- Infill Program (25-Metre Spacing) Commences on Continued Encouraging Drill Results
- Most Recent Drilling (50-Metre Spacing) at Tinago-Miswi-Lalab Veins Yields Values including:
-- 29.79 gpt Au and 1,534.95 gpt Ag average over 8.25 m
--- Includes 103.92 gpt Au and 5,234.30 over 1 m
-- 11.34 gpt Au and 661.83 gpt Ag average over 8.05 m
-- 6.71 gpt Au and 130.05 gpt Ag average over 8.52 m
-- 4.80 gpt Au and 139.10 gpt Ag average over 6.80 m
- Project Scoping Study Anticipated in Mid-2007
--- Includes 103.92 gpt Au and 5,234.30 over 1 m
-- 11.34 gpt Au and 661.83 gpt Ag average over 8.05 m
-- 6.71 gpt Au and 130.05 gpt Ag average over 8.52 m
-- 4.80 gpt Au and 139.10 gpt Ag average over 6.80 m
- Project Scoping Study Anticipated in Mid-2007-->
CALGARY, ALBERTA--(CCNMatthews - Feb. 27, 2007) - TVI Pacific Inc.
(TSX:TVI) (or the "Company") announced today that its Philippine
affiliate, TVI Resource Development (Phils) Inc. ("TVIRD") has moved to
infill drilling at 25-metre spacing on the Tinago-Miswi-Lalab veins at
its Balabag Property - located in the Zamboanga Peninsula in Southern
Philippines - to delineate the local epithermal gold vein system further
and to determine the consistency of reported mineral values. A
preliminary scoping study to assess the Tinago-Miswi-Lalab mineralized
zone is expected to be completed in mid-2007.
Certain statements in this News Release constitute forward-looking
statements, including statements respecting the timing of a scoping
study to assess the Tinago-Miswi-Lalab mineralized zone. Readers should
refer to the cautionary statement that appears at the end of this News
Release.
TVIRD also reported encouraging metal values from its now completed
50-metre spacing exploration drilling program in Balabag: ranging up to
103.92 grams per ton (gpt) of gold (Au) and up to 5,234.30 gpt of silver
(Ag) over approximately one metre. These metal values were reported
from assay laboratory results on samples collected from the exploration
program since the Company's January 9, 2007 news release.
The Balabag Property is located approximately 75 km East-Northeast of TVIRD's producing Canatuan Mine.
To date, a total of 63 holes (at 50-metre spacing) with a total
aggregate meterage (total depth of holes) of 8,060.90 metres have been
drilled into the Tinago-Miswi-Lalab veins. The new data reported in this
News Release includes the results of the most recent 19 holes for which
assay results have been returned to TVIRD. The results noted in the
assays include intercepts of 8.25 metre-thick veins averaging 29.79 gpt
Au and 1,534.95 gpt Ag; 8.05 m averaging 11.34 gpt Au and 661.83 gpt Ag;
and 8.52 m averaging 6.71 gpt Au and 130.05 gpt Ag. The most recent
drilling results are summarized in the Assay Table set out below in this
News Release.
The infill drilling program currently deploys four drills provided by TVI's Drilling Subsidiary, EDCO Drilling Corporation.
"Company Management considers these results encouraging as we move
the Balabag Property forward in our overall portfolio", said TVI
President and CEO Clifford M. James. "They support our initial
confidence in the area and have prompted us to move to the next phase of
exploration at Balabag, which involves infill drilling at 25-metre
spacing. The Infill Program is necessary to enable completion of a
Scoping-level Evaluation of the Tinago-Miswi-Lalab system, which will be
required to assist us in determining whether we wish to proceed to a
Mining Feasibility Study."
Maps indicating Balabag hole locations and setting out additional
information relating to trenches, tunnels and schematic vein structures
are made available as an accompaniment to this News Release on the
Company's website at tvi2014.q4web.com. Recent photographs of the exploration program at the Tinago-Miswi-Lalab vein system are also provided.
