TVI Pacific Inc.
TSX : TVI
OTCQX : TVIPF
TVI Pacific Inc.
July 21, 2011 07:22 ET
TVI Pacific Provides Additional Drill Results From the Balabag Gold-Silver Project
CALGARY, ALBERTA--(Marketwire - July 21, 2011) - TVI Pacific Inc. (TSX:TVI)(OTCQX:TVIPF) ("TVI" or "the Company"), through its Philippine operating affiliate TVI Resource Development (Phils.), Inc. ("TVIRD"), provides an update on the progress at its Balabag gold-silver project.
The Phase IV drill program, which was focused on both in-fill and step-out drilling in the down dip mineralized zones, has been successful in its objective of better defining the Balabag mineralization.
As of June 30, 2011:
- 39 holes have been completed and assayed since the last update on March 31, 2011;
- 19 of the 39 holes drilled show significant mineralization; and
- 7 of the 39 holes were drilled for sterilization purposes, over locations proposed for mine infrastructure, where mineralization was not anticipated.
Since June 30, 7 additional holes have been completed with assays pending and another 5 holes are currently underway.
Drilling will continue for a further 1,745 metres and will include additional infill drilling in the up-dip extension of the core area of the Tinago vein zone to reduce the drill hole spacing for the modeled mineral resource to be used for detailed production planning.
Based on assay results from the drill program completed to date, TVI intends to release an updated, independent NI 43-101 report as soon as possible that will incorporate all drill results to June 30, 2011 and possibly include assays from holes drilled after this date. The NI 43-101 will be released in conjunction with an internal feasibility study.
Click here to view an updated Balabag gold-silver project drill hole location map.
Assay results for the Balabag drill holes reported from March 31, 2011, up to July 13, 2011, are detailed in the table below using a cut-off of 0.50 grams/tonne ("g/t") gold:
Hole_ID From
(m) To
(m) Length
(m) True
Length
(m) g/t
Gold g/t
Silver
BLDH-10-141 9.90 12.90 3.00 2.88 0.56 14.85
BLDH-10-143 55.65 56.05 0.40 0.38 1.04 0.68
BLDH-10-144 48.60 49.10 0.50 0.48 0.91 4.70
BLDH-10-144 157.07 164.20 7.13 6.84 2.35 7.12
including 157.07 158.07 1.00 0.96 4.18 14.47
including 162.45 163.45 1.00 0.96 5.16 9.39
BLDH-11-159 31.70 33.20 1.50 1.44 8.21 33.30
including 31.70 32.75 1.05 1.01 11.02 42.27
BLDH-11-160 0.00 3.15 3.15 3.02 0.58 21.48
BLDH-11-160 40.50 53.20 12.70 12.18 2.75 125.46
including 41.80 42.40 0.60 0.58 5.96 169.48
including 46.60 49.70 3.10 2.97 4.88 272.35
including 52.20 53.20 1.00 0.96 3.79 75.74
BLDH-11-160 56.20 57.20 1.00 0.96 0.62 23.93
BLDH-11-161 0.00 3.00 3.00 2.88 0.58 17.34
BLDH-11-164 9.25 9.60 0.35 0.34 0.82 6.00
BLDH-11-166 45.25 48.25 3.00 2.88 0.91 5.09
BLDH-11-166 54.30 61.25 6.95 6.66 5.02 152.06
including 54.30 56.05 1.75 1.68 7.68 316.44
including 59.75 61.25 1.50 1.44 9.97 214.04
BLDH-11-167 31.15 36.85 5.70 5.47 1.42 37.84
including 33.15 34.85 1.70 1.63 3.45 84.17
BLDH-11-169 94.40 95.65 1.25 1.20 1.70 10.75
BLDH-11-169 105.25 105.60 0.35 0.34 0.86 2.42
BLDH-11-169 111.75 112.50 0.75 0.72 1.01 3.32
BLDH-11-170 45.30 46.30 1.00 0.96 1.01 3.64
BLDH-11-170 48.30 48.70 0.40 0.38 0.53 14.74
BLDH-11-170 52.00 53.25 1.25 1.20 0.54 23.59
BLDH-11-170 74.20 75.20 1.00 0.96 2.62 41.28
BLDH-11-170 90.70 91.70 1.00 0.96 0.74 34.70
BLDH-11-170 124.07 124.40 0.33 0.32 0.87 8.91
BLDH-11-171 55.17 56.55 1.38 1.32 4.95 14.18
including 55.45 56.55 1.10 1.05 5.87 13.59
BLDH-11-171 59.45 62.45 3.00 2.88 1.03 31.17
BLDH-11-173 139.90 147.07 7.17 6.88 4.72 48.83
including 142.90 146.07 3.17 3.04 9.05 100.46
including 142.90 143.90 1.00 0.96 20.79 208.02
BLDH-11-175 0.00 2.00 2.00 1.92 1.11 60.70
BLDH-11-175 21.50 24.35 2.85 2.73 2.66 25.27
including 23.50 24.35 0.85 0.82 4.70 50.38
