Exploration
TVIRD is advancing the Pan de Azucar Project towards possible development and production.
The Pyrite joint venture project is owned by TVIRD along with permit holder Minimax Mineral Exploration Corp. and MRL Nickel Philippines Inc., which obtained a renewal of the MPSA’s Exploration Periods from the DENR’s Mines and Geosciences Bureau (MGB), authorizing it to proceed with further exploration activities to bring its findings up to the indicated resource level.
In 2023, the company conducted a series of community preparation activities on the island and proceeded to lay the groundwork for the project. It also mobilized the exploration activities of TVIRD-owned Exploration and Development Corporation (EDCO) in 2024 to validate earlier findings.
EXPLORATION
Development
Further harnessing its experience in gold and copper, TVIRD is advancing its Mabilo Copper-Gold Project towards development and production, and its Agata Limestone Project towards resource confirmation and possible development. Both are currently in pre-development stage.
Mabilo’s mineralized deposit is classified as a copper-gold-iron skarn deposit that offers potential for multi-metal products, namely copper, gold and silver, with by-products magnetite (Fe3O4) and pyrite (FeS2). TVIRD also believes that the Mabilo Project has further exploration potential.
Meantime, Agata’s initial resource of over 35.5 million tons of limestone grading (54.57% CaO / 97.3% CaCO3) is ready to be quarried. Parallel exploration drilling on an adjacent Agata property (EP 27) showed some Indicated Resource of 160 million tons grading 51.65% CaO.
Following the success of the Agata Nickel Project, various mining infrastructures are ready for utilization under Agata Limestone operations. The Agata admin building, private port, mine and access roads, stockyards, pier yards and proposed site for a crushing plant make it primed and ready for future development.
DEVELOPMENT
Production
TVIRD is currently focused on operating the Balabag Gold-Silver Mine and exploring for additional reserves in the area. It is also ramping up the Siana Gold Mine and conducting pre-development for its underground mine. Gold and silver dore bars from both projects are exported by TVIRD to its direct markets in Asia, Oceania and Europe.
Balabag is wholly-owned and operated by TVIRD. It began commercial operations in 2021 via a hybrid Merrill-Crowe and Carbon-in-Leach technology and currently mills at an average throughput of 2,500 tons per day. The Project involves mining of an epithermal vein type deposit by open pit method with the potential for developing an underground mine in the future.
Also in the same year, TVIRD acquired the 100% outstanding shares of Greenstone Resources Corporation – the owner and operator of the Siana Gold and Mapawa Projects. Greenstone assets include a state-of-the-art processing facility with a throughput capacity of 1.10 million tons per year as well as key infrastructures in Siana, Ferrer and Mapawa, which has the potential to be developed as a satellite source of ore feed for the processing plant.
Siana conducted soft commissioning in 2023 and brought commercial operations online the following year. It is the most advanced gold plant in the region and has the potential to establish itself as a processing hub.
PRODUCTION
Rehabilitation
The final mine rehabilitation program of Canatuan – TVIRD’s maiden mining project – is now almost complete. TVIRD is the first mining company licensed under the Philippine Mining Law (Mining Act of 1995), paving the way for its gold-silver / copper-zinc processing operations from 2004-2014. It is also the first company to commence final rehabilitation, and to date, Canatuan is already a fully developed and diversified forest.
The Agata Project is TVIRD’s first foray into nickel – which it operated from 2014 to August 2023. Its nine-year production reached 20.78 million WMT of nickel laterite ore, spanning 382 shipments since 2014. Just like Canatuan, the Agata mine site is now undergoing its final rehabilitation program, approved by the Philippine Government, with the goal of transforming the area into a pioneering mining and agro-tourism destination, featuring orchards, a mining forest, diving sites, events venues, and mine tours areas.
REHABILITATION
OVERVIEW
TVI Pacific Inc. (“TVI”) has earned recognition as one of the most responsible mining companies in the Philippines, achieving several key milestones since the passage of the Philippine Mining Act of 1995. TVI pioneered foreign investment in Philippine mining by bringing the first mine into production under the new legislation. From 2004 to 2014, as the operator of the Canatuan gold-silver/copper-zinc mine, TVI produced:
105,200 ounces of gold
1.8 million ounces of silver
199,778 tonnes of copper concentrate
30,558 tonnes of zinc concentrate
TVI operated through its 100%-owned Philippine subsidiary, TVI Resource Development (Phils.) Inc. (“TVIRD”), until 2014, when it divested a portion of its interest to form a joint venture with Prime Resources Holdings, Inc. (“PRHI”), a subsidiary of Prime Asset Ventures, Inc. (“PAVI”), part of the Villar Group. TVI retains a 30.66% interest in TVIRD.