ADDITIONAL INFORMATION
Technical Review - Tinago-Miswi-Lalab Vein System
The Balabag prospect is centred on a 1.5 km by 1 km structurally
controlled area consisting of a series of vein structures occurring in
tuffaceous agglomerate and andesitic rocks, bordered to the north and
south by NW-SE regional faults displaying sinistral displacement and
inducing dilational jogs along a proheminent fracture set. Data
collected to date suggests an en echelon system of sigmoidal veins that
are stacked together running east-westerly and gently dipping to the
north. At Balabag, gold mineralization mainly occurs within quartz
carbonate ferrigenous veins hosted in the tuffaceous agglomerate. This
volcanic assemblage lies some 3 km to the east of a local dioritic
intrusive where copper anomalies have been reported in the past. Such
intrusives are often associated with epithermal gold deposits around the
Pacific Rim.
The Tinago vein appears to be the largest and more strongly
mineralized structure. The mineralization appears to remain notably
strong from section 4E to 4W (some 400m along strike) where the vein
swell is greatest, yet appears to decrease progressively further west.
The Tinago vein remains open to the east. The Miswi-Lalab twin vein
system is smaller and thinner and appears somewhat like a smaller
version of the Tinago vein.
The latest drilling results suggest the continuation of the Lalab
Vein at depth and the extension of the Tinago vein system towards
Unaw-Unaw farther to the east. The Lalab vein is inferred to be the
western extension of the Miswi vein, however, this has to be validated
by further drilling. The Tinago-Unaw-Unaw vein appears to remain open
down dip and to the east.
Drilling Status
The initial 50-m interval drilling program consisting of 63 drill
holes (BDDH-05-01 to 06-57, BDDH-07-60,07-62,07-63,07-66, 07-68 and
07-71) with a total aggregate meterage of 8,060.90 meters was completed
on schedule on February 18, 2007. Infill drilling at 25-m spacing
commenced January 9, 2007. To date, 10 infill drill holes (BDDH-07-58,
07-59, 07-61, 07-64, 07-65, 07-67, 07-69, 07-72 to 07-74) have been
completed and 3 holes are currently drilling (BDDH-07-70, 07-75, and
07-76) with an estimated total meterage of 664.65 meters.
Concession Status
TVIRD holds an option on the Balabag property which was granted
under an agreement with Zamboanga Minerals Corporation ("ZMC"). Balabag
lies approximately 75 km east-northeast of the TVIRD's gold-silver
mining operation at Canatuan and immediately adjacent to the extensive
tenement applications filed by TVIRD in early 2005, which cover an area
of 1,257.12 km2. The Mineral Production Sharing Agreement ("MPSA") under
which ZMC obtained its rights to the Balabag property covers an area of
47.79 km2. The agreement between TVIRD and ZMC provides TVIRD with an
exclusive period, ending in May 2008, to assess the mineral potential of
the property. Should TVIRD so elect, the property may be purchased for
US$350,000 with ZMC retaining a 2.5% net smelter royalty on the
property.
Latest Assay Results
---------------------------------------------------------------------------
From To Interval Au Ag
DDH_ID (m) (m) (m) (gpt) (gpt)
---------------------------------------------------------------------------
BDDH-06-36 111.20 112.20 1.00 1.809 16.50
BDDH-06-37 46.55 48.30 1.75 2.315 30.80
BDDH-06-37 52.35 59.40 7.05 4.850 109.50
BDDH-06-37 118.95 127.95 9.00 0.056 1.30
BDDH-06-37 148.70 151.70 3.00 5.941 21.00
BDDH-06-37 154.65 156.20 1.55 0.242 2.70
BDDH-06-38 28.75 29.95 1.20 0.788 10.60
BDDH-06-38 34.00 37.45 3.45 1.457 19.083
BDDH-06-39 No Samples Sent
BBDH-06-40 38.25 46.50 8.25 29.785 1534.945
BBDH-06-40 74.30 82.35 8.05 11.336 661.832
BBDH-06-41 no significant intercepts
