In a year dominated by news from its porphyry copper and massive sulphide projects in the Philippines, TVI Pacific (TSE) has been making slow but steady progress in its search for epithermal gold in the same region.
Reconnaissance work on the Diwata property, a 68-sq.-km land package on Mindanao Island held under option from Atlas Consolidated Mining & Development (NYSE), was completed in early 1995. Initial samples from a 2-by-12-km area of altered, volcanic rocks returned gold values of 0.2-18.46 grams per tonne.
Geochemical prospecting revealed gold concentrations of up to 3 grams per tonne and copper concentrations up to 0.08% in stream sediments.
TVI will next carry out geochemical sampling of stream sediments and soils, geological mapping, and interpretation of remote-sensing imagery. Geophysical surveys and diamond drilling will follow. TVI is earning a half interest from Atlas by spending $400,000 over two years.
On the northern island of Luzon, TVI holds a 1,997-sq.-km land package in accordance with a foreign technical assistance agreement. Newmont Philippines, a subsidiary of Newmont Mining (NYSE) with an extensive land holding in the area, has agreed to extend the coverage of a planned airborne geophysical survey on to the TVI property. TVI will receive the raw magnetic and radiometric data for its own processing and interpretation.
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