CALGARY, ALBERTA -- (MARKET WIRE) -- 09/07/10 --
TVI Pacific Inc. (TSX: TVI)(OTCQX: TVIPF) or (the "Company") today announced positive results from its exploration drilling program at the Balabag epithermal gold project. Balabag is 100%-owned by the Company's Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"). The property, covered by Mineral Production Sharing Agreement MPSA 086-97-IX, is located approximately 76 kilometres northeast of TVI's operating copper/zinc mine at Canatuan, municipality of Siocon, Zamboanga del Norte province.
-- Completed 2010 program of 30 drill-holes for 3,196.25 metres
-- Primary program objective was to confirm "core" resource for initial
"Bootstrap" development
-- Overall area of mineralization has been expanded
-- Lateral and vertical continuity of mineralization between previously
drilled holes has been confirmed
-- Down dip extension of vein mineralization has also been confirmed
-- Potential for further down dip extension currently being tested by
two drill holes
-- Final Form, third party updated Resource Table due out late
September/early October
-- Resource Estimate Update (NI 43-101 Technical Report) due out late
October/early November
2010 Drill Program Objectives
- The primary objective of the recent 2010 drilling program was to confirm a minimum of 50,000 Gold Equivalent Ounces ("AuEq Oz") in the indicated resource category within a "core" area of the orebody. Confirmation is expected when the Resource Estimate Update (NI 43-101) is released. A scoping study will then be carried out to define an economic start-up pit for a mine development program.
- The second objective was to confirm lateral and vertical continuity of mineralization. The pre-2010 drill programs were drilled on a 25 to 50 metre hole spacing interval. The current program improved on this spacing by drilling infill holes between existing holes, thereby tightening up hole spacing to 25 metres or less at the central portion of Tinago.
- The third objective was to test depth extension potential of the Tinago vein system beyond the depths previously drilled in the area of the 2010 drill program.
The results provide new data for a Resource Estimate Update and Scoping Study for a probable "Bootstrap" development decision; confirm lateral and vertical continuity of mineralization; show overall area of mineralization has been expanded; and confirms a down dip extension of the mineralization in the Tinago vein system.
A Final Form, third party updated Resource Table is due out late September/early October followed by an NI 43-101 Resource Estimate Update around late October/early November. Assuming the "core" resource of 50,000 Gold Equivalent Ounces (AuEq Oz) is confirmed, which is expected to be confirmed in the consultant's report, TVI intends to launch the internal scoping study immediately, enabling an evaluation of a start-up ("Bootstrap") development decision by late 2010/early 2011.
The assay results from the 2010 drill core sampling have been received, analyzed and compiled. Significant mineralized zones intersected in the recent drill holes allowed for a re-interpretation of the vein arrays occurring within the Tinago vein system. Re-interpretation and sampling of drill core from previous campaigns resulted in additional mineralization continuing from the intersections in the 2010 drilling campaign.
Significant mineralization is defined at Balabag as drill intervals 0.30 metres or better, that assay greater than = 0.50 grams per tonne Gold (g/t Au). Table 1 summarizes the best mineralized drill intersections during the 2010 drill campaign.
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Table 1. Significant Mineralized Drill Intersections
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Composited Intervals (greater than = 0.50g/t Au cut-off)
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True Width
Hole-ID From (m) To (m) Length (m) (m) g/t Au g/t Ag
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BLDH-10-102 128.70 132.40 3.70 3.64 4.68 116.72
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BLDH-10-103 100.50 106.50 6.00 5.91 2.99 60.07
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BLDH-10-104 40.60 45.05 4.45 4.38 14.01 103.71
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BLDH-10-108 0.00 7.45 7.45 7.33 1.49 98.40
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BLDH-10-117 77.35 82.30 4.95 4.87 3.14 49.18
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BLDH-10-129 41.80 47.60 5.80 5.71 6.21 315.07
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In addition to confirming the lateral and vertical continuity of mineralization between previously drilled holes, the recent drilling program has expanded the gold and silver mineralization beyond the area previously sampled by the drilling in 2007. The results also show that the vein system appears to be well developed and capable of extension down dip; hence it is interpreted that the limits of the hydrothermal system, as previously defined, have expanded from the previous studies. The gold and silver grades of the expansion/extension intersections in the 2010 drilling program appear somewhat lower compared to those in previous drilling campaigns. Both gold and silver grades will be reported in the upcoming Final Form Resource Table.
