Vancouver – High grade copper and gold mineralization has extended TVI Pacific’s (TVI-V) wholly-owned Canatuan deposit in two directions. The latest resource update is consistent with the previous resource estimate for the project – the most advanced of the company’s fourteen properties in the Philippines.
The recently completed drill program comprised 45 holes. A 25 metre southern extension to the sulphide zone, in hole CAN-04-2 returned 10.10% copper, 2.37% zinc, 69.9 grams silver and 1.73 grams gold per tonne over a 7.37 metre true width from a downhole depth of 11.80 metres. Hole CAN-04-03 returned 4.58% copper, 8.57% zinc, 47.7 grams silver and 0.77 grams gold over 3.85 metres from a depth of 17.10 metres downhole. These two holes are collared on the same section some 50 metres apart.
The program also extended a high-grade copper-bearing zone at the northern end of the deposit, with CAN-04-41 intersecting 4.44% copper 0.16% zinc, 37 grams silver and 1.55 grams gold over 3.95 metres from a depth of 22.20 metres. Another yielded 4.86% copper, 0.17% zinc, 41.8 grams silver and 0.988 grams gold over 2.93 metres from 29.0 metre depth.
An updated estimate was prepared by Norwest for both the gossan and sulphide resources at cut-off grades of 2.5 gram gold equivalent per tonne and 2.5% copper equivalent, respectively.
The updated gossan resource includes 964,763 tonnes grading 3.81 grams gold and 142.6 grams silver per tonne – or a gold equivalent of 5.27 grams.
The new sulphide measured and indicated resource includes 1.4 million tonnes grading 2.6% copper, 1.61% zinc, 1.07 grams gold and 63.6 grams silver per tonne which is a copper equivalent of 4.42%. Inferred resources include 57,375 tonnes grading 2.49% copper, 2.35% zinc, 1.24 grams gold and 71.5 grams silver which is a copper equivalent of 4.15%.
TVI retained Norwest to update the Canatuan project full feasibility studies completed after extensive work in 1996, using current metal prices, capital costs, and TVI’s revised mining plans. The new full feasibility study for the project should be completed by the end of June 2004.