TVI Pacific (TVI-T) has signed up a partner to help explore its Rapu Rapu and Buenavista gold properties on the Philippine island of Luzon.
A private Philippine company can a earn a 75% interest in each property by paying US$150,000 in cash and by spending US$3 million on exploration at Rapu Rapu over four years. Funding thereafter will be provided jointly, with TVI contributing 25% to expenditures.
Rapu Rapu, the more advanced of the two properties, contains two separate deposits. One hosts a resource estimated at 3.5 million tonnes averaging 1.76% copper and 2.75% zinc, plus 3.42 grams gold and 43.3 grams silver per tonne; the other contains an estimated 1.4 million tonnes averaging 1.25% copper, 1.25% zinc, 2.96 grams gold and 15.5 grams silver. Previous exploration at Buenavista identified five gold-bearing vein structures, grab samples from which have assayed up to 29 grams gold.
TVI’s wholly owned drilling company, Exploration Drilling Corp., is to receive all future diamond drilling contracts for the projects.
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