TVIRD owns 100% of the Balabag project. The project covers a 4,779-hectare Mineral Processing Sharing Agreement (MPSA) located in the town of Bayog, Zamboanga del Sur province, the Philippines. The project is situated approximately 75 kilometers (47 miles) east-northeast of TVIRD’s Canatuan mine.
Based on results of drilling completed to the end of June 2011 and as included in the Balabag NI 43-101 technical report dated June 23, 2012, the current indicated mineral resource is estimated to be 1.78 million tonnes averaging 2.34 g/t gold and 72.3 g/t silver, containing 134,262 ounces of gold and 4,148,196 ounces of silver.
Please click here to see the NI43-101 technical report dated June 23, 2012 entitled "NI 43-101 Technical Report on the Balabag Gold Project, Zamboanga Province, Philippines”.
To date, a total of 296 holes have been drilled for a total of 34,156 meters at the Balabag project. During the first half of 2013, TVIRD completed 18 additional infill or extension drill holes equivalent to 1,221 metres. In addition, mapping and sampling activities were carried out in the underground workings, and trenching and soil grid geochemical surveys were done over the eastern and southern part of Balabag hill. The discovery of multi-directional veining has increased the potential of finding more veins. Once all permits to develop the Balabag project have been received, further exploration work and the completion of an updated resource estimate is expected to commence.
While exploration and development work have been put on hold at the Balabag project since mid-2013 pending the receipt of all permits to develop the Balabag project, TVIRD has continued to work on the engineering design for a gold-silver processing plant to process ore on-site. Basic engineering design has now been completed and detailed design work is underway. TVIRD has also constructed and maintained 16 kilometres of access roads to the project in anticipation of the commencement of construction.
Development & Permitting
A pilot plant was established in 2013 to carry out metallurgical test work with initial results showing overall recoveries of 93% for gold and 90% for silver after 36 hours of leach time.
On May 2013, TVIRD submitted a Declaration of Mine Project Feasibility (DMPF) with the Philippines Mines and Geosciences Bureau. Through December 2013, the MGB returned TVIRD's DMPF application and requested that TVIRD submit additional requirements and revise the Feasibility Study Report to comply with a 10-year mine life requirement currently required through legislation for all mining projects.
In October 2013, the Environmental Management Bureau issued an Environmental Compliance Certificate (ECC) for the project and in May 2014, TVIRD received approval for its social development management program from the project.
In July 2015, TVIRD submitted an updated DMPF to the Philippines Department of Environment and Natural Resources (DENR) for final approval.
On April 29, 2016, TVIRD received approval for its amended DMPF, which was the last major permit required to initiate the development, construction and operation of the mine. The approved DMPF authorizes TVIRD to proceed with the development and operation of the project initially over a 180-hectare area covered by the ECC that was granted in October 2013. The 180-hectare area covers all currently defined resources at the project, as well as proposed mining and processing facility sites.
TVIRD is now working on securing alternative project financing to fund the development of the Balabag mine. To minimize the amount of project financing that is required, TVIRD is evaluating multiple mine development scenarios to ensure that the project can be advanced into production at the lowest possible capital requirements.
For more information, please visit TVIRD’s website at www.tvird.com.ph.