TVI Pacific has submitted a project feasibility declaration for its Balabag project to Philippine Environmental and Mines and Geosciences authorities. Approval will allow production at the gold-silver project, 75km east-northeast of the company’s Canatuan copper-zinc mine on Mindanao Island, to begin.
This follows the Environmental Compliance Certificate (ECC) filing which has already been approved by environmental management bureau officials and is now under review by mining regulators, pending signage by the environment and national resources review.
“The Balabag project is ‘ready to go’, as soon as these documents get the final approval of the government,” says TVI’s chairman Cliff James. “We have the funding in place, and we have completed all the technical requirements needed for approval.”
The ECC document certifies the project will not significantly harm the environment with relevant pre-conditions. In March, TVI announced it had secured low-interest financing for project development.
The Balabag epithermal asset lies within a 52sqkm area 75km east-northeast of TVI’s Canatuan mine. The report estimates an indicated mineral resource of 1.78 million tonnes averaging 2.34 grams/gold tonne and 72.3 grams/tonne of silver containing 134,262 gold ounces and 4,148,196 silver ounces. Exploration work is ongoing.