BBDH-06-42 no significant intercepts
BBDH-06-43 37.20 37.67 0.47 3.832 4.900
BBDH-06-44 89.75 91.50 1.75 0.627 29.800
BBDH-06-44 97.50 108.15 10.65 1.025 50.282
BBDH-06-44 128.35 129.00 0.65 0.680 30.500
BBDH-06-45 39.35 44.35 5.00 2.086 15.835
BBDH-06-46 38.55 41.35 2.80 0.919 8.975
BBDH-06-46 48.15 55.80 7.65 2.668 17.137
BBDH-06-46 67.00 73.80 6.80 4.795 139.096
BBDH-06-47 41.60 44.35 2.75 1.745 25.900
BBDH-06-48 152.70 153.65 0.95 2.931 162.900
BBDH-06-48 156.80 158.60 1.80 0.639 12.117
BBDH-06-49 no significant intercepts
BBDH-06-50 40.00 47.30 7.30 0.861 8.168
BBDH-06-50 53.75 56.10 2.35 6.783 125.038
BBDH-06-50 100.65 112.10 11.45 1.767 19.038
BBDH-06-51 no significant intercepts
BBDH-06-52 no significant intercepts
BBDH-06-53 45.70 46.70 1.00 1.025 3.400
BBDH-06-54 89.20 97.72 8.52 6.714 130.046
BBDH-06-54 116.30 117.80 1.50 0.773 24.200
BBDH-06-55 9.80 10.30 0.50 2.391 5.450
---------------------------------------------------------------------------
Aueq
($550 Au
DDH_ID $9.50Ag) Target Remarks
---------------------------------------------------------------------------
BDDH-06-36 2.09 Lalab
BDDH-06-37 2.85 Miswi
BDDH-06-37 6.74 Miswi
BDDH-06-37 0.08 Miswi
BDDH-06-37 6.30 Miswi
BDDH-06-37 0.29 Miswi
BDDH-06-38 0.971 Tinago
BDDH-06-38 1.786 Tinago
BDDH-06-39 Tinago
inc. 1.00 m. of 43.98 gpt Au
and 5234.30 gpt Ag and 1.25
m. of 103.92 gpt Au and
BBDH-06-40 56.298 Miswi 2926.40 gpt Ag
inc. 3.8 m. of 22.98 gpt Au
BBDH-06-40 22.768 Miswi and 1342.34 gpt Ag
BBDH-06-41 Tinago
BBDH-06-42 Lalab
BBDH-06-43 3.917 Tinago
BBDH-06-44 1.142 Lalab
BBDH-06-44 1.894 Lalab
BBDH-06-44 1.207 Lalab
inc. 0 .65 m. of 9.36 gpt Au
BBDH-06-45 2.360 Tinago and 66.05 gpt Ag
inc. 1.0 m. of 10.29 gpt Au
BBDH-06-46 1.074 Lalab and 32.75 gpt Ag
BBDH-06-46 2.964 Lalab
inc.1.0 m. of 12.68 gpt Au
BBDH-06-46 7.198 Lalab and 756.85 gpt Ag
BBDH-06-47 2.192 Tinago
BBDH-06-48 5.745 Lalab
BBDH-06-48 0.848 Lalab
BBDH-06-49 Lalab
BBDH-06-50 1.002 Miswi
BBDH-06-50 8.943 Miswi
inc. 1.4 m. of 17.85 gpt Au
BBDH-06-50 2.096 Miswi and 484.30 gpt Ag
BBDH-06-51 Lalab
BBDH-06-52 Lalab
BBDH-06-53 1.084 Unaw-Unaw
inc. 2 m. of 10.44 gpt Au and
BBDH-06-54 8.960 Tinago W 231.2 gpt Ag
BBDH-06-54 1.191 Tinago W
BBDH-06-55 2.485 Unaw-Unaw
For the purpose of calculating gold equivalent values a gold price
of US$ 550 per oz and silver US$ 9.50 per oz were used. Au and Ag
equivalent calculations reflect gross metal content and have not been
adjusted for metallurgical recoveries. True widths are approximately 85%
of the reported lengths.
A technical report (prepared in accordance with National Instrument
43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"))
setting out additional details relating to the prior sampling program at
Balabag was filed (on SEDAR) with certain securities regulatory
authorities in Canada on September 27, 2005. Additional information
concerning the geology, mineral occurrences and nature of mineralization
found at Balabag is also set out in the September 27, 2005 report.
About TVI Pacific Inc. (TSX:TVI)
TVI Pacific Inc. is a publicly traded Canadian mining company
focused on exploring for and producing precious and base metals within
district scale systems in Asia.
In the Philippines, TVI's most advanced project, the Canatuan Mine
(the first foreign-invested, new, mining project in the Philippines
since the passage of the Philippine Mining Act of 1995) began mining and
milling operations in mid-2004, producing gold and silver dore. In
2006, TVI received a completed NI 43-101 feasibility study on the
Canatuan Sulphide project prepared by Norwest Corporation. The report
has been filed with certain securities regulatory authorities in Canada
and is available on the SEDAR website at
www.sedar.com.
