TVI Pacific‘s Philippine affiliate has entered into an agreement with Dacon to explore, develop and produce minerals in the Greater Canatuan tenement in Canada.

TVI Resource Development Philippines (TVIRD) and DACON have signed a heads of terms agreement to enter into a formal joint venture within the next 90 days.

TVIRD, which will act as operator, will hold a 70% stake, while DACON will hold the remaining 30%.

The companies will fund a $2m, two-year exploration programme in Canada’s Greater Canatuan Tenement area, which is covered under TVIRD’s Application for Exploration Permit No 61 project.

Mineable ore deposits uncovered in the area will be sent for processing at TVIRD’s Canatuan plant.

The collaboration will enable mine life at Canatuan to be extended by conducting further assessments of already identified deposits and possibly identifying new ones, TVI Pacific said.