on
SEDAR on April 29, 2019 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.