Based on the results of a first-phase program, TVI Pacific (TVI-T) is picking up the pace at its fully owned property on Panaon Island in the Philippines.
Two surface drill holes at the Anilao Hill prospect, situated on the northern end of the island, returned 27.35 metres averaging 0.47 gram gold per tonne and 12.3 metres of 1.09 grams.
In the Guizo area, results from preliminary geochemical testing have defined a large, gold-in-soil anomaly measuring 800 metres long by 150-500 metres wide, with values ranging from 0.1 to 2.05 grams at surface. The anomaly is partially coincident with strong anomalies identified through induced-polarization (IP), and additional ground geophysics will be carried out in an attempt to penetrate the sedimentary cover and test for possible extensions.
Panaon Island lies at the northern end of the 450-km-long East Mindanao gold belt, which occupies the Philippine Fault zone, a major crustal break.
TVI considers the region to be one of the most prospective, yet least explored, gold belts in the world. It hosts numerous epithermal gold and porphyry copper-gold deposits in a variety of geological and structural settings, including the King King porphyry copper-gold deposit. TVI holds a 25% interest in that project, with Echo Bay Mines (ECO-T) holding 75%.
Diamond drilling is under way in the Guizo area, and a program of geophysical surveys, soil sampling and geological mapping is being extended to the rest of the property in preparation for additional drilling.
Gold mineralization on the Panaon property occurs in structurally controlled environments.
TVI holds more than 200,000 ha of properties and application areas throughout the Eastern Mindanao gold belt. It is currently exploring and developing more than 20 projects in the Philippines, comprising more than 1 million ha.
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