Drilling on the Canatuan property of TVI Pacific (ASE), in the Philippines, continues to define a copper-enriched polymetallic massive sulphide deposit downdip of an overlying gold-silver gossan zone.
The property, situated on the island of Mindanao, underwent a preliminary evaluation last year, and results indicated a potential geologic resource of 750,000 tonnes averaging 4.87 grams gold per tonne and 30.8 grams silver over a width of 4.2 metres for the flat-lying gossan deposit.
The first six holes of the current drill program averaged 4.46 grams gold and 233.3 grams silver over a width of 4.7 metres. So far, silver grades are many times higher than previously estimated.
The underlying massive sulphide deposit is continuous over a strike length of 850 metres. It is also shallow-dipping and remains open along strike and in the dip direction. The first five intersections averaged 4.56% copper, 1.57% zinc, 1.29 grams gold and 64.8 grams silver over a width of 6.2 metres. Nineteen holes of a planned 27-hole, 4,000-metre program have been drilled to date.
Engineering and metallurgical studies are under way and a feasibility study, based on a 750-1,000-tonne-per-day open-pit operation, is due in the new year. The company awaits permitting approval for the installation of a recently purchased 35-tonne-per-day gold recovery plant. It will be upgraded to 50-60 tonnes per day and serve as a pilot plant for bulk-testing ore from the Canatuan deposit and processing 60,000 tonnes of tailings from small-scale, high-grade mining operations.
TVI can acquire the Canatuan property subject to a maximum 5% underlying royalty and a back-in right of 12.5%.
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