EXPLORATION ’95 — TVI explores Rapu Rapu property in

A drill program to test the metallurgical qualities of a gold-bearing massive sulphide deposit in the Philippines is being completed by TVI Pacific (ASE).

Drilling will be completed on the Ungay-Malabago deposit, one of two deposits found on the Rapu Rapu property near Legazpi.

The initial program will consist of one hole, to be completed through the upper and lower zones of Ungay-Malabago. A 70-kg sample will be extracted and used to verify the quality of potential salable copper and zinc concentrate. Ungay-Malabago was previously explored with 107 drill holes representing 7,836 metres, as well as 1,089 metres of underground drifting and crosscutting. The deposit consists of a series of stacked

massive-to-semi-massive sulphide lenses hosted in quartz-sericite schists. The 700-metre-long and 200-metre-wide upper zone consists of two or three closely spaced, moderately dipping lenses overlying the lower zone. This lower zone has a known strike length of 600 metres, and is 50 metres wide and 35 metres thick.

In 1967, the previous owner outlined reserves of about 3.5 million tonnes averaging 1.81% copper, 2.66% zinc and 3.4 grams gold and 38.5 grams silver per tonne. TVI re-interpreted the earlier work and found the lower zone has a probable and possible resource of 1.85 million tonnes averaging 1.83% copper, 3.03 grams gold and 41.5 grams silver. The upper zone has a resource of 1.025 million tonnes averaging 3.48 grams gold and 40 grams silver. About 2.5 km along strike and west-northwest of Ungay-Malabago lies the Hixbar massive sulphide deposit. Between 1937 and 1944, the Hixbar was mined principally for copper.

Exploration completed on the main lens indicates the deposit has a strike length of 100 metres, a down-dip width of 10 metres and a down-rake length of 135 metres.

In 1981, a government agency estimated that Hixbar hosted underground reserves of 1.058 million tonnes averaging 1.17% copper, 1.1% zinc, 2.04 grams gold and 14.16 grams silver. Furthermore, the potential to find additional down-plunge reserves and other mineralized areas was said to be excellent.

In addition to the drill program, TVI plans to establish a grid between the two deposits and complete mapping, sampling and horizontal loop electromagnetic surveys over the ground.

TVI has an option to earn a 100% interest in both deposits by making payments to the two vendors of $57,500 each. Additional payments will be made on the first and second anniversary dates.