TVI farms out Rapu Rapu

A group of companies controlled by Lafayette Mining, a publicly traded Australian company, has signed a joint-venture agreement with TVI Pacific (TVI-T) to acquire a 75% stake in the Rapu Rapu precious metals prospect in the Philippines.

The group can earn the interest by spending US$3 million on exploration over four years and making cash payments totalling US$150,000. Goldrush Mineral Exploration, TVI’s Philippine-based partner, is a member of the group.

Exploration is already under way in the form of a 3,000-metre drill program on multiple targets to expand the geological resource to 8 million tonnes containing 1 million oz. gold-equivalent. TVI expects the program to be followed by a feasibility study.

Under the agreement, TVI will retain a 25% interest in the nearby Buenavista project and an equivalent interest in several claim areas at Rapu Rapu.

Rapu Rapu hosts two precious metals-rich massive sulphide deposits. Ungay Malobago contains a resource of 3.5 million tonnes grading 1.76% copper and 2.75% zinc, plus 3.42 grams gold and 45.3 grams silver per tonne. Hixbar contains 1.4 million tonnes of 1.25% copper, 1.25% zinc, 2.96 grams gold and 15.5 grams silver.