Tamarok- Tapisa Results Indicate Potential for Extensive Copper-Gold Mineralization System
Priority Exploration Program Planned
- Reconnaissance work supports historical findings and discovers new prospects:
-- Malachite Hill prospect yielded 38 meters averaging 0.705% Cu and 0.35gpt Au
-- Silawa-Tigon Creek prospect yielded more than 110 meters averaging 0.3% Cu
- Geological surveys and drilling program slated for 2007
-- Silawa-Tigon Creek prospect yielded more than 110 meters averaging 0.3% Cu
- Geological surveys and drilling program slated for 2007-->
CALGARY, ALBERTA--(CCNMatthews - Feb. 7, 2007) - TVI Pacific Inc.
(TSX:TVI) (or the "Company") is pleased to announce that recent
reconnaissance surveys, involving semi-detailed geological mapping and
sampling over portions of the Tapisa and Tamarok tenement applications
in the Northern Zamboanga Peninsula, Philippines, support previously
reported historical findings and have identified additional copper and
gold prospective occurrences.
Certain statements in this News Release are forward-looking
statements, including statements respecting the Corporation's plans to
pursue tenement applications covering the Tamarok and Tapisa exploration
properties and expectations relating to additional exploration
activities at Tamarok and Tapisa. Readers should refer to the cautionary
statement that appears at the end of this News Release.
TVI Management believes that these early-stage results indicate that
both properties have the potential to jointly host copper-gold porphyry
deposits.
"In light of the positive results we're seeing from our preliminary
exploration activities, the Company plans to pursue the Tamarok and
Tapisa tenement applications on a priority basis," said Clifford James,
President and CEO of TVI Pacific. "While we are encouraged by these
developments, the existing results from the exploration program are
preliminary and surface results only," he added. "Follow-up drilling is
required to enable us to assess the continuity of the mineralization in
all directions -and to enable us to start getting a handle on the
potential of these areas."
The surveys were conducted by TVI's Philippine affiliate, TVI
Resource Development (Phils.), Inc. ("TVIRD") on the western edge of the
extensive, 34,749-ha Tapisa Tenement Application (AFTA-000013-IX) and
the 486-ha Tamarok Tenement Application (APSA-000064-IX), as well as on
the Dalman Claims that are under option to TVIRD. Readers are invited to
refer to the Company's News Release of March 14, 2006, "TVI Commences
Exploration Program on Tamarok and Tapisa", for details of the previous
exploration work conducted on these properties.
The area is located 60 aerial kilometers NNE of TVI's Balabag
project and 50 aerial kilometers SW of Dipolog City, Zamboanga del
Norte.
Overall, TVIRD mapped 17.5 kilometers of drainage system and
collected 314 rock/channel samples. Assay results from channel samples
are consistent with and extend the historical results obtained on the
Malachite Hill diorite outcrop. Sampling results over this prospect
yielded 38 meters averaging 0.705% Cu and 0.35gpt Au. Recent exploration
work also identified a number of new occurrences. The nearby
Silawa-Tigon Creek area prospect has more than 110 meters of nearly
contiguous channel sampling of dioritic outcrops averaging 0.3% Cu. The
results of assays undertaken over significant intervals on these
prospects are considered encouraging by management of the Company and
indicate the potential for an extensive copper-gold porphyry system.
For maps showing the tenement and sample locations described in this news release, please visit the Company's website at http://tvi2014.q4web.com.
The Company is currently negotiating a Memorandum of Agreement with
representatives of the indigenous communities in the area, under the
Free Prior Informed Consent (FPIC) process, after which the Philippines'
Mines and Geosciences Bureau will be in a position to complete the
granting of the permits required to permit continued exploration. To the
knowledge of the Company, there are no illegal miners operating in the
area.
Once the permitting process is complete, TVIRD plans to carry out
systematic detailed geological surveys, further delineate drill targets
on surface and schedule a diamond drilling program commensurate with the
ongoing results.
Technical Review
Mineralized dioritic intrusives and volcanic rocks have been traced
over an area roughly 5km x 2km (10 square kilometers) in size, along
outcrops and exposures encountered along creek banks, spurs and ridges.
The principal occurrences were defined and identified as follows:
1. Kamaroy Creek: Mineralized Diorite Outcrop Area
2. Balobohan - Newlywed Creeks: Mineralized Diorite Outcrop Area
3. Malachite Hill-Sagukan Pait: Creek Mineralized Diorite Outcrop Area
4. Silawa Creek and Tigon Creek: Mineralized Diorite Outcrop Area
5. Tudlisan Creek: Mineralized Diorite Outcrop Area
6. Bree-Capinis: Diorite Dikes
7. Capinis Creek-Labawan Ridge: Clay-Silica-Pyrite Altered Rock Outcrops
A summary of assay values of the key channel samples over cumulative
intervals is shown in Tables 1 to 4 below. Readers wishing to review
the complete listing of sample details, procedures and results, please
see "Tamarok Rock Samples.pdf" available for download accompanying this
release.
