CALGARY,
AB, April 2, 2024 /CNW/ - TVI Pacific
Inc. (TSXV: TVI) (OTC Pink: TVIPF) ("TVI" or "the
Company") is pleased to provide an update of restart activities
at the Siana Gold Mine ("Siana"). Siana is owned and
operated by Greenstone Resources Corporation ("GRC"), a 100%
owned subsidiary of the Philippine corporation in which TVI holds a
30.66% interest, TVI Resource Development Phils, Inc.
("TVIRD"). Siana is located in Tubod, Surigao del
Norte, approximately 35 kilometers from Surigao City and near to
Lake Mainit in the southern Philippines island of Mindanao.
HIGHLIGHTS:
- Milling operations have restarted on March 18th, 2024, with an average
throughput of 2,300 tonnes per day ("t/d").
- Recovery rates have averaged 83% for gold ("Au") and 50%
for silver ("Ag") while head grades have averaged 2.00 grams
per tonne ("g/t") for Au and 12.29 g/t for
Ag.
- Planning for the anticipated underground operation has
commenced.
- An Environmental Compliance Certificate ("ECC") has been
received on February 28, 2024, to
construct a solar plant that is expected to help cater to the
energy requirement of the Siana Gold Processing Plant. The
project is expected to have a total power generating capacity of
9.90 Megawatts ("MW").
As previously reported, TVIRD/GRC commenced soft-recommissioning
and rehabilitation of the mill in December
2022 after the plant had stood idle through a long period of
care and maintenance since the decision of Red 5 Limited/GRC Siana
to suspend operations in April 2017. During the
soft-recommissioning stage the low-grade stockpile of mineralized
material was used and a total of 365,249 tonnes of low-grade
mineralized material with an average grade of 0.68 g/t Au and 4.37
g/t Ag was milled, averaging a plant utilization of 64% and an
average throughput of 2,200 t/d. The drawdown of the
low-grade stockpile was managed to align with the restart of mine
development and the removal of a large amount of waste located
above the target high-grade ore required for continuous mining
operations. The mill was temporarily again shutdown in early
August 2023 for further
rehabilitative works but through to that time and through to
February 29, 2024, a total of 699 kg
of doré containing 6,466 oz of Au and 15,538 oz of Ag had been
smelted and shipped.
Milling operations resumed on March 18,
2024, and through to March 30,
2024, a total of 29,900 tonnes of mill feed has run through
the mill at an average throughput of 2,300 t/d for the thirteen
(13) running days ended March 30,
2024. Milling was raised to higher throughput than planned to
test the maximum capacity of the plant. During the said
duration, mill throughput reached a maximum of 3,000 t/d. In
its first 277 hours of run time since the mill resumed operations,
recovery rates for the carbonaceous limestone ore have averaged 83%
for Au and 50% for Ag while the head grades have averaged 2.00 g/t
for Au and 12.29 g/t for Ag. Recoveries are expected to increase as
the mill stabilizes and the ramp-up of mill throughput is also
expected to continue in the coming months as Siana moves toward
commercial production. The nameplate capacity of the GRC Siana
Outotec mill is 1.1 million tonnes per annum.
Mining operations in the open-pit continue to ramp-up and
approach a level of sustainable production as higher-grade ore is
exposed. An average total-to-date through March 29, 2024, of 1,000 t/d of ore has been
mined and 13,000 t/d of waste has been moved at an average strip
ratio of 1:8 (ore to waste). There is currently an
approximate 70,766 tonnes of ore on the run-of-mine ("ROM")
stockpile above the 0.75 g/t Au cut-off grade. The stockpile
has an average grade of 2.19 g/t Au and 9.21 g/t Ag. The current
stockpile inventory is composed of 57% carbonaceous limestone ore
and 43% base metal veins. These are the two major mineralized
domains identified by the grade control section.
Planning for the anticipated underground operation has commenced
in March 2024 and rehabilitation
works are set to begin in April 2024,
starting with rehabilitation and improvement of the Batching
Plant.
On February 28, 2024, an ECC was
issued to PAVI GREEN COMMERCIAL ROOFTOP, INC. for construction of a
solar plant at Siana. The ECC is valid for a period of 25 years
through to February 28, 2049. The
Siana Gold Tailings Storage Facility No. 4 Ground-Mount Solar
Project is expected to supply renewable energy to the Siana Gold
Processing Plant, satisfying an approximate 25% of its estimated
energy needs. The project is expected to have a total power
generating capacity of 9.90 MW through 14,196 solar panels.
Commercial production of the solar plant is currently expected in
Q3 2024.
TVIRD owns 100% of Siana through its 100%-owned subsidiary, GRC.
The mine covers a 3,289 hectares ("ha") MPSA (MPSA No.
184-2002-XIII) in addition to 100% of the neighboring 1,482 ha MPSA
No. 280-2009-XIII for the Mapawa Project and the Ferrer Claim (as
covered by the Application for Mineral Production Sharing Agreement
No. A000046 and comprising of one Block of 595 ha).
Qualified Persons
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 has acted as the Qualified Person in
compliance with National Instrument 43-101 Standards of Disclosure
for Mineral Projects ("NI 43-101") reporting requirements by
virtue of his membership in the Professional Engineers of
Ontario and Canadian Institute of
Mining and Metallurgy and has confirmed compliance of this press
release with NI 43-101 requirements.
About TVI Resource Development Phils., Inc.
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 Agata
Mining Ventures Inc. (nickel/iron Direct Shipping Operations
("DSO") mine).
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on
mining projects in the
Philippines, one of the most prolifically mineralized
countries in the world. TVI maintains a strong presence in
the Philippines through its 30.66%
equity interest in TVIRD, a Philippines corporation. Through TVIRD,
TVI has ownership in TVIRD's 100%-owned Balabag gold/silver mine, a
currently producing mine, and is focused on ramping-up to
commercial production at TVIRD's recently restarted 100%-owned
Siana gold mine. TVIRD also has in its portfolio of projects
its 100%-owned 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 Agata
Mining Ventures Inc. (nickel/iron DSO mine).
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",
"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
Canada, the Philippines and elsewhere; (ii) volatility
of prices for precious metals, base metals, and other commodities;
(iii) commodity supply and demand; (iv) fluctuations in currency
and interest rates; (v) inherent risks associated with the
exploration and development of mining properties, including but not
limited to geological characteristics, metallurgical
characteristics of the mineralization, the availability of
equipment and facilities necessary to complete development and the
ability to develop adequate processing capacity; (vi) the cost of
consumables and mining and processing equipment; (vii) unforeseen
technological and engineering problems; (viii) ultimate
recoverability of 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) availability of
financial resources or third-party financing; (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 labour; (xvi) the failure
of parties to contracts with the Company and TVIRD 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 (i.e. typhoons, heavy rains,
earthquakes, and the like) that may disrupt operations and
explorations.
Forward-looking statements regarding the restart of
operations at TVIRD's Siana Gold Mine ("Siana") and its
ability to reach commercial operation, as well as the ongoing
development of mining operations, the anticipated underground
mining and construction and date of commercial operation of a solar
project are based upon, but are not limited to, TVIRD's past
operational, construction and project development experience in the
region and in such terrain, the condition of and ability to restore
and/or replace equipment and infrastructure acquired with the
acquisition of Siana, current and previous exploration activities,
discussions with third parties, the availability of financing and
TVIRD's overall plans, budget and strategy for Siana (which are all
subject to change).
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
December 31, 2022, which was filed on
SEDAR+ on May 15, 2023, and is
available under the Company's profile at
www.sedarplus.ca.
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 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 Pacific Inc.