G Mining Ventures Corp (TSX-V:GMIN, OTCQX:GMINF) told investors that its 100% owned Tocantinzinho Gold Project in Brazil’s Pará State remains on track and on budget for commercial production in the second half of 2024, one year after the company made a formal construction decision.
In an update, the company reported total project progress of 51%, with construction 46% complete and work initiated in almost all project areas. Procurement and detailed engineering are effectively complete, it added.
Spending to date amounts to $281 million with open commitments of $82 million for a total committed to date of $363 million, or 79% of the project total.
A total of 4.8 million tonnes of material has been excavated from the starter pit, with pre-production activities reaching 33 thousand tonnes a day.
The company said 2,800,142 man-hours have been worked to date by the 2,220 employees and contractors employed by the project, with 95% of the workforce comprising local Brazilians.
Since initiating works in December 2022, G Mining Ventures said construction of the 193-kilometer 138 kV transmission line from the Novo Progresso municipality to the project is advancing quickly. Total progress has reached 78% and is trending on schedule and on budget for completion early in 2024.
The company said it has engaged Carlos Bertoni, a seasoned mining industry executive and former CEO of Reunion Gold Corporation (TSX-V:RGD, OTCQB:RGDFF) as technical advisor to collaborate with its exploration team on the 996km2 land package around the project and its belt in the Tapajós region of Brazil.
In the meantime, it expects a comprehensive regional exploration soil sampling program to be concluded by the end of the year, with more than 15,000 soil samples on three high-priority targets already collected. A regional airborne geophysics campaign has also been initiated to collect electromagnetic and magnetic data on substantially the entire land package.
G Mining Ventures is a mining company engaged in the acquisition, exploration and development of precious metal projects, to capitalize on the value uplift from successful mine development.
The company is well-positioned to grow into the next mid-tier precious metals producer by leveraging strong access to capital and proven development expertise. It is currently anchored by its flagship Tocantinzinho Gold Project in the mining-friendly and prospective State of Pará, Brazil.
Contact the author at stephen.gunnion@proactiveinvestors.com