- Most Recent Drilling Yields Values Including:
-- 20.65 m averaging 2.53 gpt Au and 117.12 gpt Ag
-- 19.85 m averaging 1.01 gpt Au and 169.80 gpt Ag
-- 23.85 m averaging 2.82 gpt Au and 170.98 gpt Ag
-- 30.15 m averaging 1.73 gpt Au and 244.51 gpt Ag
-- 11.75 m averaging 3.35 gpt Au and 168.66 gpt Ag
- Project Scoping Study Underway
-- Completion Anticipated in the Second Half of 2007
-- 19.85 m averaging 1.01 gpt Au and 169.80 gpt Ag
-- 23.85 m averaging 2.82 gpt Au and 170.98 gpt Ag
-- 30.15 m averaging 1.73 gpt Au and 244.51 gpt Ag
-- 11.75 m averaging 3.35 gpt Au and 168.66 gpt Ag
- Project Scoping Study Underway
-- Completion Anticipated in the Second Half of 2007-->
CALGARY, ALBERTA--(CCNMatthews - May 2, 2007) - TVI Pacific Inc.
(TSX:TVI) (the "Company") announced today that its Philippine affiliate,
TVI Resource Development (Phils.) Inc. ("TVIRD"), has received further
positive assay results from the ongoing exploration infill drilling
program on the Tinago-Miswi-Lalab vein system at its Balabag Property.
The Balabag Property is located on the Zamboanga Peninsula in the
Southern Philippines approximately 75 km east-northeast of TVIRD's
producing Canatuan Mine. The current drill program is designed to
provide further delineation of the local epithermal gold vein system and
to determine the consistency and continuity of reported mineral values.
A preliminary scoping study to assess the Tinago-Miswi-Lalab
mineralized zone is underway and is expected to be completed in the
second half of 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.
To date, assays have been received for a total of 78 holes drilled
into the Tinago-Miswi-Lalab vein system, which have a total aggregate
meterage (total depth of holes) of 8,973.65 metres.. The initial 50-m
interval drilling program, consisting of 63 drill holes, was completed
on schedule on February 18, 2007. Infill drilling at approximate 25-m
spacing commenced January 9, 2007. The new data reported in this news
release includes the results of the most recent 23 holes for which assay
results have been returned to TVIRD. The recent drilling results are
summarized in the assay table set out below.
The infill drilling program currently utilizes four drill units
provided by TVI's Drilling Subsidiary, EDCO Drilling Corporation.
"Company Management considers these results encouraging", said TVI
President and CEO Clifford M. James. "The Infill Drilling Program is an
important step, as we move the Balabag Property forward in our overall
portfolio. The next step will be a Scoping-level Evaluation on the
Tinago-Miswi-Lalab system, which will be required to assist us in
determining whether we wish to proceed to a Mining Feasibility Study."
A map indicating Balabag drill hole locations has been posted on the Company's website and is available at tvi2014.q4web.com.
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 prominent 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 most strongly
mineralized structure. The mineralization appears to be the strongest
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 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.
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 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
----------------------------------------------------------------------------
DH-ID No. From To Interval Au Ag AuEq
----------------------------------------------------------------------------
($550Au
----------------------------------------------------------------------------
(m) (m) (m) (gpt) (gpt) $9.50Ag)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BDDH-06-56 No Significant Intercept
----------------------------------------------------------------------------
BDDH-06-57 151.85 153.40 3.55 1.235 2.606 1.280
----------------------------------------------------------------------------
BDDH-06-57 159.40 161.70 2.30 1.992 2.152 2.030
----------------------------------------------------------------------------
BDDH-07-58 35.00 37.50 2.50 0.456 25.80 1.006
----------------------------------------------------------------------------
BDDH-06-59 No Significant Intercept
----------------------------------------------------------------------------
BDDH-06-60 No Significant Intercept
----------------------------------------------------------------------------
BDDH-06-61 No Samples Sent
----------------------------------------------------------------------------
BDDH-06-62 No Significant Intercept
----------------------------------------------------------------------------
BDDH-06-63 128.00 129.60 1.60 0.994 14.272 1.241
----------------------------------------------------------------------------
BDDH-06-63 137.75 139.20 1.45 1.040 7.084 1.162
----------------------------------------------------------------------------
BDDH-06-64
----------------------------------------------------------------------------
BDDH-07-65 34.00 47.40 13.40 2.60 113.00 4.556
----------------------------------------------------------------------------
BDDH-06-66 No Samples Sent
----------------------------------------------------------------------------
BDDH-06-67 27.75 48.40 20.65 2.526 117.117 4.549
----------------------------------------------------------------------------
BDDH-07-68 No Samples Sent
----------------------------------------------------------------------------
BDDH-07-69 0.00 8.15 8.15 2.203 29.493 2.712
----------------------------------------------------------------------------
BDDH-07-70 34.20 54.05 19.85 1.012 169.800 3.945