The veins pinch and swell along strike and dip and consistently project downward at shallow-to-moderate dips ranging from 30 to 40 degrees. It is postulated that the vein system steepens further to the north and that this "steepening" or change of dip is coincident with fault structures along the creek north of Balabag Hill and may indicate positions where structural thickening might occur leading to better mineralization. Accordingly these potentially higher mineralization locations have been proposed as deep drill targets within the Tinago vein system. TVI is currently drilling the first of two holes to test these targets.
Table 2 details all the mineralized intersections resulting from the recently concluded drill program at a 0.50 g/t Au cut-off.
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Table 2. Mineralized Intersections 2010 Drill Program
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Composited Intervals (greater than = 0.50g/t Au cut-off);
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NSMI = No Significant Mineralization Intersected
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True Width
Hole-ID From (m) To (m) Length (m) (m) g/t Au g/t Ag
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BLDH-10-100 NSMI
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BLDH-10-101 0.00 2.00 2.00 1.97 2.09 91.72
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BLDH-10-101 29.70 32.65 2.95 2.90 2.15 27.31
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BLDH-10-101 36.50 36.88 0.38 0.37 0.99 2.81
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BLDH-10-102 89.00 96.55 7.25 7.14 1.29 15.70
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BLDH-10-102 98.00 100.10 2.10 2.07 2.28 1.07
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BLDH-10-102 125.35 126.20 0.85 0.84 0.57 2.20
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BLDH-10-102 128.70 132.40 3.70 3.64 4.68 116.72
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including 129.80 130.70 0.90 0.89 11.46 354.10
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BLDH-10-102 141.15 142.30 1.15 1.13 1.04 37.87
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BLDH-10-102 148.95 149.25 0.30 0.30 13.67 18.75
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BLDH-10-103 100.50 106.50 6.00 5.91 2.99 60.07
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including 105.70 106.50 0.80 0.79 5.13 83.93
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BLDH-10-103 107.10 112.80 5.70 5.61 2.37 114.01
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BLDH-10-103 114.55 115.80 1.25 1.23 7.27 43.51
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including 115.18 115.80 0.62 0.61 13.46 74.17
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BLDH-10-103 120.70 121.00 0.30 0.30 1.27 14.29
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BLDH-10-103 121.40 122.95 1.55 1.53 0.95 24.44
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BLDH-10-104 40.60 45.05 4.45 4.38 14.01 103.71
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including 40.60 41.60 1.00 0.98 34.57 257.89
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BLDH-10-104 56.30 58.30 2.00 1.97 0.55 1.73
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BLDH-10-104 60.70 62.80 2.10 2.07 0.66 2.82
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BLDH-10-105 45.90 47.90 2.00 1.97 1.86 2.51
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BLDH-10-105 128.45 130.45 2.00 1.97 0.81 8.82
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BLDH-10-105 132.45 134.45 2.00 1.97 0.69 2.37
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BLDH-10-105 135.10 136.70 1.60 1.58 6.24 59.26
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including 136.00 136.70 0.70 0.69 9.64 88.14
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BLDH-10-106 2.90 3.37 0.47 0.46 8.06 2.61
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BLDH-10-106 5.00 5.70 0.70 0.69 10.05 39.41
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BLDH-10-106 10.80 13.05 2.25 2.21 3.60 39.43
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BLDH-10-106 16.40 18.70 2.30 2.26 2.88 50.44
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BLDH-10-106 19.20 21.45 2.25 2.21 1.73 9.87
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BLDH-10-107 NSMI
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BLDH-10-108 0.00 7.45 7.45 7.33 1.49 98.40
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BLDH-10-108 9.40 10.30 0.90 0.89 2.16 49.54
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BLDH-10-109 139.90 141.90 2.00 1.97 5.20 18.25
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BLDH-10-110 69.20 72.00 2.80 2.76 0.96 3.78
