The Balabag Gold-Silver Project is 100% owned by TVI Resource Development Philippines Inc. (TVIRD), which acquired the license to explore and develop the contract area from Zamboanga Minerals Corporation (ZMC) in 2009. It is covered by a Mineral Production Sharing Agreement (“MPSA”) denominated as MPSA-086-97-IX, with a total area of 4,779 hectares.
The Balabag Project has been in commercial operation since September 2021 and has an approved Declaration of Mining Project Feasibility (DMPF), Environment Protection and Enhancement Plan (EPEP), Final Mine Rehabilitation and Decommissioning Plan (FMRDP), Environmental Compliance Certificate (ECC), Tree Cutting Permit (TCP) and Three-Year Development / Utilization Work Program covering development and operational stages of the project.
Mineral exploration activities conducted by TVIRD such as detailed geological mapping, outcrop sampling and diamond drilling since 2005 have confirmed the presence of mineralized bodies within the east-west trending epithermal vein system in Balabag Hill. Gold and silver are the two elements of economic interest which have been identified thus far in the Balabag Project.
The estimated Measured and Indicated Mineral Resource is at 331K AuEq ounces. The mine has produced approximately 52K AuEq ounces as of December 31, 2022.