G Mining Ventures Corp CEO Louis-Pierre Gignac has provided an update on the Tocantinzinho Gold Project in Brazil, revealing that the project is on track and within budget for commercial production in the latter half of this year. The Tocantinzinho Gold Project aims to produce approximately 175,000 ounces of gold annually over its initial 10.5-year mine life.
The project recently reached a significant milestone on June 10, when ore was introduced into the grinding circuit following the receipt of the hot commissioning permit from the Pará State Environmental Agency (SEMAS). These permits authorize the mining and processing of ore, disposal of tailings, and the selling and exporting of gold. Once fully operational, the Tocantinzinho Gold Project is set to become Brazil's third-largest primary gold mine.
To date, around 2.0 million tonnes of ore have been stockpiled. This includes 1.5 million tonnes of low-grade ore, grading 0.77 g/t Au, and 0.5 million tonnes of high-grade ore, grading 1.29 g/t Au. The initial phase of hot commissioning will utilize the low-grade stockpiled ore, with plans to progressively introduce higher-grade ore as production ramps up. The project aims to achieve a planned throughput of 4.7 million tonnes per year, advancing towards higher-grade hard rock as mining operations progress.
In addition to the progress on the Tocantinzinho project, Gignac also highlighted a merger with Reunion Gold, which involves their Oko West project in Guyana. This merger aims to create a larger company capable of producing at least 500,000 ounces of gold annually from the combined assets. Shareholder approval for the merger is pending, with a meeting scheduled for July 9th.
The update from G Mining Ventures Corp is significant as it underscores the company's commitment to advancing the Tocantinzinho project while expanding its footprint through strategic mergers. The successful commissioning and eventual full-scale production of the Tocantinzinho Gold Project are expected to have a substantial impact on Brazil's gold mining industry, enhancing the country's position as a major gold producer. Moreover, the merger with Reunion Gold could create a more robust company with increased production capabilities, benefiting shareholders and stakeholders alike.
