Phase III: Mine development anticipated in Q1 2011 with expected production in Q3 of 2011.
- Epithermal Gold/Silver deposit
- Proposed open pit & underground mine
- 26 hole definition drill program (2,500 m) completed
- 106 hole drill program (11,569 m) completed
- Mineral resource and scoping study completed
- Mineralized zones open laterally and at depth
- Evaluating low capital, staged development
The Balabag property is a near-term development project straddling the provinces of Zamboanga Del Sur and Zamboanga Sibugay on the island of Mindanao in the Philippines. The property is approximately 75 km east-northeast of TVIRD’s Canatuan Mine. The 52 km2 MPSA permit, covering the Balabag property, is wholly-owned by TVIRD.
TVI is considering a cost effective strategy that would require a small initial capital investment using infrastructure left over from the Canatuan Gossan (gold/silver) project. This development strategy involves the construction of a small pilot plant with relatively low initial throughput, that can be ramped up over time into a full-scale mining operation by reinvesting the cash flows generated from operations.
Balabag is an epithermal gold and silver deposit into which TVIRD has drilled a total of 106 holes amounting to 11,569 metres. An initial mineral resource estimate based on the first 69 drill holes reported that the deposit contained indicated resources of 1.37 million tonnes averaging 2.9 grams/tonne gold and 84.3 grams/tonne silver and inferred resources of 1.96 million tonnes averaging 2.6 grams/tonne gold and 55.2 grams/tonne silver. The mineralization at Balabag is interpreted to remain open at depth and along strike with indications that exploration activities could result in the discovery of additional resources.
TVIRD received a scoping study for the Balabag project in August 2008. The study assessed the mining potential of a stand-alone commercial mining operation and provided a gauge of its economic potential. The study recommended that comprehensive exploration and feasibility work was warranted to further assess resource and reserve models, and to provide additional engineering, environmental, socio-political, and commercial site studies.
Download the Scoping Study of the Balabag Project 
(PDF 2.80 MB)
Download the Balabag Resource Estimate (PDF 2.74 MB)