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TVI Begins Exploratory Drilling on Its Tamarok Copper-Gold Porphyry Prospect
Calgary, Alberta – April 11, 2011 – TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF) (“TVI” or “the Company”), through its Philippine operating affiliate TVI Resource Development (Phils.), Inc. (“TVIRD”), is pleased to announce drilling is underway at its Tamarok copper-gold porphyry prospect.
– The initial drill program consists of 6 to 12 holes, up to 4,000 metres (13,100 feet) total depth, depending on accessibility and initial results.- The scout drilling program is designed to test subsurface continuity of outcropping porphyry copper-gold mineralization identified by initial exploration work at the Malachite Hill prospect.
– Previous channel sampling at Malachite Hill has produced a 38 metre (124.7 foot) wide zone grading 0.70% copper and 0.40 grams/tonne (“g/t”) gold.
Tamarok is located 60 kilometres (37 miles) north-northeast of TVIRD’s Balabag project and 115 kilometers (71 miles) northeast of TVIRD’s operating Canatuan mine. It is within the Company’s extensive North Zamboanga tenement package.
The Tamarok project is being explored under a 507 hectare (1,253 acre) Mineral Production Sharing Agreement (“MPSA”) formally approved by the Secretary of the Department of Energy and Natural Resources of the Philippines. TVIRD has also received Free Prior Informed Consent from the area’s indigenous community.
The MPSA at Tamarok allows TVIRD to advance exploration activities including geophysical surveys, systematic detailed geological investigations and drilling. To help identify areas of potential mineralization, and ultimately locate drill targets, the Company has recently conducted an airborne geophysical program over the tenement area.
Review of previous exploration work
Significant surface exploration, including geological mapping and rock/channel sampling, has been carried out over the Tamarok area, where a diorite intrusive measuring approximately 9 kilometres (5.6 miles) long and 1.5 to 2.5 kilometres (0.9 to 1.6 miles) wide trending northwest, has been identified that hosts porphyry copper-gold style mineralization. Assay results from channel samples from the mineralized diorite are consistent with, and have extended, the historical results of previous operators. Recent exploration work, including the airborne geophysical program, has also identified a number of new occurrences of interest. The results of the initial exploration work indicate the potential for a sizeable porphyry copper-gold system at Malachite Hill. The current drill program will focus on testing the subsurface continuity of the cupriferous diorite body at Malachite Hill, where channel sampling has produced a 38 metre (124.7 foot) wide zone grading 0.70% copper and 0.40g/t gold.
Tamarok mineralization description
Mineralization at Tamarok is hosted in an approximately 50 metre (164 foot) exposure of magnetite-biotite-potassic feldspar-silica altered hornblende diorite with a chlorite-clay-sericite overprint. Chalcopyrite and bornite mineralization occurs as minor disseminations and in sheeted quartz veins and stockworks. Strong malachite-azurite-limonite staining is noted. The host diorite might represent a single phase in an apparently multiphase diorite intrusive. Beyond the porphyry copper outcrop at Malachite Hill, alteration in the diorite is predominantly propylitic (chlorite-pyrite-epidote). There are indications of later epithermal overprint, occurring as drussy quartz veinlets and chalcedonic quartz veins along some silicified zones. The diorite body intrudes into the ophiolitic, volcanic and clastic country rocks including possible coeval volcanics. This diorite is unconformably overlain by younger sandstones-siltstones at its SW margin, while a Lower to Middle Miocene limestone (based on paleontological study) overlies this intrusive at its south-eastern end. Younger andesite dikes trending north northwest transect this intrusive body. Northwest trending faults and fractures occur in the area, commonly having left lateral movement.
Cesar Medina, Exploration Manager of TVIRD, is acting as the Qualified Person in compliance with NI 43-101 reporting requirements with respect to the company’s exploration projects (Siennalynn, Balabag, Tamarok, etc.). He has prepared and/or supervised the preparation of the scientific or technical information and confirms compliance with NI 43-101 requirements.
About TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF)
TVI Pacific Inc. is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper concentrate from its Canatuan mine, is developing a gold property for anticipated production in the second half of 2012 and has begun an aggressive exploration program at its high-impact Tamarok property. TVI also has interests in oil and gas assets in Alaska and Niger and offshore Philippines.
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IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this press release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe”, “schedule” and similar expressions. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information received from or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by third parties is reliable, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied by such forward-looking statements. These factors include, but are not limited to, the volatility of prices for precious metals and base metals; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; ultimate recoverability of mineral reserves; accuracy of production and cost estimates; timing, results and costs of exploration and development activities; availability of financial resources or third-party financing; new laws (domestic or foreign); changes in administrative practices; changes in exploration plans or budgets; fluctuations in the global financial condition; environmental and social hazards; the political, social and economic environment; and availability of equipment and personnel. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this press release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
Forward-looking information respecting the nature and timing of the exploration program at Tamarok and the Company’s ability to define resources is based upon the previous exploration activities at Tamarok, management’s experiences with other exploration work programs undertaken in the Philippines and elsewhere, advice received from third-party advisors with respect to the various components of the exploration work program and the Company’s current budget and overall strategy for Tamarok, which plans, budget and strategy are all subject to change.
The forward-looking statements of the Company contained in this News Release are expressly qualified, in their entirety, by this cautionary statement. Various risks to which the Company and its affiliates are exposed in the conduct of their business (including mining activities) are described in detail in the Company’s Annual Information Form for the year ended December 31, 2010, which was filed on SEDAR on March 30, 2011, and is available under the Company’s profile at www.SEDAR.com. Subject to applicable securities laws, the Company does not undertake any obligation to publicly revise the forward-looking statements included in this news release to reflect subsequent events or circumstances, except as required by law.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
For more information, please contact
TVI Pacific Inc.
Exec. Dir. Investor Communications
TVI Pacific Inc.
Investor Relations Analyst
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