Yahoo Finance G Mining Ventures Confirms High-Grade Core and Extends Mineralization Beyond Main Pit at Tocantinzinho Gold Project
Highlights of intercepts include: 193.6m of 1.48 g/t Au including 12.8m of 4.59 g/t Au
BROSSARD, QC / ACCESSWIRE / October 18, 2022 / G Mining Ventures Corp. ("GMIN" or the "Corporation") (TSXV:GMIN)(OTCQX:GMINF) is pleased to announce results from its recently concluded delineation core drilling program at its 100%-owned Tocantinzinho Gold Project ("TZ" or the "Project"), located in the State of Pará, Brazil. The campaign has successfully confirmed the continuity of higher-grade gold in the main pit area, confirmed that the mineralization extends below the existing pit shell, and increased the definition of areas to be mined during pre-production. Highlights of recent results are outlined below, where all intercepts are presented as calculated true width, unless stated otherwise:
Confirmation of continuity of mineralization and presence of a high-grade core:
193.6m of 1.48 g/t Au (TOC285)
Including high-grade intercepts of 12.8m of 4.59 g/t Au and 5.0m of 10.61 g/t Au
144.7m of 1.70 g/t Au (TOC286)
Including high-grade intercepts of 13.7m of 2.41 g/t Au and 41.0m of 3.62 g/t Au
126.5m of 1.55 g/t Au (TOC290)
Including high-grade intercepts of 5.1m of 4.52 g/t Au and 9.4m of 4.65 g/t Au
175.9m of 1.03 g/t Au (TOC289)
Including high-grade intercepts of 24.5m of 3.22 g/t Au and 5.6m of 5.05 g/t Au
Confirmation of mineralization outside of the feasibility study pit shell:
72.1m of 1.05 g/t Au (TOC284A) including 14.8m of 3.45 g/t Au
10.4m of 0.98 g/t Au (TOC288) including 4.8m of 1.67 g/t Au
All intercepts are presented as calculated true width unless stated otherwise
Louis-Pierre Gignac, President & Chief Executive Officer, commented: "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. Results confirm that mineralization is continuous along width close to 200 meters and to a depth of 400 meters. 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."
Deposit Expansion Program: Further Details
The Tocantinzinho deposit consists of a vein stockwork system within a variably altered granite, named Smoky and Salami granite in reference to their colors. The deposit is sub-vertical, southeast trending with excellent grade continuity over approximately 900m in strike-length, 150 to 200m widths and vertical extents up to 400m.
A total of 6,234m has been drilled this year at the deposit, with the principal objective to delineate the first years of production while testing the near surface limit of the tailings, saprolite and unit contacts (Figure 1). Out of the 28 drillholes, 9 have assays pending, 13 presented here have significant intercepts and the last 6 aimed to define ore/waste boundaries and lithological contacts. The 2022 drill program has been successful in confirming the grade continuity of the deposit with several large intercepts of continuous mineralization up to 193.6m of 1.48 g/t Au (TOC285) and 144.7m of 1.70 g/t Au (TOC286) (Figure 2). All intercepts are presented in calculated true width.
Within these mineralized intervals, the drilling also confirmed the presence of a high-grade core with intervals such as 41.0m of 3.62 g/t Au (TOC286), 24.5m of 3.22 g/t Au (TOC289) and 12.8m of 4.59 g/t Au (TOC285). This higher-grade body present continuous mineralization above 1.5 g/t Au and follows the SW lineament plunge of the Tocantinzinho sinistral shear zone. The pending assays test the continuity at depth of the grade along this trend (TOC306).
The 2022 drilling campaign also tested the mineralization at depth outside of the reserve pit shell in the northern and southern portion. The extension at depth of the SW plunge returned 10.4m of 0.98 g/t Au (TOC288) including 4.8m of 1.67 g/t Au. Significant intercepts along the northern portion of the pit wall includes 72.1m of 1.05 g/t Au (TOC284A) including 14.8m of 3.45 g/t Au.
