TVI Begins Exploratory Drilling on Its Tamarok Copper-Gold Porphyry Prospect
Date : 04/11/2011 @ 12:07PM
Source : MarketWire
TVI Begins Exploratory Drilling on Its Tamarok Copper-Gold Porphyry Prospect
TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF) ("TVI" or "the Company"), through its Philippine operating affiliate TVI Resource Development (Phils.), Inc. ("TVIRD"), is pleased to announce drilling is underway at its Tamarok copper-gold porphyry prospect.
- The initial drill program consists of 6 to 12 holes, up to 4,000 metres (13,100 feet) total depth, depending on accessibility and initial results.
- The scout drilling program is designed to test subsurface continuity of outcropping porphyry copper-gold mineralization identified by initial exploration work at the Malachite Hill prospect.
- Previous channel sampling at Malachite Hill has produced a 38 metre (124.7 foot) wide zone grading 0.70% copper and 0.40 grams/tonne ("g/t") gold.
Tamarok is located 60 kilometres (37 miles) north-northeast of TVIRD's Balabag project and 115 kilometers (71 miles) northeast of TVIRD's operating Canatuan mine. It is within the Company's extensive North Zamboanga tenement package.
The Tamarok project is being explored under a 507 hectare (1,253 acre) Mineral Production Sharing Agreement ("MPSA") formally approved by the Secretary of the Department of Energy and Natural Resources of the Philippines. TVIRD has also received Free Prior Informed Consent from the area's indigenous community.
The MPSA at Tamarok allows TVIRD to advance exploration activities including geophysical surveys, systematic detailed geological investigations and drilling. To help identify areas of potential mineralization, and ultimately locate drill targets, the Company has recently conducted an airborne geophysical program over the tenement area.
Click here for property location map
Review of previous exploration work
Significant surface exploration, including geological mapping and rock/channel sampling, has been carried out over the Tamarok area, where a diorite intrusive measuring approximately 9 kilometres (5.6 miles) long and 1.5 to 2.5 kilometres (0.9 to 1.6 miles) wide trending northwest, has been identified that hosts porphyry copper-gold style mineralization. Assay results from channel samples from the mineralized diorite are consistent with, and have extended, the historical results of previous operators. Recent exploration work, including the airborne geophysical program, has also identified a number of new occurrences of interest. The results of the initial exploration work indicate the potential for a sizeable porphyry copper-gold system at Malachite Hill. The current drill program will focus on testing the subsurface continuity of the cupriferous diorite body at Malachite Hill, where channel sampling has produced a 38 metre (124.7 foot) wide zone grading 0.70% copper and 0.40g/t gold.
Tamarok mineralization description
Mineralization at Tamarok is hosted in an approximately 50 metre (164 foot) exposure of magnetite-biotite-potassic feldspar-silica altered hornblende diorite with a chlorite-clay-sericite overprint. Chalcopyrite and bornite mineralization occurs as minor disseminations and in sheeted quartz veins and stockworks. Strong malachite-azurite-limonite staining is noted. The host diorite might represent a single phase in an apparently multiphase diorite intrusive. Beyond the porphyry copper outcrop at Malachite Hill, alteration in the diorite is predominantly propylitic (chlorite-pyrite-epidote). There are indications of later epithermal overprint, occurring as drussy quartz veinlets and chalcedonic quartz veins along some silicified zones. The diorite body intrudes into the ophiolitic, volcanic and clastic country rocks including possible coeval volcanics. This diorite is unconformably overlain by younger sandstones-siltstones at its SW margin, while a Lower to Middle Miocene limestone (based on paleontological study) overlies this intrusive at its south-eastern end. Younger andesite dikes trending north northwest transect this intrusive body. Northwest trending faults and fractures occur in the area, commonly having left lateral movement.
Cesar Medina, Exploration Manager of TVIRD, is acting as the Qualified Person in compliance with NI 43-101 reporting requirements with respect to the company's exploration projects (Siennalynn, Balabag, Tamarok, etc.). He has prepared and/or supervised the preparation of the scientific or technical information and confirms compliance with NI 43-101 requirements.
About TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing a gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska and Niger and offshore Philippines.
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