G Mining Ventures Completes Acquisition of CentroGold Project in Brazil
G Mining Ventures Completes Acquisition of CentroGold Project in Brazil
G Mining Ventures Corp. (GMIN) has announced a significant advancement in its gold mining portfolio with the completion of its acquisition of the CentroGold Project, situated in Brazil's esteemed Gurupi Gold Belt. Previously owned by subsidiaries of the BHP Group, this acquisition consolidates GMIN's position in the gold sector, further enhancing its project pipeline.
The CentroGold Project is home to an impressive gold resource, comprising 1.7 million ounces of indicated and 0.6 million ounces of inferred JORC-compliant gold. Notably, these resources are not only significant on their own but are also open for expansion, providing an exciting opportunity for future development. The project encompasses a vast 1,900 square kilometers of land across 47 tenements, which also carries the potential for multiple new discoveries—a testament to the region's geological promise.
In terms of transaction specifics, GMIN arranged to grant BHP a 1.0% net smelter return (NSR) royalty on the first 1 million ounces of gold produced on the tenements, increasing to 1.5% for all subsequent production. This structured approach aims at ensuring GMIN a favorable negotiating stance while capturing potential returns from the acquired assets.
Project Highlights
The gold targets identified within CentroGold have demonstrated substantial mineralization along an 80km trend. Notable deposits such as Blanket, Contact, and Chega Tudo already contribute to the project's 2.3 million ounces of JORC-compliant gold resources. A pre-feasibility study conducted in July 2019, prior to BHP's acquisition of Oz Minerals, had projected a 10-year mine life, with initial production estimates of between 100,000 to 120,000 ounces of gold each year. This underscores not just the economic viability but also the anticipated longevity of mining operations at CentroGold. GMIN has plans to update the Project's JORC-compliant gold resource in compliance with National Instrument 43-101, aiming for completion in Q1 2025.
Strategic Board Appointment
In another positive move, G Mining Ventures has appointed Vincent Benoit, the Managing Partner and Chief Investment Officer of La Mancha Capital Advisory LLP, to its Board of Directors. Benoit brings over 30 years of experience in corporate finance and business development, particularly in the mining, telecom, and energy sectors. His previous roles include significant investments and strategies that have propelled companies like Endeavour Mining into leading positions in the gold sector.
Benoit’s expertise in resource development and his previous success in enhancing company performance through strategic portfolio adjustments will undoubtedly provide GMIN with valuable insight as they navigate their expansion into CentroGold.
Future Outlook
G Mining Ventures is poised for a period of growth and development, anchored by not only the CentroGold Project but also by other promising assets like the Tocantinzinho Gold Mine in Brazil and the Oko West Project in Guyana. The commitment to deliver optimal results in an industry characterized by volatility and challenges is further amplified by the strong capital access and development expertise that GMIN possesses.
In conclusion, the acquisition of the CentroGold Project signals a robust strategic decision by G Mining Ventures, marking a pathway towards becoming a prominent mid-tier precious metals producer. With a commitment to advancing mineral resources and an experienced board, GMIN stands ready to exploit the wealth of opportunities ahead in the mining sector.
Topics Other）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.