Recent drill results from TVI Pacific’s Balabag Gold Project in the south western Zamboanga province have resulted in a revised NI 43-101 resource estimate. A new technical report estimates an indicated resource of 1.78 million tonnes averaging 2.34 grams/tonne gold and 72.3 grams/tonne silver containing 134,262 ounces of gold and 4.1 million ounces of silver.
This estimate includes drill results from the program which was completed in late 2011. The program consisted of 22 infill drill holes for 3304 metres, 7 sterilization holes for 568 metres and 7 short geotechnical holes for 117 metres which tested the tailings storage facility area and proposed dam foundations.
The Canadian explorer says Balabag is one of its high priority targets, covering an area of 52sqkm in Zamboanga, about 75km east-northeast of the company’s Canatuan copper-zinc mine. The mineralized zones open laterally and at depth, with TVI proposing both an open pit and underground mine at the site.
The other company-owned prospects undergoing further exploration in Zamboanga are the Bonbon gold project and the Tamarok copper-gold project in the province’s north. Last year, TVI launched court action against the Zamboanga del Norte government in a bid to overturn a ban on open pit mining in the province.