Agata Limestone Project

At A Glance
Operator Agata Mining Ventures Inc. (AMVI) – Operator
Ownership of AMVI TVI Resource Development Philippines Inc. – 60%
Minimax Mineral Exploration Corporation – 25%
MRL Nickel Philippines Inc. – 15%
Location Jabonga, Santiago and Tubay Municipalities, Agusan del Norte
Business activities Prospective limestone direct shipping ore (DSO) operations
Resources 35.6 million tonnes at 97.3% Calcium Carbonate
Logistics Mining areas are within 3.5 kilometers from the port

The Agata Limestone Project is managed by joint venture company Agata Mining Ventures Inc. (AMVI) –where TVI Resource Development Philippines Inc. (TVIRD) holds 60% equity interest. As technical services provider, TVIRD spearheads exploration and eventual operations of the Agata Limestone Project. The remaining shares are held by Minimax Mineral Exploration Corporation and MRL Nickel Philippines Inc.

The project is situated to the south of TVIRD’s current Agata nickel laterite direct shipping ore (DSO) operation and immediately adjacent to the causeway facilities that were built to support it (See: Agata DSO Operations and Nickel Laterite Project). AMVI intends to produce an NI43-101-compliant resource report on the Agata limestone project after the completion of the exploration program in mid-2015.

The Agata Limestone Project site is located in a 4,995-hectare Mineral Processing Sharing Agreement (MPSA) area located in the adjacent municipalities of Tubay, Jabonga and Santiago in Agusan del Norte province. It is accessible by land (approximately 1.5-hours driving time) from the provincial capital of Butuan.

The project site is located inside the contract area of the Agata DSO Project, which comprises a network of access roads, admin facilities and mining areas within 3.5 km from AMVI’s private port. DSO operations at the Agata project are strategically located within proximity to main markets in Asia and bear the opportunity for shipping all year round.

Current information on the Agata limestone project is based on limited exploration carried out on the Payong-Payong limestone deposit in 2011 by MRL. Results from MRL’s initial five-hole drill program outlined a large area of approximately 400 metres by 800 metres and yielded intercepts with a weighted average of 60.46 metres of 98.86% CaCO3 (calcium carbonate), indicating the presence of high-purity, massive, recrystallized limestone.

Exploration activities commenced on the limestone project in early November 2014, including a detailed review and verification of previous work carried out by MRL as well as more detailed surface mapping and sampling of the area by the geological team.

Core drilling has commenced in an initial program of 10 holes spaced at 200 metres at the Payong-Payong deposit. Further infill drilling at 100 meter intervals may be required after the results of the initial program are analyzed. To date, results from the first hole have shown a 40 meter thickness of white to grey, marbleized limestone similar in quality to that previously drilled by Mindoro.

AMVI is currently in preliminary marketing discussions with potential buyers who have expressed interest in high-purity limestone products to determine potential demand. A formal marketing study is also planned in the near future to better determine additional markets.

Once an initial resource has been developed and product markets are identified and confirmed, AMVI will evaluate the feasibility of commencing a limestone DSO operation using the same infrastructure developed for current nickel laterite DSO operations. Due to the project’s close proximity to the causeway where materials will be shipped, potential operations will benefit from having low transport and handling costs.