G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF) announced on Friday the completion of its acquisition of tenements in Brazil's Gurupi Gold Belt from subsidiaries of BHP Group.
The deal gives G Mining full ownership of the CentroGold Project, a key asset with significant gold reserves and expansion potential.
As part of the transaction, BHP will receive a 1% net smelter return (NSR) royalty on the first one million ounces of gold produced and a 1.5% NSR royalty on subsequent production from the tenements.
CentroGold, located in Maranhão state, spans 47 tenements covering approximately 1,900 square kilometers and includes multiple identified gold targets along an 80-kilometer mineralized trend. Current resources at the site total 2.3 million ounces of gold, compliant with JORC standards.
The project hosts open-pit deposits such as Blanket, Contact, and Chega Tudo, which remain open for exploration and expansion.
A prefeasibility study from 2019 projected a 10-year mine life for the project, with gold production averaging 100,000 to 120,000 ounces annually, and as high as 210,000 ounces during its initial years.
G Mining Ventures plans to update CentroGold’s gold resource estimate to meet NI 43-101 standards by the first quarter of 2025.
Separately, the company announced the appointment of Vincent Benoit, managing partner and chief investment officer of La Mancha Capital Advisory to its Board of Directors.
His tenure at La Mancha saw the firm emerge as a leading investor in the gold mining sector, following strategic partnerships with Evolution Mining and Endeavour Mining.
G Mining’s board now consists of 11 members.