The process for approval of a Mineral Production Sharing Agreement application authorizing exploration and drilling on the Malusok and SE Malusok prospects, near TVI Pacific’s Canatuan mill site, is at an advanced stage.
The Certificate of Precondition marking Free Prior Informed Consent has been approved by the National Commission on Indigenous People (NCIP) subject to the completion of certain administrative requirements, and the documents are being finalized within the Mines and Geosciences Bureau for presentation to the Secretary of the Department of Environment and Natural Resources for review and subsequent signature.
For the other near-mine tenement application relevant for the Malusok and SE Malusok prospects, the Memorandum of Agreement with the indigenous community has been signed and has been presented to the NCIP for processing, leading to a Certificate of Precondition.
TVI is also working on perfecting other near-mine tenement applications in order to follow-up on additional anomalies identified by airborne data.
TVI has completed a total of 214 drill holes for 26,272 metres at the Balabag project. This expanded drilling program, which was focused on both infill and step-out drilling in the down dip mineralized zones, was successful in its objective of better defining the Balabag mineralization.
Based on assay results from Balabag, TVI intends to release an updated, independent NI 43-101 report that will incorporate all drill results to June 30, 2011, and also will likely include assays from holes drilled after this date together with assays from tunnels that have penetrated the vein mineralization. The NI 43-101 will be released in conjunction with an optimized internal feasibility study.
At the Tamarok prospect in the North Zamboanga tenement area additional detailed geochemical, geological mapping and ground magnetometry surveys were undertaken to better define the structural setting in this zone.
New zones of porphyry style mineralization have since been discovered in outcrop and are undergoing systematic studies prior to recommencement of drill testing.
TVI Pacific is focused on the production, development, exploration and acquisition of resource projects in the Philippines. It produces copper concentrate from its Canatuan mine, is developing its Balabag gold-silver property for anticipated production in the second half of 2012 and is carrying out an exploration program at its Tamarok copper-gold property.