G Mining anticipates commercial production to commence in the second half of 2024.
G Mining Ventures (TSX: GMIN) has completed its first gold pour at its wholly owned Tocantinzinho gold project in Pará, Brazil. The company anticipates commercial production to begin in the second half of 2024.
After obtaining the necessary hot commissioning permit from the Pará State Environmental Agency, ore was introduced into the grinding circuit. The permits enable the mining and processing of ore, disposal of tailings, and the selling and exporting of gold.
Since the start of hot commissioning on June 11, 2024, approximately 77,000 tonnes of ore have been processed through the plant at Tocantinzinho, the company said, adding that approximately two million tonnes of ore have been stockpiled at the site, with 1.5 million tonnes at a grade of 0.77 g/t in the low-grade stockpile and 500,000 tonnes at 1.29 g/t in the high-grade stockpile.
Construction of Tocantinzinho was launched in September of 2022 following the completion of a definitive feasibility study dated February 9, 2022.
The property has direct access via 103 km of all-weather roads starting from the national highway, the BR-163, which links the industries in southern Brazil to the city of Belem in the north.
Over a mine life of 10.5 years, Tocantinzinho is expected to produce 1.83 million oz. of gold, averaging 175,000 oz. per year. Over the first five years, annual gold production is expected to reach 196,000 oz.
Shares of G Mining Ventures were down 1.17% at C$2.54 apiece in Toronto at 11:30 am Tuesday. The company’s market capitalization is C$1.14 billion ($840 million).