CURRENT PROJECTS
Canatuan Mine
View of Canatuan copper-zinc mine during its time of operation in 2013.
The Canatuan Mine remains under final rehabilitation, supervised by the Multi-Partite Monitoring Team (MMT), which includes representatives from Local Government Units (LGUs), the local community, the municipal and provincial governments, and the Department of Environment and Natural Resources (DENR).
Agata Nickel/Iron Mine
The sequence of shipping at the Agata direct shipping nickel/iron mine:
TVI’s management extended its success to the Agata Nickel/Iron Mine, operated by Agata Mining Ventures Inc. (“AMVI”), which commenced operations in October 2014. As of January 31, 2024, AMVI has completed 382 shipments, exporting 20.78 million wet metric tonnes (wmt) of nickel laterite.
While AMVI announced the cessation of operations in November 2022, it successfully executed five additional shipments through the seven months ending July 31, 2023. AMVI is a joint venture with TVIRD (60%), Mindoro Resources Ltd. (15%), and Minimax Mineral Exploration Corporation (25%), with TVIRD as operator.
Balabag Gold-Silver Mine
The TVIRD Balabag Gold & Silver plant in Bayog Municipality, Zamboanga del Sur Province
The Balabag Gold-Silver Mine, fully owned by TVIRD, shipped its first gold doré on September 30, 2021. As of September 30, 2024, the project has completed 123 shipments, producing:
104,638 ounces of gold (“Au”)
2,208,713 ounces of silver (“Ag”)
Totaling 130,429 gold equivalent ounces (“AuEq oz”)
Balabag has achieved an average mill throughput of 2,199 tonnes per day (tpd) with 91% plant availability as of September 2024. The project achieved commercial production on November 1, 2021. Tailings storage facility construction is ongoing to support increased throughput and future resource expansions.
Siana Gold Mine and Mapawa Project
His Excellency Ambassador David Hartman of Canada (foreground, Left) is toured at the Siana gold processing plant. He is joined by TVIRD Chairman Clifford James (in background) and the Canadian Embassy’s second political secretary, Peter Wright.
On November 4, 2021, TVIRD acquired 100% equity in Greenstone Resources Corporation (“GRC”), which owns the Siana Gold Mine and Mapawa Project in Mindanao. Siana came with a modern 1.1MTPA Outotec mill, grid power, and supporting infrastructure.
Soft commissioning of the rehabilitated plant began on December 9, 2022. As of September 30, 2024, Siana has produced and sold:
18,858 ounces of gold
40,675 ounces of silver
19,351 ounces gold equivalent
Mabilo Project
On January 31, 2022, TVIRD acquired control of SageCapital Partners, Inc., which owns 60% of Mt. Labo Exploration and Development Corporation (“MLEDC”), the operator of the Mabilo Project in Camarines Norte.
The Mabilo deposit, a copper-gold-iron skarn, offers potential for multi-metal products, including copper, gold, silver, and by-products such as magnetite (Fe3O4) and pyrite (FeS2).
A NI 43-101 Technical Report (May 2, 2016) reflected historical Probable Reserves of 7.8Mt at 2.0% Cu, 2.0 g/t Au, 8.8 g/t Ag, and 45.5% Fe. TVIRD is addressing organizational and permitting matters while progressing toward development. On May 23, 2023, TVIRD announced a binding agreement with RTG Mining Inc. to restructure Mabilo and focus on final permitting and financing plans.
Agata Limestone Project
The Agata Limestone Project, also operated by AMVI, is located within the same Mineral Production Sharing Agreement (“MPSA”) as the Agata Nickel/Iron Mine. On June 1, 2021, the project received its Environmental Compliance Certificate (“ECC”) and endorsements from LGUs. The project is expected to leverage existing infrastructure from the Agata Nickel/Iron Mine.
FUTURE PLANS
TVI does not directly operate any of TVIRD’s mines or projects but continues to support their development. Additionally, TVI is seeking new resource opportunities in the Asia Pacific region that can be rapidly developed and brought into production.