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BLDH-10-110 105.55 107.55 2.00 1.97 0.63 1.86
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BLDH-10-111 101.60 101.70 0.10 0.10 1.05 5.16
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BLDH-10-111 103.40 103.75 0.35 0.34 1.87 8.20
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BLDH-10-111 104.35 105.00 0.65 0.64 0.50 2.37
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BLDH-10-112 NSMI
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BLDH-10-113 46.70 47.80 1.10 1.08 0.63 18.67
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BLDH-10-113 48.00 48.85 0.85 0.84 0.72 10.29
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BLDH-10-113 63.40 63.70 0.30 0.30 3.05 111.00
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BLDH-10-114 66.90 67.20 0.30 0.30 1.30 73.02
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BLDH-10-114 68.20 70.05 1.85 1.82 5.66 59.32
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BLDH-10-115 45.40 46.25 0.85 0.84 0.80 6.69
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BLDH-10-116 42.40 44.00 1.60 1.58 3.18 28.40
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BLDH-10-117 76.45 77.15 0.70 0.69 0.50 28.53
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BLDH-10-117 77.35 82.30 4.95 4.87 3.14 49.18
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BLDH-10-117 90.90 92.90 2.00 1.97 0.57 1.11
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BLDH-10-117 119.20 121.00 1.80 1.77 0.51 3.10
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BLDH-10-118 2.20 2.55 0.35 0.34 0.92 19.88
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BLDH-10-118 3.20 3.50 0.30 0.30 1.81 40.69
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BLDH-10-118 5.00 5.35 0.35 0.34 0.84 22.42
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BLDH-10-118 8.90 9.50 0.60 0.59 0.54 4.92
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BLDH-10-119 22.30 24.95 2.05 2.02 0.92 5.63
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BLDH-10-120 92.30 94.30 2.00 1.97 0.65 19.62
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BLDH-10-120 124.00 125.00 1.00 0.98 1.47 38.84
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BLDH-10-120 147.30 148.00 0.70 0.69 0.58 15.88
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BLDH-10-121 NSMI
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BLDH-10-122 37.40 38.25 0.85 0.84 2.75 18.67
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BLDH-10-123 0.00 1.50 1.50 1.48 0.61 32.06
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BLDH-10-124 NSMI
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BLDH-10-125 53.30 55.90 2.60 2.56 6.26 188.72
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BLDH-10-125 56.16 56.45 0.29 0.29 17.16 855.20
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BLDH-10-125 57.95 58.75 0.80 0.79 4.25 2.47
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BLDH-10-125 78.25 80.25 2.00 1.97 0.64 14.33
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BLDH-10-125 104.60 105.77 1.17 1.15 7.22 93.68
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BLDH-10-126 23.80 25.10 1.30 1.28 0.89 9.45
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BLDH-10-126 25.25 27.25 2.00 1.97 0.57 11.77
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BLDH-10-126 30.20 32.75 2.55 2.51 0.82 3.74
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BLDH-10-126 46.30 48.30 2.00 1.97 0.55 7.50
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BLDH-10-127 42.25 43.25 1.00 0.98 1.27 65.91
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BLDH-10-127 59.25 60.25 1.00 0.98 1.38 14.43
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BLDH-10-128 40.00 42.35 2.35 2.31 1.43 10.05
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BLDH-10-129 41.80 47.60 5.80 5.71 6.21 315.07
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including 42.80 43.80 1.00 0.98 13.88 647.05
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Twenty five out of the thirty drill holes completed in 2010 intersected significant gold mineralization. Of the 5 drill holes that did not intersect mineralization, 2 were positioned at the western margins of Tinago (line 375W), another 2 at the eastern end (lines 150E and 000). However, mineralization was intersected by another drill hole (BLDH-10-111, the westernmost hole in the property at line 425W) 50 metres further west of the unmineralized holes at line 375W. This occurrence of mineralization, beyond unmineralized positions, supports the pinching and swelling characteristics of the auriferous veins mineralization at Tinago.
