CALGARY, AB, September 30, 2021 / CNW / – TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) (“TVI“or the”Society“) is pleased to announce that gold production has started at the Balabag Gold and Silver Project (“Balabag“). Balabag is 100% owned by TVI Resource Development Phils., Inc. (“TVIRD“), a Philippines company in which TVI has a 30.66% stake and is located in Zamboanga del Sur, Philippines.
Balabag completed its first shipment of auriferous gold in the amount of 855 kg containing 932 ounces of gold (“At“) and 25,959 ounces of silver (“Ag“) for 1,263 ounces of gold equivalent.
Balabag’s first shipment of gold-bearing gold generated gross proceeds of US $ 2.2 million.
The availability of the Balabag mill to date has been 90% and it is currently processed at an average rate of 936 dry metric tonnes per day (“tpd“) with the continued objective of optimizing operations and increasing throughput to 2,000 tpd.
Average recoveries to date have been 95% for Au and 86% for Ag.
The average feed grade to date has been 1.6 g / t Au and 79.0 g / t Ag.
The Balabag plant and mining operations are now operating around the clock.
First gold production at the Balabag Gold-Silver project:
TVIRD has confirmed that the availability of the Balabag crushing plant to date is 90% and that it is currently processing at an average monthly rate of 936 tpd. The first shipment in the amount of 855 kilograms (“kg“) gold bearing was delivered to the designated refinery and contains 932 ounces of Au and 25,959 ounces of Ag for 1,263 ounces of gold equivalent. The gross proceeds of the first shipment are US $ 2.2 million. Site activities continue to focus on optimizing operations and ramping up throughput to 2,000 t / d. The monthly average grade to date has been 1.6 g / t Au and 79.0 g / t Ag while the monthly average recoveries have been 95% for Au and 86% for Ag.
The plant is currently supplied by the general flow (“ROM“) mineralized reserve. Approximately 86,500 tonnes of mineralized material is now found on the ROM mineralized reserve, in-pit reserve and crushed mineralized reserve, much of which is low to marginal grade and has been mined to expose the resource mineralized at higher grade during rejection stripping and bedding. Piles average 1.1 g / t gold and 39.7 g / t silver. Feed average increases over the next few weeks as higher grade mineralized resources are mined.The four hour mill operation was introduced at the end of August.
TVIRD is continuing its growth strategy with exploration drilling underway at Balabag. As announced in the press release of the Company of August 4, 2021, five (5) rigs are actively working during the TVIRD phase 5B drilling program during which twenty-seven (27) holes are expected to be drilled with an estimated length of 4,155 meters. The sentence 5B The drilling program as well as analyzes and reports are currently expected to be completed in the fourth quarter of 2021.
âWe are proud of the Balabag project and operations teams for completing construction activities during a global pandemic and successfully reaching the first pour and shipment of gold. I want to take this opportunity to salute the commitment and hard work of our team to achieve this major growth milestone for TVIRD and TVI Pacific, âsaid Mr. James Cliff, President and CEO of TVI and President of TVIRD, âThis is the culmination of a long journey that began many years ago and has been faced with many challenges, but the determination of our team to making Balabag a reality has lasted and has now created the potential to generate significant benefits for all stakeholders. We are happy to share this achievement with our shareholders. “
The qualified person responsible for the scientific and technical content of this press release is Mr. Michael James Bue, Bsc. Eng, M.Eng, P.Eng. Mr. Bue acted as a Qualified Person in accordance with the reporting requirements of NI 43-101 by virtue of his membership in the Professional Engineers of Ontario and the Canadian Institute of Mining and Metallurgy and has confirmed the compliance of this press release with the requirements of NI 43-101.
About TVI Resource Development Phils., Inc.