BLDH-11-175 28.35 29.35 1.00 0.96 1.41 7.12
BLDH-11-177 7.80 11.80 4.00 3.84 1.69 15.09
including 9.80 10.80 1.00 0.96 3.70 27.36
BLDH-11-179 28.75 29.95 1.20 1.15 1.58 69.52
BLDH-11-180 58.40 60.85 2.45 2.35 2.18 38.10
including 60.40 60.85 0.45 0.43 6.74 86.86
BLDH-11-180 104.50 105.00 0.50 0.48 0.51 10.95
BLDH-11-182 57.85 58.55 0.70 0.67 1.04 3.17
BLDH-11-182 65.00 67.00 2.00 1.92 1.72 42.23
BLDH-11-182 70.40 73.70 3.30 3.16 1.07 25.58
BLDH-11-182 106.30 107.20 0.90 0.86 0.65 13.34
BLDH-11-184 13.80 17.10 3.30 3.16 3.51 14.51
including 15.45 16.45 1.00 0.96 4.11 20.28
BLDH-11-187 33.80 34.43 0.63 0.60 0.59 3.60
BLDH-11-190 24.00 25.00 1.00 0.96 0.52 0.25
BLDH-11-197 78.65 79.65 1.00 0.96 1.03 34.17
BLDH-11-200 22.30 23.30 1.00 0.96 7.38 6.96
BLDH-11-200 64.14 65.14 1.00 0.96 1.01 4.19
BLDH-11-200 67.95 68.70 0.75 0.72 0.94 3.37
BLDH-11-200 78.05 79.05 1.00 0.96 0.69 0.77
BLDH-11-201 6.00 8.00 2.00 1.92 0.50 0.50
BLDH-11-202 23.80 25.80 2.00 1.92 0.55 0.65
Note: Assay results for 7 additional drill holes are pending.
Click here for the previous drill hole results to March 31, 2011.
Cesar Medina, Exploration Manager of TVIRD and a Member of the Australasian Institute of Mining and Metallurgy has prepared and/or supervised the preparation of the scientific or technical information within this news release. Mr. Medina's work has been reviewed by Ciceron A. Angeles, Consulting Geologist, who is acting as the Qualified Person in compliance with NI 43-101 reporting requirements with respect to this news release by virtue of his membership as a Fellow and Chartered Professional for Geology of the Australasian Institute of Mining and Metallurgy and the reciprocity rules covered under ROPO (Recognised Overseas Professional Organisations). TVIRD's exploration programs are designed and conducted under the supervision of Mr. Medina and have been reviewed by Mr. Angeles. ALS Chemex (Brisbane, Australia) conducted third party check assays of TVIRD drill samples.
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 its Balabag 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, Niger and offshore Philippines.
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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 gram 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: 0.5 gram 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.
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 general economic conditions in Canada, the United States, Niger, Alaska, the Philippines and elsewhere; volatility of prices for precious metals, base metals, oil and gas; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; inherent risks associated with the exploration of oil and gas properties (including mechanical problems); ultimate recoverability of reserves, production, timing, results and costs of exploration and development activities; political or civil unrest; availability of equipment and personnel; 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 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 development decision is reached by the Company in respect of the project) are based upon management's experiences with other development projects in the Philippines and elsewhere, advice received from third-party advisors with respect to the timing of various components of the development 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, 2010, which was filed on SEDAR on March 30, 2011, 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, except as required by law.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
Contact Information
TVI Pacific Inc.
Rhonda Bennetto
Vice President, Investor & Corporate Relations
403.265.4356
rhonda.bennetto@tvipacific.com
TVI Pacific Inc.
Ian McColl
Investor Relations Analyst
403.265.4356
ian.mccoll@tvipacific.com
www.tvipacific.com