The eastern hole (line 150E) was designed to find the extension of Tinago veins at the area where a fault is inferred, to separate it from the Miswi vein system, the latter being previously interpreted to be the down-faulted continuation of Tinago. However this drill hole did not encounter the Tinago extension in a structurally deformed and altered zone that may define the position of the inferred fault. Hole BLDH-10-121 confirmed its objective, that the weak and thin mineralization at BDDH-05-02 is localized.
The fifth unmineralized drill hole (BLDH-10-124 located at line 150W) did not intersect the projected mineralization beneath drill hole BDDH-06-18. It is presumed that this is another vein pinch position. Drilling beneath this hole will confirm if the gold mineralization continues at depth. TVI is currently drilling to test these targets.
Table 3 below details the mineralized intersections from a number of pre-2010 drill holes for which assay information was not previously reported. This table includes the assays from the drill holes where mineralization was extended from the 2010 drill holes.
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Table 3. Previously Unreported Pre-2010 Drill Intersections
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Composited Intervals (greater than = 0.50g/t Au cut-off)
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True Width
Hole_ID From (m) To (m) Length (m) (m) g/t Au g/t Ag
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BDDH-06-50 97.50 99.50 2.00 1.97 0.58 2.57
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BDDH-06-50 130.30 132.30 2.00 1.97 1.62 33.46
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BDDH-07-65 0.00 2.00 2.00 1.97 0.85 57.81
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BDDH-07-65 2.00 4.00 2.00 1.97 1.00 80.13
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BDDH-07-65 0.00 4.00 4.00 3.94 0.92 68.97
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BDDH-07-72 33.70 35.70 2.00 1.97 0.57 22.64
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BDDH-07-72 39.70 41.70 2.00 1.97 0.72 39.90
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BDDH-07-72 46.05 46.35 0.30 0.30 3.36 18.48
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BDDH-07-81 14.60 15.50 0.90 0.89 1.00 0.25
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BDDH-07-81 23.50 25.50 2.00 1.97 0.93 7.12
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BDDH-07-95 26.35 27.65 1.30 1.28 1.96 55.08
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BDDH-07-95 40.30 41.60 1.30 1.28 0.68 15.65
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BDDH-07-95 47.30 49.00 1.70 1.67 3.09 61.24
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BDDH-07-95 62.70 64.15 1.45 1.43 1.30 18.45
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BDDH-07-95 72.55 73.55 1.00 0.98 0.64 4.37
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BDDH-07-96 57.20 58.20 1.00 0.98 0.59 26.30
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BDDH-07-97 15.30 15.90 0.60 0.59 0.66 96.31
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BDDH-07-97 32.70 37.55 4.85 4.77 1.11 16.54
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BDDH-07-97 53.90 59.30 5.40 5.32 3.91 259.08
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BDDH-07-97 66.30 67.90 1.60 1.58 1.39 59.90
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BDDH-07-98 35.10 39.10 4.00 3.94 6.32 106.37
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BDDH-07-98 50.00 51.85 1.85 1.82 0.55 18.74
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BDDH-07-98 61.95 64.10 2.15 2.12 0.53 14.09
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BDDH-07-99 15.85 20.00 4.15 4.09 1.08 24.05
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The most recent drill program was completed in June 2010 with a cumulative total of 3,196.25 metres in 30 drill holes. Assaying of the new data and previously un-assayed cores from the previous campaigns was finished in August 2010. This campaign brings the cumulative total metres drilled at Balabag to 14,765.40 metres as detailed in Table 4.
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Table 4. Drilling Summary Per Campaign
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DRILL CAMPAIGN (YEAR) COMPANY NO OF HOLES METRES DRILLED
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2003 TEMPLAR 5 593.20
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2005 TVIRD 2 131.30
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2006 TVIRD 57 6,823.35
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2007 TVIRD 42 4,021.30
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2010 TVIRD 30 3,196.25
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TOTAL 136 14,765.40
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Cesar Medina, Exploration Manager of TVIRD, is acting as the Qualified Person in compliance with NI 43-101 reporting requirements with respect to this news release by virtue of Mr. Medina's membership of the Australasian Institute of Mining and Metallurgy (AusIMM) and the reciprocity rules covered under ROPO (Recognised Overseas Professional Organisations). He has prepared and or supervised the preparation of the scientific or technical information in this document and confirms compliance with NI 43-101 requirements. TVIRD's exploration programs are designed and conducted under the supervision of Mr. Medina.
