Update of Activities at TVI Pacific's 30.66% owned TVIRD Balabag Gold and Silver Mine
HIGHLIGHTS:
- Since start-up, and through to
February 29, 2024 , eighty-seven (87) doré shipments have been completed containing 82,670 ounces of Au and 1,670,636 ounces of Ag for 101,840 gold equivalent ounces ("AuEq oz"). - In the current year, and through to
February 29, 2024 , seven (7) doré shipments containing 7,090 ounces of Au and 87,269 ounces of Ag for 8,164 AuEq oz have been completed. - A further five (5) shipments have been completed since
February 29, 2024 , bringing the total number of completed doré shipments to ninety-two (92) in the approximate amount of 105,529 AuEq oz. - Average mill throughput in
March 2024 has been 2,196 tonnes per day ("t/d") and 1,947 t/d year-to-date. - The Phase 7 exploration program has commenced and through to
March 31, 2024 , ten (10) drillholes have been completed with a further three (3) ongoing for a total meterage-to-date of 1,096.50 meters.
"Balabag continues to be the current pride and award-winning example of responsible mining operations among the TVIRD portfolio and has helped to set the baseline for other projects such as the Siana Gold mine. We are pleased that Balabag has to date completed 92 doré shipments and has since
Since the start-up of production in
For the two months ended
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Since Start-up of |
Current Year: |
One Month ended |
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Number of Shipments |
|
87 |
7 |
4 |
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Gold doré |
(kg) |
56,382 |
3,048 |
1,930 |
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|
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Gold |
(oz) |
82,670 |
7,090 |
4,310 |
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Silver |
(oz) |
1,670,636 |
87,269 |
55,548 |
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Gold Equivalent |
(oz) |
101,840 |
8,164 |
4,994 |
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A further five (5) shipments have been completed since
The average processing rate at the Balabag gold processing plant in the two (2) months ended
A focus to optimize the operation has continued and has thus far resulted in a significant increase in recoveries and plant availability, as reflected in the following table:
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Year ended |
Year ended |
Year ended |
2 months ended |
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(average) |
(average) |
(average) |
(average) |
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Gold |
Silver |
Gold |
Silver |
Gold |
Silver |
Gold |
Silver |
Head Grade |
1.91 g/t |
69.58 g/t |
1.88 g/t |
62.24 g/t |
1.38 g/t |
25.62 g/t |
2.23 g/t |
32.27 g/t |
Recoveries |
87.91 % |
69.22 % |
88.11 % |
63.79 % |
93.00 % |
77.18 % |
95.05 % |
81.95 % |
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Mill Throughput |
1,151 tonnes per day |
1,797 tonnes per day |
2,186 tonnes per day |
1,819 tonnes per day |
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Plant |
76 % |
86 % |
85 % |
91 % |
Average mill throughput for the two months ended
The cash cost per ounce for the two months ended
TVIRD has commenced the Phase 7 exploration program and through to
TVIRD has thus far made twelve (12) payments against the 5-year term loan with China Banking Corporation ("Facility"), reducing the outstanding principal loan balance of the US
As announced on
The Qualified Person responsible for the scientific and technical content of this press release is Mr. Michael James Bue, Bsc. Eng,
TVIRD, a Philippine corporation in which TVI holds a 30.66% interest, is a diversified mining company that focuses on the acquisition, exploration, development and production of resource projects in the Philippines. TVIRD owns 100% of the operating Balabag gold/silver mine, 100% of the Siana gold mine and the neighboring Mapawa project (gold), a 60% indirect interest in the Mabilo project (a copper-gold-iron skarn deposit that offers potential for multi-metal products, namely copper, gold and silver, with by-products magnetite and pyrite), and a 60% interest in
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", "scheduled", "to be", "will be" and similar expressions. Forward-looking statements in this News Release are based upon the opinions and expectations of the 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.
Forward-looking statements are based upon the opinions and expectations of the management of the Company as at the effective date of such statements and, in certain cases, information supplied by third parties. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from 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 and should not be read as guarantees of future performance or results.
These factors include, but are not limited to, such things as: (i) general economic conditions in
Forward-looking statements regarding: (1) TVIRD's Balabag operations and related optimization works including improvements to, but not limited to, throughput, recoveries and plant availability; (2) the results of completed and possible future exploration activities, are based upon, but are not limited to, TVIRD's past exploration, operations, construction and project development experience in the region and in such terrain, current and previous exploration activities, discussions with third parties, the availability of financing and TVIRD's overall plans, budget and strategy for Balabag (which are all subject to change).
The Company wishes to clarify that in making the decision to put Balabag into production, TVIRD, a Philippine corporation that the Company does not control, relied exclusively on technical and economic analysis prepared under Philippine regulations and did not rely on any feasibility study classifying mineral reserves prepared in accordance with NI 43-101. Historically such projects have a much higher risk of economic and technical failure.
The Company does not have control over TVIRD nor does it have any involvement in the management or decisions of TVIRD or control over financial reporting and internal controls of TVIRD. The Company relies on the internal controls and financial reporting controls of TVIRD and their failure to maintain effectiveness or comply with applicable standards may adversely affect TVI.
Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this material change report and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
Various risks to which the Company is exposed in the conduct of its business (including mining activities) are described in detail in the Company's Annual Information Form for the year ended
The forward-looking statements contained in this News Release are made as of the date hereof and the Company does not undertake any obligation to update or to revise any of the included forward-looking statements, except as required by applicable securities laws in force in Canada. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Neither
SOURCE