Table 1. Malachite Hill - Sagukanpait Mineralized Area
---------------------------------------------------------------------------
Average Grades over Intervals
Sample Numbers Channel Length --------------------------------
(consecutive) Cumulative (m) Cu (ppm) Au (ppm)
---------------------------------------------------------------------------
TAM 0104 - 0105 4 339 0.007
---------------------------------------------------------------------------
TAM 0109 - 0127 38 1548 0.021
---------------------------------------------------------------------------
TAM 0128 - 0135 20 734 0.007
---------------------------------------------------------------------------
TAM 0207 - 0225 38 7049 0.346
---------------------------------------------------------------------------
TAM 0234 - 0244 20 677 0.008
---------------------------------------------------------------------------
TAM 0245 - 0255 20 290 0.003
---------------------------------------------------------------------------
TAM 0256 - 0266 20 297 0.002
---------------------------------------------------------------------------
TAM 0301 - 0306 10 300 0.002
---------------------------------------------------------------------------
TAM 0307 - 0316 18 494 0.005
---------------------------------------------------------------------------
TAM 0431 - 0453 40 751 0.005
---------------------------------------------------------------------------
Table 2. Silawa Creek - Tigon Creek Mineralized Area
---------------------------------------------------------------------------
Average Grades over Intervals
Sample Numbers Channel Length --------------------------------
(consecutive) Cumulative (m) Cu (ppm) Au (ppm)
---------------------------------------------------------------------------
TAM 0027- 0034 16 512 0.003
---------------------------------------------------------------------------
TAM 0035 - 0045 20 1018 0.008
---------------------------------------------------------------------------
TAM 0046 - 0054 16 2333 0.010
---------------------------------------------------------------------------
TAM 0055 - 0058 8 2167 0.010
---------------------------------------------------------------------------
TAM 0059 - 0072 24 3547 0.042
---------------------------------------------------------------------------
TAM 0073 - 0081 16 3536 0.035
---------------------------------------------------------------------------
TAM 0082 - 0087 12 2524 0.032
---------------------------------------------------------------------------
Table 3. Balobohan-Newlywed Mineralized Area
---------------------------------------------------------------------------
Average Grades over Intervals
Sample Numbers Channel Length --------------------------------
(consecutive) Cumulative (m) Cu (ppm) Au (ppm)
---------------------------------------------------------------------------
TAM 0227 - 0232 12 334 0.006
---------------------------------------------------------------------------
TAM 0227 - 0232 4 6313 0.167
---------------------------------------------------------------------------
TAM 0321 - 0343 44 581 0.008
---------------------------------------------------------------------------
Table 4. Kamaroy Creek Mineralized Area
---------------------------------------------------------------------------
Average Grades over Intervals
Sample Numbers Channel Length --------------------------------
(consecutive) Cumulative (m) Cu (ppm) Au (ppm)
---------------------------------------------------------------------------
TAM 0454 - 0466 24 2301 0.121
---------------------------------------------------------------------------
TAM 0405 - 0410 12 605 0.007
---------------------------------------------------------------------------
TAM 0411 - 0422 24 1104 0.014
---------------------------------------------------------------------------
TAM 0423 - 0430 16 1435 0.017
---------------------------------------------------------------------------
Readers are cautioned that further exploration of the Tapisa and Tamarok
properties is required to assess their potential for future development
and it is uncertain, at this time, that further exploration will result
in the discovery of mineral resources on either property
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 in
nearly four decades) 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 (which has been filed with certain securities
regulatory authorities in Canada and is available at the SEDAR website.)
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 Division consisting of Exploration Drilling
Corporation ("EDCO"), a wholly-owned subsidiary of TVI Pacific Inc.
based in the Philippines, and Hunan Pacific Drilling ("HPD"), a division
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 2007 exploration program as described in
this News Release. 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 prior sampling phase of the
exploration project at Tamarok. Gold analysis was by 50 gm fire assay
fusion; where gold assay values greater than 3ppm 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 10th 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 twentieth sample.
Certain information set out within 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
results or 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 tenement applications and the nature and timing of
anticipated exploration activities is based upon prior experiences with
Government agencies in the Philippines, the Company's understanding of
the regulatory environment in the Philippines, the results of prior
exploration activities, 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.