Figure 1 - Plan view showing the 2022 drill position
Figure 2 - Sections showing the highlighted high-grade portion of the Tocantinzinho deposit
Table 1- Major composite of the 2022 drilling campaign
Hole ID | Target | From | To | Interval | True Width | Gold Grade |
TOC283 | Granite | 391.2 | 397.0 | 5.8 | 4.1 | 0.53 |
TOC284A | Saprolite | 0.0 | 4.0 | 4.0 | 3.2 | 0.92 |
Granite | 244.0 | 271.0 | 27.0 | 21.7 | 0.61 | |
Granite | 292.8 | 408.4 | 115.6 | 72.1 | 1.05 | |
Incl. | 366.4 | 387.4 | 21.0 | 14.8 | 3.45 | |
Granite | 508.7 | 516.5 | 7.8 | 5.4 | 0.60 | |
TOC285 | Granite | 181.0 | 460.8 | 279.8 | 193.6 | 1.48 |
Incl. | 239.6 | 258.1 | 18.6 | 12.8 | 4.59 | |
Incl. | 431.3 | 438.5 | 7.2 | 5.0 | 10.61 | |
TOC286 | Saprolite | 0.0 | 26.0 | 26.0 | 22.6 | 1.61 |
Granite | 63.0 | 253.5 | 190.5 | 144.7 | 1.70 | |
Incl. | 63.0 | 81.0 | 18.0 | 13.7 | 2.41 | |
Incl. | 150.8 | 204.8 | 54.0 | 41.0 | 3.62 | |
Granite | 270.00 | 273.7 | 3.7 | 2.8 | 5.60 | |
TOC287 | Saprolite | 0.0 | 12.8 | 12.8 | 10.0 | 1.16 |
Andesite | 69.0 | 85.0 | 16.0 | 11.5 | 1.26 | |
Granite | 128.6 | 167.0 | 38.5 | 30.0 | 1.16 | |
TOC288 | Granite | 441.0 | 454.0 | 13.0 | 10.4 | 0.98 |
Incl. | 441.0 | 447.0 | 6.0 | 4.8 | 1.67 | |
Granite | 488.7 | 495.0 | 6.4 | 5.1 | 0.81 | |
TOC289 | Saprolite | 0.0 | 44.6 | 44.6 | 30.3 | 0.63 |
Granite | 44.6 | 303.6 | 259.0 | 175.9 | 1.03 | |
Incl. | 67.9 | 104.0 | 36.1 | 24.5 | 3.22 | |
Incl. | 235.7 | 244.0 | 8.3 | 5.6 | 5.05 | |
TOC290 | Granite | 212.0 | 373.6 | 161.6 | 126.5 | 1.55 |
Incl. | 251.0 | 257.6 | 6.6 | 5.1 | 4.52 | |
Incl. | 265.0 | 277.0 | 12.0 | 9.4 | 4.65 | |
Incl. | 300.0 | 305.5 | 5.5 | 4.3 | 3.88 | |
TOC292 | Saprolite | 0.0 | 11.4 | 11.4 | 8.7 | 0.84 |
Granite | 114.8 | 152.5 | 37.8 | 29.4 | 1.78 | |
Incl. | 125.0 | 136.0 | 11.0 | 8.6 | 3.31 | |
TOC293 | Tailing | 0.0 | 10.0 | 10.0 | 10.0 | 1.36 |
TOC295 | Tailing | 0.0 | 12.8 | 12.8 | 12.8 | 1.22 |
TOC296 | Tailing | 0.0 | 47.1 | 47.1 | 38.2 | 0.48 |
Granite | 47.1 | 60.4 | 13.3 | 10.8 | 1.71 | |
Incl. | 48.7 | 53.7 | 5.0 | 4.1 | 2.46 | |
TOC297A | Granite | 44.4 | 82.4 | 38.0 | 28.0 | 3.59 |
Incl. | 46.0 | 63.7 | 17.7 | 13.1 | 6.14 |
New Targets and Upcoming Exploration Program
Castor Target
Located directly southeast of the Tocantinzinho deposit, Castor is a target identified along the TZ trend (Figure 3). Castor is a high priority target identified through sampling and successful reconnaissance drilling.
Highlights include:
High-grade surface samples
Grab samples have assayed up to 25.40 g/t Au and, while the rocks are not in-situ, their source is most likely proximal.
Successful first pass drilling
Initial drill holes toward the southeast have returned attractive results including 8.0m of 1.66 g/t Au (TOC214) and 8.4m of 2.20 g/t Au (TOC212).
The prolific TZ trend (Figure 5) has seen limited drilling.
Ongoing sampling continues to identify further anomalous results.
Existing soil sampling presents anomalous values in gold in this zone.
The lines are currently on an 800m spacing.
Infill soil sampling lines are in progress to tighten to a 400 m spacing.
Current Activity and Next Steps
Follow-up drilling on the initial hits is currently underway, as is a thorough mapping and sampling campaign to refine and prioritize drill targets.
Further drill testing, based on the results of current activity and additional geophysical data, is planned for Q4, 2022 and into 2023.
Figure 3 - Castor target area map presenting structural interpretation, grab samples and collar position (intercepts are not true width)
Déjà Vu Target
Simultaneously to the near deposit exploration effort, a regional soil sampling program will be initiated to complete gaps in the existing information on GMIN claims (Figure 4). The program will start along the Déjà Vu target, on the western portion of the property. This target is defined based on the soil sampling anomaly observed along a structural trend parallel to TZ. Grab samples returned assays up to 100 g/t Au. So far, no drilling has tested this trend. Along with the completion of the soil sampling campaign, mapping and grab sampling will contribute to defining future drilling targets.
Figure 4 - Tocantinzinho claims presenting the regional known exploration target and soil sampling anomalies
Tocantinzinho Trend - A large prolific corridor
Tocantinzinho is the largest known gold deposit in the Tapajós Gold Province. The region hosts other gold deposits (Figure 5), such as Cuiù Cuiù (Cabral Gold Inc.), Palito and São Chico (Serabi Gold plc), and São Jorge (GoldMining Inc.), all located along the Tocantinzinho trend, a major regional NW-SE shear zone. Tapajós is a vast underexplored gold province with an estimated between 15 and 30 M oz of gold produced in alluvium/saprolites in the region, however no quantitative study exists. Base metals are also present in this fertile province as shown by the presence of Anglo American plc and Nexa Resources S.A. in the area.
