At A Glance | |
Ownership: | Mt. Labo Exploration and Development Corporation (100%), of which TVI Resource Development Phils., Inc. holds a 60% interest through its 100% ownership of SageCapital Partners, Inc. |
Location | Camarines Norte Province, Eastern Luzon, Philippines |
Business activities | Brownfield project that hosts a copper-gold-magnetite skarn deposit offering potential for multi-metal products, namely copper, gold, and silver, with by-products magnetite (Fe3O4) and pyrite (FeS2). |
Deposit Type | Copper-gold-magnetite skarn deposit |
Resource | Combined Indicated and Inferred 12.8M tonnes at 1.8% Cu, 1.9 g/t Au, 9.6 g/t Ag and 40.5% Fe |
Probable Reserve | 7.8Mt at 2.0% Cu, 2.0g/t Au, 8.8g/t Ag and 45.5% Fe |
Logistics | Accessed from the nearby town of Labo, using a 12 km concrete road. |
TVIRD acquired all of the outstanding capital stock of SageCapital Partners, Inc. (“SageCapital”) in Q1 2022, pursuant to a Sale and Purchase Agreement (the “SageCapital Agreement”) between TVIRD and a third-party resident of the Philippines (“Vendor”). SageCapital is a holding company incorporated under the laws of the Philippines and, in turn, owns 60% of the outstanding capital stock of Mt. Labo Exploration and Development Corporation (“MLEDC”), a Philippine mining and minerals exploration development company that operates the Mabilo Project (“Mabilo”), located in the Camarines Norte Province, Eastern Luzon, Philippines.
In May 2016, MLEDC completed a feasibility study on Mabilo (the “Feasibility Study”), supported by a technical report titled “Mabilo Project National Instrument 43-101 Technical Report,” prepared by Lycopodium Minerals Pty Ltd. This report, dated and filed on May 2, 2016, has a mineral reserve and mineral resource effective date of November 2015. RTG Mining Inc. (“RTG”), which holds a 40% interest in MLEDC through SRM Gold, has filed the technical report under RTG’s SEDAR profile (the “Mabilo Technical Report”). The Mabilo Technical Report includes a historical Probable Mineral Reserves estimate of 7.8 Mt at 2.0% Cu, 2.0 g/t Au, 8.8 g/t Ag, and 45.5% Fe. The metal price assumptions applied in the report were US$5,200/tonne for Cu, US$1,125/oz for Au, US$15/oz for Ag, and US$65/tonne for magnetite. TVI considers this report no longer current and cautions that it should not be relied upon.
Mabilo is covered by an approved Declaration of Mining Project Feasibility (“DMPF”) and Environmental Compliance Certificate (“ECC”) for initial direct shipping ore (“DSO”) operations, issued by the Mines and Geosciences Bureau (“MGB”) and the Environmental Management Bureau (“EMB”), respectively, of the Department of Environment and Natural Resources (“DENR”) of the Republic of the Philippines.
With an open-pit mining method contemplated at Mabilo, the lifting of the open-pit mining ban in the Philippines, as announced by the DENR on December 23, 2021, is a significant development.
The Mabilo Project is located in the Camarines Norte Province, Eastern Luzon, Philippines, which is one of the major traditional gold mining centers in the country. The area is easily accessed from the nearby town of Labo via a 12 km concrete road.
The project is covered by the following mining tenements: Mineral Production Sharing Agreement (“MPSA”) MLC-MRD V-459 Amended (Renewal), covering 3,848.2 hectares; Exploration Permit EP-019-202-V, covering 165.9 hectares; and Exploration Permit Application EXPA-0240-V (formerly APSA-002-V), covering 648 hectares. Together, these tenements cover a total area of 4,298.1 hectares.
With a near-surface deposit, Mabilo has the potential for direct shipping ore (DSO) operations, and it is contemplated that mining will use an open-pit method. The Mabilo mineralized deposit is classified as a copper-gold-magnetite skarn deposit, offering the potential for multi-metal products, namely copper, gold, and silver, with by-products including magnetite (Fe₃O₄) and pyrite (FeS₂).
