TVI Pacific Incorporated on Tuesday provided an update on its Siennalynn exploration project; progress at other Near-Mine tenements; and welcomes a new Head of Exploration to its senior management team.
- TVI's Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), has concluded its Siennalynn prospect exploration program and, based on the results of the program as described below, has decided to terminate its involvement in the project;
- Progress has been made within the Greater Canatuan Tenement Area ("GCTA") including EXPA 61; and
- TVI welcomes a new Head of Exploration as part of the senior management team.
On October 7, 2010, TVI announced that TVIRD had acquired the rights to explore, and possibly acquire, a highly prospective copper-zinc-gold property on the Zamboanga Peninsula, Mindanao Island, Philippines. Two agreements covered a total of 2,000 hectares (4,900 acres) both areas being located within MPSA No. 076-97-IX granted to Siennalynn Gold Mining Corporation.
A reinterpretation of previous exploration data on the property from programs conducted by major international mining companies, together with field work conducted by TVIRD, had identified two types of exploration targets: near-surface showings that could potentially provide material for immediate trucking to the Canatuan mill site; and deeper, potential hydrothermal deposits.
Unfortunately, the copper-gold zones did not produce consistent mineralization that was judged to warrant a resource drill out. The mapped and drill-intercepted zones are narrow, steeply dipping and have erratic metal grades, which cannot be consistently related from drill section to drill section.
Since the results of the exploration program have not identified any close-to-surface or significant copper (or precious metals) ore bodies, the venture agreements with Siennalynn Gold Mining Corporation and YZ Summit Mining Corporation have been terminated and the projects returned to the parties.
Greater Canatuan Tenement Area
The airborne data acquisition has now been completed and the results are being analyzed.