TVIRD, a Philippine company in which TVI has a 30.66% stake, is a diversified mining company focused on the acquisition, exploration, development and production of resource projects in the Philippines. TVIRD has a pool of highly skilled managers, technical staff and skilled workers with previous experience in gold-silver mining and owns 100% of the Balabag Gold / Silver Project, 100% of the Siana Gold Project and Mapawa project, and a 60% stake. in Agata Mining Ventures Inc. (“AMVI“), a direct nickel / iron shipment operation that began in October 2014 and of which TVIRD is the operator. AMVI shipped a total of 18.03 million wet metric tonnes of nickel laterite ore through 331 shipments to August 31, 2021.
About TVI Pacifique inc.
TVI Pacific Inc. is a Canadian resource company focused on acquiring resource projects in the Asia Pacific Region. TVI currently owns a 30.66% interest in TVIRD and a 2.95% interest in Integrated Green Energy Solutions Ltd., a company incorporated in Australia and previously listed on ASX which is now subject to a liquidation order, for which a liquidator has been appointed. TVI’s other holdings include a 14.4% stake in Mindoro Resources Ltd. and a 100% investment in shares of TG World Energy Corp. As of the date of this announcement, TVI has 656,987,039 common shares outstanding and 696,887,039 diluted, including options of 39,900,000.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this press 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”, ” “,” Intend “,” could “,” could “,” should “,” believe “,” foresee “,” be “,” will “and similar expressions. Forward-looking statements contained in this press release include: (1) a reference to optimizing operations and increasing throughput at the Balabag plant, both of which may not be realized; (2) reference to the average quality of the feed which is expected to increase, which may not be achieved within the indicated time or not at all; (3) reference to Phase 5B drilling program, for which the completion of drilling and expected results are uncertain.
The forward-looking statements contained in this press release are based on the opinions and expectations of the management of the Company as of the effective date of such statements and, in some cases, on information provided by third parties. Although the Company believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, it cannot guarantee that these expectations will prove to be correct.
Forward-looking statements are subject to certain risks and uncertainties (known and unknown) which could cause actual results to differ materially from those anticipated or implied and should not be interpreted as guarantees of future performance or results. These factors include, but are not limited to, such things as: (i) general economic conditions in Canada, The Philippines and elsewhere; (ii) the volatility of the prices of precious metals, base metals and other raw materials; (iii) supply and demand for basic products; (iv) currency and interest rate fluctuations; (v) the inherent risks associated with the exploration and development of mineral properties, including, but not limited to, the geological characteristics, the metallurgical characteristics of the mineralization, the availability of equipment and facilities necessary for complete the development and ability to develop adequate processing capacity; (vi) the cost of consumables and extraction and processing equipment; (vii) unforeseen technological and engineering problems; (viii) the ultimate recoverability of the reserves; (ix) production, timing, results and costs of exploration and development activities; * political factors, political stability or civil unrest, including but not limited to acts of sabotage or terrorism; (xi) the availability of financial resources or third party funding; (xii) changes in laws or regulations (domestic or foreign); (xiii) changes in administrative practices; (xiv) changes in exploration plans or budgets; (xv) the availability of skilled labor; (xvi) failure of parties to contracts with the Company to perform as agreed, including its joint venture partners; (xvii) the impact of the COVID-19 pandemic; and (xviii) extreme weather conditions and forces of nature (ie typhoons, heavy rains, earthquakes, etc.) which can disrupt operations and explorations.
The Company has no control over TVIRD and has no involvement in the management or decisions of TVIRD, nor any control over financial reporting and internal controls of TVIRD. The Company relies on TVIRD’s internal controls and financial reporting controls and their failure to maintain their effectiveness or comply with applicable standards may adversely affect TVI.
Therefore, readers should not place undue reliance on any forward-looking statements contained in this press release and such forward-looking statements should not be interpreted or taken as guarantees of future results.
Various risks to which the Company is exposed in the course of its business (including mining activities) are described in detail in the Company’s annual information form for the year ended. December 31, 2020, which was filed on SEDAR on April 28, 2021 and is available under the Company profile at www.SEDAR.com.
The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update or revise the forward-looking statements included, except as required by securities laws. applicable in Canada. . The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE TVI Pacifique inc.
See original content: http://www.newswire.ca/en/releases/archive/September2021/30/c4511.html