Developing - Balabag Gold & Silver Project
- Epithermal gold and silver deposit
- Proposed open pit and underground mine
- Mineral resource estimate and scoping study previously completed
- Mineralized zones open laterally and at depth
- Internal feasibility study underway to evaluate low capital, staged development
The pre-development-stage Balabag epithermal gold and silver project is one of our high priority projects. The Balabag property covers an area of approximately 52 square kilometres (20 square miles) and is situated approximately 75 kilometres (47 miles) east-northeast of our Canatuan mine.
In 2008, we filed a NI 43-101 compliant scoping study titled Scoping Study of the Balabag Project. This study was based on a previous resource report filed in 2007 titled NI 43-101 Technical Report for the Mineral Resources at the Balabag Project of TVI Pacific Inc. Both studies are available below.
During the the third quarter of 2011, we completed 22 infill or extension drill holes for 3,304 metres (10,849 feet), 7 sterilization holes for 568 metres (1,864 feet), and 7 short geotechnical holes for 117 metres (384 feet) to test the tailings storage facility area and its proposed dam foundations. Drilling continues at Balabag with five drilling rigs on site.
To September 30, 2011, including pre-2010 and post-2010 drill programs, a total of 245 holes have been drilled for a total of 25,606 metres (84,009 feet) at Balabag.
While drilling continues at Balabag, other activities include:
- ground preparation;
- environmental impact assessment;
- securing of resolutions of support from the host communities; and
- in-house plant design has been submitted for peer review to an external consultant
Preparation of an independent NI 43-101 technical report is underway and will include assay results from the current drill program. Since we would prefer to include as many assays as possible, a date when the NI 43-101 report will be published is uncertain. Additional drilling and mine pre-development activities are ongoing simultaneously.
A separate internal feasibility study will be released as soon as all optimizations are final. It is expected that the results of the peer review of the in-house plant design will be completed by the end of 2011.
A Declaration of Mining Feasibility was submitted to the Mines and Geosciences Bureau of the Philippines in April 2011. This report evaluated the economics of mining a minimum identified "core" resource and detailed capital costs (infrastructure, plant and pit development) and operating costs (mine and mill, tailings disposal, environmental remediation and social programs).
Download the Scoping Study of the Balabag Project
(PDF 2.80 MB)
Download the Balabag Resource Estimate (PDF 2.74 MB)
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