G Mining Ventures Corp (TSX-V:GMIN, OTCQX:GMINF) has provided an update on the progress of its Tocantinzinho Gold Project (TZ Project) in Brazil, noting that significant advancements have been made in all work areas.
The project, which is currently 30% complete, remains on track and on budget for commercial production in the second half of 2024.
In a statement, Louis-Pierre Gignac, president and CEO of G Mining Ventures, commented: "I am proud of the excellent progress that the GMIN team is making on our TZ project, through their tireless commitment to the highest level of safety, quality, and efficiency in execution. Our signature self-perform approach is once again bearing fruit through significant advancements in engineering, procurement, delivery, hiring, training, construction, mining and preparation towards operational readiness. We are gratified to see the positive impact we are having on our employees, contractors, community and stakeholders at large, as we move toward commercial production in H2-2024."
The company noted that the detailed engineering phase at the project is 81% complete, with notable achievements in the process plant, including the completion of a hazard and operability study and significant progress in procuring mechanical and electrical packages. Other advancements include the initiation of SCADA and Automation Systems and the onboarding of a laboratory expert.
In terms of procurement and delivery, the project is at 97% completion, with commitments totaling $302 million, accounting for 66% of the project's total. The supply chain team is now shifting its focus to logistics, the company added.
The construction phase is 27% complete, with milestones such as the commissioning of the water and sewage treatment plants and the initiation of construction in the CIL area. Pre-production mining has also made significant progress, with night shift operations starting in May.
The power infrastructure development, including a 190-kilometre power transmission line, is advancing quickly, with 41% progress achieved.
G Mining Ventures said it remains confident in the project's timeline, with commercial production expected in the second half of 2024. The company also provided a virtual site tour and updated satellite imagery for stakeholders to track the project's progress which can be accessed via the company's website at https://www.gminingventures.com.
As a mining company focused on precious metal projects, G Mining Ventures aims to become a mid-tier producer by leveraging its access to capital and development expertise. The Tocantinzinho Gold Project in the State of Pará, Brazil, serves as the company's flagship project.
Contact the author at jon.hopkins@proactiveinvestors.com