TVI Pacific - Rapu Rapu Exploration Update
CALGARY, ALBERTA--On December 10, 1998 TVI Pacific Inc. announced the signing of a Joint Venture Agreement with Lafayette Mining NL,a publicly traded Australian company, under which Lafayette could earn a 75 percent interest in TVI's Rapu Rapu project in the Philippines.
The following is a verbatim reproduction of a press release supplied by Lafayette, the project's Operator, regarding their first phase of exploration:
ASX ANNOUNCEMENT
LAFAYETTE MINING NL
RESULTS OF FIRST PHASE OF DRILLING FROM RAPU RAPU
Highlights
Lafayette is pleased to announce the results from the first phase of its current drilling programme on the Ungay Malabago Project on the island of Rapu Rapu in the Philippines. These results indicate a large increase in the widths of the previously ident ified mineralisation, whilst maintaining potentially economically recoverable grades.
Better results include 10m of 1.39 g/t Au, 1.43 percent Cu, 6.92 percent Zn and 19.98 g/t Ag (which is based on current metal prices is equivalent to approximately 10m at 11.4 g/t Au equivalent), 9m of 2.87 g/t Au, 1.68 percent Cu, 2.72 percent Zn and 35 .02g/t Ag (approximately 9m at 9.0 g/t Au equivalent) and 41m of 1.84 g/t Au, 1.05 percent Cu, 1.89 percent Zn and 30.92 g/t Ag (approximately 41m at 6.0 g/t Au equivalent).
Commentary
As previously announced, in early December 1998 Lafayette commenced a two phase drilling programme on the Ungay Malabago Project on the island of Rapu Rapu in the Philippines. The first phase is the collection of core for metallurgical testwork by Ammtec
Ltd in Perth, and the second phase is to test extensions of the ore body which is open to the west and south, along the northern fold limb and at depth. A total of thirty two holes for 500 metres of diamond and 3,000 metres of RC drilling are planned.
The drilling programme was temporarily suspended for the Christmas holidays and is scheduled to recommence on 10 January, 1999. Prior to the Christmas break three holes for 288 metres of RC drilling and 178 metres of diamond drilling were completed. Thes e holes were designed to provide material for metallurgical testwork.
Preliminary results from Ammtec Ltd's continuing metallurgical testwork indicate the mineralization is amenable to a range of conventional processing methods. Optimization of these methods is expected to be undertaken by Signet Engineering Ltd. as part o f a scoping study to be undertaken during the first half of 1999.
Whilst the first phase of the programme was not intended to extend the known resource, results from this phase indicate a large increase in the widths of the previously identified mineralisation, whilst maintaining potentially economically recoverable gr ades. The results are set out in Table 1 below.
TABLE 1: SUMMARY OF PHASE ONE DRILL RESULTS FOR RAPU RAPU
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Hole UMC 001 UMC 002 UMC 003
East 19300 19310 19655
North 10040 10045 10070
Dip(degree) -60 -60 -60
Azi (degree) 0 0 0
Depth (m) 180 161 125
Intersection
(m) 115-120 150-159 149-158 44-52 58-99 73-99 113-123
Width (m) 5 9 9 8 41 26 10
Au (g/t) 1.62 2.09 2.87 2.09 1.84 1.52 1.39
Cu (percent) 0.53 1.40 1.68 2.06 1.05 1.30 1.43
Zn (percent) 1.26 2.59 2.72 2.30 1.89 2.30 6.92
Ag (g/t) 4.80 32.92 35.02 48.39 30.92 39.65 19.98
Au Equiv.(x)
(g/t) 3.9 7.6 9.0 8.6 6.0 6.7 11.4
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(x)All equivalent grades provided as guide only; the Directors and Management of Lafayette acknowledge that the economics of gold and base metal operations may vary. Au equivalent calculated using the following metal prices: Au US$287/oz , Ag US$5/oz, Cu
US65c/lb, Zn US45c/lb
Notes:
Azimuth relevant to local Grid (Grid North = 020 Magnetic).
All assaying performed by ITS Bondar Clegg in Manila, Philippines using a 50 g charge for fire assay and standard sample preparation techniques. Check assays carried out by McPhar Geoservices in Manila, Philippines using a 50 g charge for fire assay and standard sample preparation techniques.
Drilling commenced at the western end of the known resource, where UMC001 was drilled 10 metres south of a previous drill hole and intersected both the Upper and Lower mineralised zones. UMC002, which was completed in the same area for sample collection for metallurgical testwork, also intersected the Lower zone but was collared too far to the north to intersect the Middle or Upper zones. UMC001 and UMC002 demonstrate the mineralisation remains open to the north, south and west. UMC003 was drilled some 355 metres east of UMC001, also for the purposes of sample collection for metallurgical testwork. The hole intersected the Lower, Middle and Upper zones, with substantially wider mineralised zones than anticipated being intercepted.
The next phase of the drilling programme, consisting of a series of RC holes to test extensions to the known resources, is scheduled to commence on 10 January, 1999. This will be followed by further RC and diamond drilling to infill the current 700 metre s of mineralised strike length, with the objective of confirming and upgrading previously identified mineralisation.
The geological information included in this report has been prepared by Mr. K P Eckhof, MAusIMM, a Director of the company and a geologist with more than the required 5 years of experience.
Yours faithfully
[signed]
Ian Culbert
Executive Director
Corporate & Finance
January 8 1999
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Does anyone have any geological background that can comment on this?
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