----------------------------------------------------------------------------
BDDH-07-71 31.75 55.60 23.85 2.817 170.978 5.771
----------------------------------------------------------------------------
BDDH-07-71 127.95 147.45 19.50 1.671 20.706 2.029
----------------------------------------------------------------------------
BDDH-07-72 0.80 31.65 30.15 1.725 244.508 5.949
----------------------------------------------------------------------------
BDDH-07-73 29.9 31.9 2.00 0.51 19.6 0.849
----------------------------------------------------------------------------
BDDH-07-74 No Significant Intercept
----------------------------------------------------------------------------
BDDH-07-75 1.65 13.4 11.75 3.351 168.658 6.264
----------------------------------------------------------------------------
BDDH-07-75 17 25.85 8.85 0.37 39.852 1.058
----------------------------------------------------------------------------
BDDH-07-76 No Samples Sent
----------------------------------------------------------------------------
BDDH-07-77 No Significant Intercept
----------------------------------------------------------------------------
BDDH-07-78 8.5 9.5 1.00 0.96 19.8 1.30
----------------------------------------------------------------------------
----------------------------------------------------------------------------
DH-ID No. Target Remarks
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BDDH-06-56 Tinago
----------------------------------------------------------------------------
BDDH-06-57 West Tinago
----------------------------------------------------------------------------
BDDH-06-57 West Tinago
----------------------------------------------------------------------------
BDDH-07-58 Tinago
----------------------------------------------------------------------------
BDDH-06-59 Tinago
----------------------------------------------------------------------------
BDDH-06-60 Lalab Sent for Assay
----------------------------------------------------------------------------
BDDH-06-61 Tinago
----------------------------------------------------------------------------
BDDH-06-62 Unaw-unaw Sent for Assay
----------------------------------------------------------------------------
BDDH-06-63 Lalab With a 0.50 metre zone of 2.28 g/t Au
----------------------------------------------------------------------------
BDDH-06-63 Lalab
----------------------------------------------------------------------------
BDDH-06-64 Tinago Sent for Assay
----------------------------------------------------------------------------
BDDH-07-65 Tinago With a 1.00 metre zone of 14.90 and 8.18 g/t Au
----------------------------------------------------------------------------
BDDH-06-66 Lalab
----------------------------------------------------------------------------
BDDH-06-67 Tinago With a 11.00-metre zone of 6.003 g/t AuEq and a
1.05-metre zone of 20.50 g/t AuEq
----------------------------------------------------------------------------
BDDH-07-68 Lalab
----------------------------------------------------------------------------
BDDH-07-69 Tinago
----------------------------------------------------------------------------
BDDH-07-70 Tinago With a 8.15 metre zone of 8.888 g/t AuEq
----------------------------------------------------------------------------
BDDH-07-71 Lalab With a 7.00 metre zone of 17.43 g/t AuEq
----------------------------------------------------------------------------
BDDH-07-71 Lalab With a 2.20 metre zone of 9.53 g/t AuEq
----------------------------------------------------------------------------
BDDH-07-72 Tinago With a 9.95 metre zone of 14.87 g/t AuEq
----------------------------------------------------------------------------
BDDH-07-73 Tinago
----------------------------------------------------------------------------
BDDH-07-74 Tinago
----------------------------------------------------------------------------
BDDH-07-75 Tinago With a 7.75 metre zone of 9.24 g/t AuEq
----------------------------------------------------------------------------
BDDH-07-75 Tinago
----------------------------------------------------------------------------
BDDH-07-76 Tinago
----------------------------------------------------------------------------
BDDH-07-77 Miswi
----------------------------------------------------------------------------
BDDH-07-78 Tinago
---------------------------------------------------------------------------
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. The
Canatuan Mine is owned by TVI's Philippine affiliate TVI Resource
Development (Phils.) Ltd. ("TVIRD"). In 2006, TVIRD 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 at 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, TVIRD 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 TVIRD'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 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
km2 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. The Canatuan Assay Lab, Philippines, an accredited
laboratory, performed the sample preparation and assaying for the
current sampling phase (since the beginning of 2007) 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. As part of the
laboratory's internal QA/QC, TVIRD is routinely submitting duplicate
samples to McPhar laboratory of Manila, Philippines, an ISO 9001/2000
accredited laboratory, 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 and
the results of that program, 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, 2006, which was filed on SEDAR on March 29, 2007 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.