Photo credit: TVI Pacific
TVI Pacific Inc. is pleased to announce that gold production has commenced at the Balabag gold and silver project ("Balabag"). Balabag is owned 100% by TVI Resource Development Phils., Inc. ("TVIRD"), a Philippines corporation in which TVI holds a 30.66% interest, and is located in Zamboanga del Sur, Philippines.
First Gold Production at Balabag Gold-Silver Project :
TVIRD has confirmed that Balabag mill plant availability month-to-date has been 90% and that it is currently processing at a month-to-date average rate of 936 tpd. The first shipment in the amount of 855 kilograms ("kg") of gold doré has been delivered to the designated refinery and contains 932 ounces of Au and 25,959 ounces of Ag for 1,263 gold equivalent ounces. Gross proceeds from the first shipment are US $2.2 million. Activities at site continue to be concentrated on optimizing the operation and the ramping-up of throughput to 2,000 tpd. The average head grade month-to-date has been 1.6 g/t Au and 79.0 g/t Ag while the average recoveries month-to-date have been 95% for Au and 86% for Ag.
The plant is currently being fed from the run of mine ("ROM") mineralized stockpile. An approximate 86,500 tonnes of mineralized material is now on the ROM mineralized stockpile, in-pit stockpile and crushed mineralized stockpile, much of which is low to marginal grade and was mined to expose the higher-grade mineralized resource during waste stripping and bench forming. The stockpiles have an average grade of 1.1 g/t gold and 39.7 g/t silver. It is expected that the average grade of feed will increase in the coming weeks as higher-grade mineralized resource is mined. Twenty-four-hour operation of the plant was introduced in late August.
TVIRD is continuing to pursue its growth strategy with ongoing exploration drilling at Balabag. As announced in the Company's news release of August 4, 2021, five (5) drill rigs are actively working through TVIRD's Phase 5B drilling program through which twenty-seven (27) holes are expected to be drilled with an estimated meterage of 4,155 meters. The Phase 5B drilling program together with assays and reporting is currently expected to be completed in Q4 2021.
"We are proud of the Balabag project and operating teams for completing construction activities through a global pandemic and achieving a successful ramp-up to first gold pour and shipment. I want to take this opportunity to commend our team's commitment and hard work in achieving this major growth milestone for both TVIRD and TVI Pacific", said Mr. Cliff James, Chairman and CEO of TVI and Chairman of TVIRD, "This is the culmination of a long journey that started many years ago that has faced many challenges but the determination of our team to bring Balabag to reality has endured and has now created the potential to generate significant benefit for all stakeholders. We are happy to share notice of this achievement with our shareholders."
Article courtesy of TVI Pacific