The Norwest study addresses the copper-zinc bearing massive sulphide
zone, or lower portion of the Canatuan Deposit. Construction of the
Sulphide Project at Canatuan is now underway. In addition, TVI holds a
2.5% NSR on the Philippine-based Rapu Rapu project operated by Lafayette
Mining Ltd. Exploration in the Philippines is being conducted at
Canatuan, in an effort to expand TVI's mineral resource base and to find
new deposits, at Balabag and at other areas which management of TVI
view as compelling exploration properties.
In China, TVI's wholly-owned Chinese subsidiary, Hunan Pacific
Geological Exploration Inc. ("HPGEI"), was the first foreign mining
company to be granted both WOFE status and a Qualified Explorer License.
The exploration program in China is focused primarily within the Golden
Triangle area, a highly prospective metallogenic region in China's
south-western provinces of Yunnan, Guizhou and Guangxi Autonomous Region
and prospective areas in the Tibet Autonomous Region. HPGEI has 2,394
sq kms of land under application in China in the Golden Triangle and in
the Tibet A.R.
TVI also has a Drilling Segment consisting of Exploration Drilling
Corporation ("EDCO"), a wholly-owned subsidiary of TVI Pacific Inc.
based in the Philippines, and Hunan Pacific Drilling ("HPD"), a segment
of HPGEI based in China, which generates revenue from contract drilling.
Carl L. Caumartin BSc, P.Eng., MBA, Vice President, Exploration of
TVI Pacific Inc. is serving as TVI's "Qualified Person" (as contemplated
by National Instrument 43-101 (Standards of Disclosure for Mineral
Projects)), for purposes of the Balabag exploration project. Mr.
Caumartin has reviewed and approved this news release and has verified
the data, including sampling, analytical and test data, set out in this
news release. McPhar Laboratory of Manila, Philippines, an ISO 9001/2000
accredited laboratory, performed the sample preparation and assaying
for the current sampling phase of the exploration project at Balabag.
Gold analysis was by 50 gm fire assay fusion; where gold values were
greater than 3 ppm assay values were by gravimetric finish and by AAS
where the values were less than that threshold. Silver was determined by
AAS after an HCL-HNO3-HClO4 digest. Pulp and coarse duplicate results
were included in the analytical report. A blank and a standard sample
were included for each batch of 50 samples for quality control. A
replicate assay was done on every 20th sample and certified reference
materials were used in every 20 samples. In addition to the laboratory's
internal QA/QC, TVIRD independently inserted blanks and standards
randomly, but on average every 20th sample.
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" and similar expressions.
Forward-looking statements 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. These factors include, but are not limited
to, such things as the volatility of prices for precious metals and base
metals, commodity supply and demand, fluctuations in currency and
interest rates, inherent risks associated with the exploration and
development of mining properties, ultimate recoverability of mineral
reserves, timing, results and costs of exploration and development
activities, availability of financial resources or third-party
financing, new laws (domestic or foreign), changes in administrative
practices and changes in exploration plans or budgets. Accordingly,
readers should not place undue reliance upon the forward-looking
statements contained in this News Release and such forward-looking
statements should not be interpreted or regarded as guarantees of future
outcomes. Forward-looking information relating to the timing of
completion of the scoping study to assess the Tinago-Miswi-Lalab
mineralized zone is based upon the timing and results of prior
exploration activities at Balabag, timing expectations relating to
completion of the next phase of the exploration program at Balabag,
prior experiences with scoping studies undertaken in respect of
Philippines exploration properties, the current exploration plan
developed by the Company and the Company's current budget and overall
strategy for exploration in the Philippines, which plans, budget and
strategy are all subject to change. The forward-looking statements of
the Company contained in this News Release are expressly qualified, in
their entirety, by this cautionary statement. Various risks to which the
Company is exposed in the conduct of its business (including
exploration activities) are described in detail in the Company's Annual
Information Form for the year ended December 31, 2005, which was filed
on SEDAR on March 30, 2006 and is available under the Company's profile
at
www.SEDAR.com.
Subject to applicable securities laws, the Company does not undertake
any obligation to publicly revise the forward-looking statements
included in this News Release to reflect subsequent events or
circumstances.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.