Exploring - Greater Canatuan Tenement Area
TVI has an extensive 352 square kilometre (136 square mile) package of tenement applications surrounding the Canatuan mine that make up the Greater Canatuan Tenement Area (GCTA). Volcanogenic massive sulphide deposits, like Canatuan, rarely occur in isolation. Exploration on the properties suggests 40+ kilometres (25+ miles) of the same type of geology that hosts the Canatuan orebody. We believe that similar Canatuan-style deposits exist within the GCTA and that there is a potential for discovering extension developments. Any mineable ore located in this area could be economically transported to the existing Canatuan plant for processing, which would extend the life-of-mine.
Exploration Permit Application (EXPA) 61
Exploration work at TVI’s GCTA was suspended pending approval of the required permits. Processing and approval of Mineral Production Sharing Agreement (MPSA) applications continued to be on hold because of the ongoing moratorium on new permit applications imposed by the Secretary of the Department of the Environment and Natural Resources (DENR). In March 2013, the DENR lifted the moratorium on application for exploration permits, but the moratorium on MPSA’s and financial or technical assistance agreements is still in effect in spite of the signing of the much awaited Executive Order by the President of the Philippines. Timing as to the issuance of the required permits continues to be uncertain.
Exploration Permit Application 61 (EXPA-000061-IX) is also affected by the moratorium and therefore there were no new activities in the area.
Malusok & SE Malusok
In January 2012, the Free Prior Informed Consent Process was completed for a new Mineral Production Sharing Agreement (MPSA) in proximity to the Canatuan mine. Approval of the FPIC process was granted by the National Commission on Indigenous Peoples and all documents were immediately forwarded to the Mines and Geoscience Bureau for review and granting of the MPSA permit required to advance exploration activities.
This property, Malusok and SE Malusok, is where TVI previously identified potential mineralization during an early-stage surface exploration program. Once the approved MPSA permit has been issued, TVI will be authorized to carry out an advanced exploration program on the property area.
Initial interpretation of the airborne geophysical data completed earlier in 2011 has revealed an anomaly related to a known volcanogenic massive sulphide prospect at Malusok, as well as several other anomalies requiring detailed follow-up.