FINAL ASSAY RESULTS FROM 1996 PHASE I DRILLING PROGRAM INCLUDE FURTHER STRONG GOLD MINERALIZATION AT CASAGUMAYAN AND TIOGDAN
- Hole EB-99 intersected 135 metres of mineralization averaging
1.54 g/t Au and 0.32% Cu at Casagumayan
- Hole EB-87 intersected 51 metres of mineralization averaging
2.29 g/t Au and 0.19% Cu at Casagumayan
- Hole EB-95 intersected from surface to 222m 0.65 g/t Au and
0.43% Cu
- NEW KINGKING RESOURCE ESTIMATE EXPECTED TO BE ANNOUNCED IN MARCH
FOLLOWED BY THE COMPLETION OF THE LEVEL 1 FEASIBILITY STUDY IN APRIL
1997
Summary of Results
TVI Pacific Inc. is pleased to announce that Kingking Mines Inc. (KMI), the joint venture between TVI (25%) and Echo Bay Mines (75%), has received the final set of assays for the recently completed 1996 drilling program on the Kingking copper/gold porphyry property, on the island of Mindanao, Philippines. A complete table of assays and a drill hole location map are available upon request.
The majority of the drill holes reported this month were infill holes in the Casagumayan and Tiogdan areas, which confirmed previous indications of higher gold grades. Detailed geological/structural assessment and modeling of the Kingking mineralization is continuing and will provide information essential for completing a recalculated resource estimate in March and the Level 1 Feasibility Study in April 1997. Results to date confirm that the higher grade gold mineralization at Kingking is concentrated in Casagumayan and Tiogdan. They also indicate that it may be possible to develop a sequential mining schedule for the deposit, which may enhance its economics.
Phase II of the metallurgical test program at Lakefield has commenced. The aim of the program is to optimize the improved gold and copper recoveries identified in Phase I (reported January 9, 1997).
Drilling Highlights
This release reports complete results for holes EB-76, EB-87, EB-95, EB-97, EB-99 and EB-102 to EB- 108. All holes were drilled grid south at azimuth 205 degrees, unless otherwise stated.
- Hole EB-107 drilled on section 12000 in west Tiogdan, intersected 63 metres (m) (from 429.00 to 492.00 m) of mineralization averaging 0.49g/t Au and 0.31% Cu. This mineralization appears to correlate with the moderate grade copper-gold mineralization previously reported 100 m to the west.
- On section 11950 at Tiogdan, hole EB-106 was drilled to offset and extend the higher-grade gold mineralization previously encountered in northwest Tiogdan. The hole intersected 63 m (from 216.00 to 279.00 m) averaging 0.41 g/t Au and 0.27% Cu that probably correlates with the mineralization reported above from hole EB-107.
- Hole EB-108 was drilled on section 11900 to test for higher-grade gold mineralization below the Tiogdan bar-down area and to extend the high-grade gold mineralization previously reported. This hole intersected 51 m of mineralization (from 354.00 to 405.00 m) averaging 0.35 g/t Au and 0.32% Cu. Hole EB-103 was drilled at -50 on section 11700 to explore for high-grade gold mineralization within the Tiogdan bar-down area. This hole intersected 75 m (from 153.00 to 228.00 m) averaging 0.68 g/t Au and 0.38% Cu, including 9 m averaging 1.59 g/t Au and 0.63% Cu.
- Hole EB-102 was also drilled on section 11400, to explore for high-grade gold mineralization in the Casagumayan bar-down area. It returned two significant intersections, 54 m (from 30.00 to 84.00 m) averaging 0.57 g/t Au and 0.25% Cu, and 9 m (from 159.00 to 168.00 m) averaging 3.07 g/t Au and 1.09% Cu.
- Hole EB-104 was drilled at -50 on section 11400, to test for high-grade gold mineralization in the Tiogdan/Casagumayan boundary area. This hole cut from surface to 48 m well mineralized quartz stockwork, averaging 0.85 g/t Au and 0.26% Cu.
- Hole EB-97 was also drilled in north Casagumayan, on section 11300, to extend shallow gold mineralization to the north. This hole intersected 132 m (from 24.00 to 156.00 m) averaging 0.30 g/t Au and 0.35% Cu. This extends to the north the similar grade mineralization previously reported.
- Hole EB-87 was drilled on section 11300 to test for high-grade gold mineralization in an area of the Casagumayan stockwork zone and extend the mineralization previously reported. EB-87 intersected gold mineralization from surface to 51 m averaging 2.29 g/t Au and 0.19% Cu.
- Hole EB-99 was drilled at -50 on section 11300 in Casagumayan to expand an area of high-grade gold mineralization. The hole intersected 135 m (from surface to 135 m) averaging 1.54 g/t Au and 0.32% Cu.
- Hole EB-95 was drilled on section 11100 in Casagumayan to offset and extend the gold-copper mineralization previously reported. Hole EB-95 intersected 222m (from surface to 222m) 0.65 g/t Au and 0.43% Cu.
- Hole EB-76 was drilled on section 10800 in southwest Lumanggang to test for a southern projection of the mineralization in the Casagumayan stockwork zone. The hole intersected four zones of mineralization, including 33 m (from 126.00 to 159.00 m) averaging 0.36 g/t Au and 0.31% Cu, and 9 m (from 294.00 to 303.00 m) averaging 0.66 g/t Au and 0.36% Cu.
- Hole EB-105 was drilled on section 10800 in east Casagumayan to explore an area of the stockwork zone and extend mineralization previously reported. Hole EB-105 intersected 330 m (from 15.00 to 345.00 m) of gold and copper mineralization averaging 0.20 g/t Au and 0.45% Cu.
The results reported in this release are the final assays for the 1996 drill program. A resource recalculation is expected in March 1997. The first quarter 1997 KMI drill program consisting of 6000m of drilling is underway.
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