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The Toronto-based junior has been granted permits to 32,400 ha of ground adjoining its 4,755-ha Canatuan property, which hosts a sizable volcanogenic massive sulphide deposit. The permits give TVI access to an additional 30 km of the favourable stratigraphy’s strike length, along which several showings are known.
Primary sulphide resources at Canatuan stand at 1.3 million tonnes grading 1.45 grams gold and 73.02 grams silver per tonne, plus 3.36% copper and 2.45% zinc. Another 935,500 tonnes at 4.12 grams gold and 133.44 grams silver are held in oxidized material.
At metal prices of US$300 per oz. gold, US$5.25 per oz. silver, US80 per lb. copper and US50 per lb. zinc, TVI estimates Canatuan could yield an overall, after-tax internal rate-of-return of about 69% on an all-equity basis. Cash flow in the first year is projected at US$18.1 million.
TVI is courting a Japanese firm to help advance the project to production. Metallurgical tests and due diligence continue.
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