G Mining Ventures Corp (TSX-V:GMIN, OTCQX:GMINF) announced its inaugural gold pour at the Tocantinzinho project in Brazil.
The first pour yielded approximately 440 ounces of gold, the Canadian mining company said in a statement.
Tocantinzinho (TZ) is set to start commercial production in the second half of 2024.
Louis-Pierre Gignac, CEO of GMIN, noted that TZ has achieved the milestone less than two years after the formal construction decision.
“The team successfully constructed TZ on time and in line with the original budget while maintaining an outstanding safety record. This milestone is a testament to the strength of our self-perform approach and demonstrates our competitive advantage.”
Construction of TZ began in September 2022 following the completion of a definitive feasibility study outlining a 10.5-year mine life with an average annual gold production of 175,000 ounces. Economic metrics highlight an after-tax NPV5% of $1.0 billion and an after-tax IRR of 34% at a $2,000/oz gold price assumption.
Since hot commissioning began on June 11, 2024, approximately 77,000 tonnes of ore have been processed through the TZ process plant, with all circuits operating as expected.
As of the end of June, TZ has stockpiled approximately 2.6 million tonnes of ore, including 2.1 million tonnes grading 0.80 g/t Au in the low-grade stockpile and 0.6 million tonnes grading 1.31 g/t Au in the high-grade stockpile.
GMIN is hoping that TZ will become Brazil's third-largest primary gold mine upon achieving commercial production.