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Canadian Resource Firm Extends North Gold Project Due Diligence

Canadian resource firm, TVI Pacific Inc, will be extending its due diligence work programme at the Cirianiu gold project located in the Macuata Province on Vanua Levu. The data verification
05 May 2015 09:50
Canadian Resource Firm Extends North Gold Project Due Diligence

Canadian resource firm, TVI Pacific Inc, will be extending its due diligence work programme at the Cirianiu gold project located in the Macuata Province on Vanua Levu.

The data verification work carried out to date has revealed encouraging results, the company said.

Therefore the management has determined an additional exploration programme would be essential in allowing an investment decision to be made on the project.

The decision is now expected for the fourth quarter of this year.

The additional exploration programme includes auger soil geochemical surveying and possible confirmation drilling.

TVI chairman/chief executive, Clifford James, said: “TVI’s exploration team in Fiji has done an exceptional job of better understanding the resource potential at the Cirianiu project.

“While the project looks very promising from both a geological and permitting perspective, we want to go into the decision making process with as much confidence as possible.

“This requires us to conduct further exploration work of our own to confirm previous data and to potentially identify additional areas of mineralisation.”

TVI Pacific Inc is focussed on the production, development, exploration and acquisition of resource projects in the Asia Pacific region.

 

Local partnership

As earlier announced, TVI entered into a Heads of Terms Agreement with Kalo Exploration Limited, a private resource Fijian incorporated firm, the past year.

The agreement was for the exclusive right to enter into a joint venture partnership to conduct mineral exploration, development and production on the Cirianiu gold project.

Under the terms of the Agreement, TVI was granted the right to conduct a due diligence review of the property over a period of 180 days.

TVI has now received approval from Kalo to extend the period of this due diligence work by another 180 days to allow for additional work to be done.

Since November 2014, TVI has carried out re-logging, resampling for assay, sampling for petrography, density measurements, re-assay and collar resurveys.

The programme also included data validation of all completed drill holes at the project’s Qiriyaga Hill deposit from previous exploration work carried out by Placer Pacific Ltd. from 1986 to 1993 and Kalo from 2009 to 2013.

All new generated data from the programme enabled TVI’s team to create updated interpretations of geological sections and level plans to better understand the mineralisation controls and emplacement of gold at the Qiriyaga Hill deposit.

 

What results say

Results have indicated the Qiriyaga Hill deposit contains a low-sulphidation style epithermal gold deposit.

Here, gold is distributed in volcaniclastic host rocks mainly as free gold in quartz stockwork and hydrothermal breccia.

The general gold grade appears to be in the range of 0.3 g/t to 5.0 g/t Au with localised higher-grade zones.

The mineralisation is mainly gold with varying minor amounts of silver, lead, zinc and copper.

Based on this data, the company has a firmer understanding of the deposit’s resource potential and is able to better plan further exploration work in the project area.

Work to date has found a high correlation between soil geochemistry, trench data and soil results with the presence of gold mineralisation at depth.

 

TVI plans

Following the auger soil geochemistry program, and subject to Board approval, TVI plans to conduct a limited confirmation drilling programme.

This is mainly to test high grade areas of the deposit to ensure continuity of mineralisation, which would further de-risk the project.

Based on the results of these programmes, TVI will be able to make a decision on whether it will proceed with the formation of a joint venture on the project in the fourth quarter of 2015.

 

 

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