MLEDC undertook its first drilling program in 2012, designed to target the seven magnetic anomalies identified by a ground magnetic survey. The second drilling program, conducted from 2013 to 2015, included 112 drill holes with a total meterage of 19,542 meters. In March 2018, the MGB validated the Final Exploration Report submitted in June 2015 as part of the application for a Declaration of Mining Project Feasibility (DMPF). Subsequently, the Environmental Compliance Certificate (ECC) and DMPF for initial DSO operations were approved in 2020.
The Mineral Resource estimate, prepared by the independent consultancy CSA Global Pty Ltd (“CSA Global”) and announced by RTG on November 6, 2015, is based on data obtained from 99 diamond drill holes totaling 18,201 meters, completed by the end of September 2015. The estimate used a cut-off grade of 0.3 g/t Au or 0.3% Cu. Drilling was conducted on a nominal 40-meter by 40-meter pattern along strike, with infill drilling in some areas on a 20-meter by 20-meter pattern. This Mineral Resource estimate is filed under RTG’s SEDAR profile.
On November 5, 2015, RTG announced that an independent resource consultancy, CSA Global, had prepared a Mineral Resource estimate, which was subsequently incorporated into the Feasibility Study. The Mineral Resource estimate is filed under RTG’s SEDAR profile.
The mineral resource estimate is based on data obtained from 99 diamond drill holes totaling 18,201 meters, completed by the end of September 2015. It uses a cut-off grade of 0.3 g/t Au or 0.3% Cu. Drilling was conducted on a nominal 40-meter by 40-meter pattern along strike, with some areas infilled to a 20-meter by 20-meter pattern.
| Classification | Million Tonnes | Cu % | Au g/t | Ag g/t | Fe % | Cu Metal (Kt) | Au Oz ('000s) | Fe Metal (Kt) |
| Indicated | 8.9 | 1.9 | 2.0 | 9.8 | 45.6 | 169.3 | 577.6 | 4,034.5 |
| Inferred | 3.9 | 1.5 | 1.5 | 9.1 | 29.0 | 58.0 | 184.9 | 1,134.1 |
| Total | 12.8 | 1.8 | 1.9 | 9.6 | 40.5 | 227.3 | 762.5 | 5,168.6 |
On May 2, 2016, RTG filed the Mabilo Technical Report, prepared by Lycopodium Minerals Pty Ltd., on its SEDAR profile. The report is based on the results of a Feasibility Study completed for the Mabilo Project and includes the following details:
Table 2. Mabilo Probable Mineral Reserve as filed by RTG on May 2, 2016
| PROBABLE | MINERAL | RESERVE | ESTIMATE | |||||
| Ore | Waste | |||||||
| Class | Type | Mt | Fe% | Au g/t | Cu % | Ag g/t | Mt | Strip Ratio |
| Gold cap | 0.351 | 40.1 | 3.11 | 0.38 | 3.26 | |||
| Probable | Supergene | 0.104 | 36.5 | 2.20 | 20.70 | 11.90 | 77.13 | 10.0 |
| Oxide scarn | 0.182 | 43.6 | 2.52 | 4.17 | 19.90 | |||
| Fresh | 7.155 | 45.9 | 1.97 | 1.70 | 8.73 |
TVIRD currently does not plan to undertake any additional work to verify the historical estimates beyond using them to guide its exploration, resource modeling, and possible development work. At an appropriate time, TVIRD intends to review the mine development and production plan outlined in the Feasibility Study to develop its own plan for further exploration and possible development. Additionally, TVIRD is evaluating the necessary steps to upgrade or verify these historical estimates in accordance with NI 43-101 standards. This process would include reviewing of past drill results and Quality Assurance/Quality Control procedures, and engaging a Qualified Person for resource.
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