Canada's G Mining Ventures (GMIN) has completed the first gold pour at its Tocantinzinho Gold Project in the State of Pará, Brazil.

The first pour offered around 440oz of gold, with the project remaining on time and within budget for commercial production in H2 2024.

This project is poised to become Brazil's third-largest primary gold mine after start of commercial production.

Construction of GMIN's wholly owned Tocantinzinho Gold Project began in September 2022, after a definitive feasibility study (DFS) in February of the same year.

The study confirmed the project's potential to be a “cornerstone asset” for G Mining Ventures.

It estimates a mine life of 10.5 years, with an average annual gold production of 175,000oz and an initial capital cost of $458m (C$623.78m).

Around 77,000 tonnes of ore have been processed through the Tocantinzinho process plant since the beginning of hot commissioning in June, and nearly 2.6 million tonnes (mt) of ore had been stockpiled by the end of June.

This includes 2.1mt grading 0.80 grams per tonne (g/t) of gold in the low-grade stockpile as well as 0.6mt grading 1.31g/t of gold in the high-grade stockpile.

G Mining Ventures president and CEO Louis-Pierre Gignac said: “I am delighted to announce that TZ [Tocantinzinho] has achieved the significant milestone of the first gold pour, 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.

“I sincerely thank our employees and contractors for their remarkable efforts in achieving this milestone. I look forward to ramping up the operation to commercial production in the second half of 2024. We are excited about TZ's future and its significant role in Brazil's gold mining industry.”