G Mining Ventures Corp (TSX-V:GMIN, OTCQX:GMINF) has told investors that the latest drilling at its flagship Tocantinzinho (TZ) project in Brazil has shown that mineralization extends below the current pit design.
In all, 6,243 metres (m) in 28 holes have been drilled at the deposit this year. The company has now released assays for 13 holes with nine pending.
The company said the latest results had confirmed higher-grade gold in the main pit area and increased the extent of the areas which will be mined during pre-production.
"Our latest drilling at TZ confirms the presence of high-grade zones within the main deposit, with mineralization now extending below the current pit design," said Louis-Pierre Gignac, the firm's CEO, in a statement. "Results confirm that mineralization is continuous along width close to 200 meters and to a depth of 400 meters."
READ: G Mining Ventures to buydown 1% of 2.5% NSR on Brazil gold project for $3.5M cash
"While we are primarily focused on mine construction, upcoming exploration drilling will be conducted on the near-mine Castor target, where successful sampling and reconnaissance drilling has returned strong results," he added.
The latest drill highlights included an interval of 18.6m at 4.59 grams per ton (g/t) gold, starting from a depth of 239.6m in one hole. Another hit 18m at 2.41 g/t of the yellow metal, from just 63m depth. Another hole hit 6.14 g/t gold over 17.7m, starting from 46m depth.
The Tocantinzinho asset is the largest known gold deposit in the Tapajos province, which also hosts other gold deposits such as Cuiu Cuiu (Cabral Gold Inc), Palito and Sao Chico (Serabi Gold).
G Mining holds a large 996 square kilometre (sq km) land package within the prolific Tocantinzinho trend and, notably, its Tocantinzinho deposit is less than 5% drill tested.
At the Castor target, which sits on the YZ trend, grab samples have assayed up to 25.40 g/t gold and initial drill holes toward the southeast have returned attractive results, including 8.0m of 1.66 g/t gold.
Follow-up drilling on initial hits is currently underway, as is a thorough mapping and sampling campaign, said G Mining.
Further drill testing at Castor is planned for the fourth quarter of this year and into 2023, it added.
As well as the near deposit exploration effort, a regional soil sampling program will also begin, said the company.
Contact the writer at giles@proactiveinvestors.com