ALS Chemex (Brisbane, Australia) conducted third party check assays of TVIRD drill samples.
View the 2010 Drill Program here
View the Tinago Vein System here
View the Balabag Project area here
About TVI Pacific Inc. (TSX: TVI)(OTCQX: TVIPF)
TVI Pacific Inc. is a publically traded copper producer focused on the production, development, exploration and acquisition of precious and base metal mining deposits in the Philippines. The Company's interest in the Canatuan Mine and its other Philippine assets are held through its affiliate, TVI Resource Development (Phils.), Inc.
Additional information regarding the Balabag indicated and inferred resources is available in the technical report titled, "43-101 Technical Report for the Mineral Resources at the Balabag Project of TVI Pacific Inc." filed August 9, 2007, and prepared by P.J. Lafleur Geo-Conseil Inc. Additional information regarding the Balabag scoping study is available in the technical report titled, "Scoping Study of the Balabag Project" filed August 20, 2008, and prepared by Genivar Limited Partnership. Both reports are available under TVI's profile on the SEDAR website at www.sedar.com.
Quality Assurance and Quality Control:
-- Analyses of Balabag drill core samples were completed by TVI's Canatuan
Mine laboratory. The following methods were used for the analyses:
-- For Au: 30 gm charge fire assay with ICP-OES finish,
-- For Ag, Al, As, Au, B, Ba, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, Hg, K,
La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Se, Tl, Sr, Th, Ti, U, V,
W, Zn: 0.5gm Acid Digest ICP-OES analysis.
-- Strict QA/QC procedures are implemented in core handling and sampling at
Balabag. There are 3 types of QA/QC samples randomly included in a ratio
of 1:9 samples into the sample stream. These are:
-- Third party purchased certified reference materials of varying gold
assay values,
-- Duplicates,
-- Blank samples.
-- The QA/QC samples are strictly monitored and if the control parameters
pertaining to each of the individual QA/QC sample types are not
satisfied, the entire batch is re-assayed.
-- ALS Chemex, Brisbane, Australia analyzed approximately 13% of the total
2010 Balabag drill core samples being reported in this News Release.
These check samples, composed of coarse splits and pulverized pulps from
Balabag drill cores, were randomly selected by the resource consultant.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
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", "schedule" 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 and, in certain cases, information received from or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by third parties is reliable, 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; changes in exploration plans or budgets; and availability of equipment and personnel. 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 respecting the nature and timing of the exploration program at Balabag and the Company's ability to define additional resources and reserves is based upon the previous exploration activities at Balabag, management's experiences with other exploration work programs undertaken in the Philippines and elsewhere, advice received from third-party advisors with respect to the various components of the exploration work program and the Company's current budget and overall strategy for Balabag, which plans, budget and strategy are all subject to change. Forward-looking information respecting the timing and nature of planned feasibility reports and work (including the resource table, consultant's report and resource estimate, and scoping study) at Balabag is based upon the exploration activities at Balabag, management's experiences with other feasibility work programs undertaken in the Philippines and elsewhere, advice received from third-party advisors with respect to various components of the feasibility work program and the Company's current budget and overall strategy for Balabag, which plans, budget and strategy are all subject to change. Forward-looking information concerning the nature and timing of development activities at Balabag (in the event a production decision is reached by the Company in respect of the project) is based upon management's experiences with other construction projects in the Philippines and elsewhere, advice received from third-party advisors with respect to the timing of various components of the construction project, and the Company's current budget and overall strategy for Balabag, 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 and its affiliates are exposed in the conduct of their business (including mining activities) are described in detail in the Company's Annual Information Form for the year ended December 31, 2009, which was filed on SEDAR on March 25, 2010, 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.
Contacts:
TVI Pacific Inc.
Rhonda Bennetto
Executive Director Investor Communications
403.265.4356
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.265.4356
ian.mccoll@tvipacific.com
TVI Pacific Inc.
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