G Mining Ventures Corp CEO Louis-Pierre Gignac has shared encouraging updates on the Tocantinzinho Gold Project in Brazil. Designed to produce approximately 175,000 ounces of gold annually over its initial 10.5-year mine life, the project remains on track and within budget for commercial production in the second half of this year.
Gignac disclosed that ore was introduced into the grinding circuit on June 10, following the receipt of the hot commissioning permit from the Pará State Environmental Agency (SEMAS). These permits allow for the mining and processing of ore, disposal of tailings, and the selling and exporting of gold. Once the project reaches a steady state, the Tocantinzinho Gold Project (TZ) is set to become Brazil’s third-largest primary gold mine.
To date, approximately 2.0 million tonnes of ore have been stockpiled. This includes 1.5 million tonnes grading 0.77 g/t Au in the low-grade stockpile and 0.5 million tonnes grading 1.29 g/t Au in the high-grade stockpile. The initial phase of hot commissioning will utilize the low-grade stockpiled ore, with plans to progressively feed higher-grade ore as production ramps up. The goal is to achieve a planned throughput of 4.7 million tonnes per year, advancing towards the higher-grade hard rock as mining operations progress.
Additionally, Gignac highlighted a merger with Reunion Gold, involving their Oko West project in Guyana. This merger aims to create a larger company and achieve gold production of at least 500,000 ounces annually from the combined assets. The transaction is pending shareholder approval, with a meeting scheduled for July 9th.
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