G Mining Ventures Corp. (TSX:GMIN) Acquires CentroGold Project from BHP Group

2 min read | September 10, 2024 04:02 AM EDT | By Team Kalkine Media

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G Mining Ventures Corp. (TSX:GMIN) Acquires CentroGold Project from BHP Group — Image source: shutterstock

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G Mining Ventures Corp. ("GMIN" or the "Corporation") (TSX: GMIN, OTCQX: GMINF) has announced a strategic acquisition of tenements in the Gurupi Gold Belt from wholly-owned subsidiaries of BHP Group Limited ("BHP") (ASX: BHP, NYSE: BHP, LSE: BHP, JSE: BHG). This acquisition includes the CentroGold Project ("CentroGold" or the "Project"), a significant gold asset located in Maranhão, northern Brazil.

Under the terms of the purchase and sale agreement, GMIN will grant BHP a 1.0% net smelter return (NSR) royalty on the first 1 million ounces of gold produced at the tenements and a 1.5% NSR royalty on any gold production exceeding this threshold. This Transaction signifies a major step in GMIN’s growth strategy, enhancing its gold resource portfolio.

CentroGold spans approximately 1,900 square kilometers and includes 47 tenements. The Project features multiple gold targets along an over 80 km mineralized trend, including the Blanket, Contact, and Chega Tudo deposits. These deposits currently host 2.3 million ounces of JORC-compliant gold resources and are open for further expansion. In July 2019, Oz Minerals Limited, later acquired by BHP in 2023, released a pre-feasibility study indicating a potential 10-year mine life with an average annual production of 100,000 to 120,000 ounces of gold, and up to 210,000 ounces annually in the initial years.

GMIN views CentroGold as an advanced-stage exploration asset, benefiting from over 135,000 meters of exploration core drilling. The company plans to reassess the Project's scope and development timeline to align with its long-term growth objectives. This will include updating the JORC-compliant gold resource to comply with National Instrument 43-101 (NI 43-101) shortly after the Transaction’s closing.

Louis-Pierre Gignac, President & Chief Executive Officer of GMIN, expressed enthusiasm about the acquisition: "We are excited to acquire another prospective project and begin to grow into the multi-asset growth company we always envisioned. CentroGold boasts an attractive starting resource base on a large land package with significant exploration upside, located within a proven geological belt. This acquisition complements our existing portfolio, which includes the producing Tocantinzinho Gold Mine, the Oko West Gold Project in development, and now, CentroGold."

GMIN's current priorities include ramping up the Tocantinzinho Gold Mine to full capacity and advancing the Oko West Gold Project toward a construction decision in the latter half of 2025.

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