The large 996 km2 land package held by GMIN (through its Brazilian subsidiary) is within the prolific Tocantinzinho trend. Limited work has been completed around the Tocantinzinho deposit which is less than 5% drill tested. Agência Nacional de Mineração (ANM), the Brazilian federal mining agency, has granted the renewal of all 24 exploration claims on the property package, and with only two claims still under review.
Figure 5 - Tapajós Gold Province
Table 2 - Collar coordinates in SIRGAS2000
Hole ID | North | East | Elevation | Azimuth | Dip |
TOC283 | 577945 | 9330528 | 146 | 220 | -69 |
TOC284A | 578275 | 9330880 | 160 | 221 | -51 |
TOC285 | 578278 | 9330548 | 141 | 41 | -58 |
TOC286 | 578127 | 9330514 | 138 | 40 | -55 |
TOC287 | 578502 | 9330747 | 170 | 209 | -57 |
TOC288 | 578167 | 9330652 | 148 | 217 | -49 |
TOC289 | 578033 | 9330541 | 139 | 41 | -54 |
TOC290 | 577987 | 9330595 | 143 | 42 | -50 |
TOC292 | 578173 | 9330538 | 137 | 218 | -52 |
TOC293 | 578397 | 9330550 | 142 | 148 | -56 |
TOC295 | 578325 | 9330673 | 143 | 224 | -56 |
TOC296 | 578022 | 9330755 | 153 | 223 | -48 |
TOC297A | 578022 | 9330756 | 153 | 221 | -59 |
Sampling and QAQC Disclosure
TZ assay results are from core samples sent for preparation to ALS Chemex in Vespasiano, Brazil, and then an accredited mineral analysis laboratory in Lima (Peru), and analysis utilizing both fire assay and ICP methods. For a complete description of Tocantinzinho's sample preparation, analytical methods and QA/QC procedures refer to the technical report for the Tocantinzinho project dated February 09, 2022 (effective date December 10, 2021), entitled "Feasibility Study - NI 43-101 Technical Report, Tocantinzinho Gold Project."
Qualified Person
Julie-Anaïs Debreil, P.Geo., Ph.D., Vice President, Geology & Resources, is the Company's Qualified Person as defined by NI 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Dr. Debreil has reviewed and approved the technical information in this news release.
Feasibility Study 3D VRIFY Presentation
To view a 3D VRIFY presentation of the Study please click on the following link: Feasibility Study 3D VRIFY Presentation, or visit the Corporation's website at www.gminingventures.com.
About G Mining Ventures Corp.
G Mining Ventures Corp. (TSXV: GMIN) (OTCQB: GMINF) is a mineral exploration company engaged in the acquisition, exploration and development of precious metal projects, to capitalize on the value uplift from successful mine development. GMIN is well-positioned to grow into the next mid-tier precious metals producer by leveraging strong access to capital and proven development expertise. GMIN is currently anchored by its flagship Tocantinzinho Project in mining friendly and prospective Pará State, Brazil.
Additional Information
For further information on GMIN, please visit the website at www.gminingventures.com or contact:
Jessie Liu-Ernsting
Director, Investor Relations and Communications
647.728.4176
info@gminingventures.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Statement on Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release constitute "forward-looking information" and "forward-looking statements" within the meaning of certain securities laws and are based on expectations and projections as of the date of this press release. Forward-looking statements contained in this press release include, without limitation, those related to (i) the continuity of high-grade gold in the main pit area and the extension of mineralization below it, (ii) the areas to be mined during pre-production, (iii) the testing of the continuity at depth of the grade along the SW plunge, (iv) the Castor and Déjà Vu exploration targets, (v) the progress shown by tightening infill soil sampling, (vi) the follow-up drilling on initial hits, (vii) the definition and prioritization of drill targets, (viii) the initiating of a regional soil sampling program, (ix) the TZ trend being prolific, (x) the underexplored status of the land package held by GMIN's subsidiary, (xi) the overall potential for gold and base metals in the Tapajós Gold Province, (xii) generally, the additional exploration potential, and, (xiii) more generally, the President & Chief Executive Officer's comments hereinabove as well as the contents of the above sections entitled "New Targets and Upcoming Exploration Program", "Tocantinzinho Trend - A Large Prolific Corridor" and "About G Mining Ventures Corp.".
Forward-looking statements are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Such assumptions include, without limitation, those underlying the items outlined in the above sections entitled "New Targets and Upcoming Exploration Program" and "Tocantinzinho Trend - A Large Prolific Corridor" (notably with respect to the exploration potential at the TZ Project and within the land package held by GMIN's subsidiary), and in the section entitled "About G Mining Ventures Corp.".
Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that, notably but without limitation, the Corporation will (i) meet its objective of delineating the first years of production while testing the near surface limit of tailing, saprolite and unit contacts, (ii) deliver exploration results consistent with the potential outlined in this press release, (iii) bring the TZ Project into commercial production or (iv) advance the TZ Project into one of the largest operating gold mines in Brazil, as future events could differ materially from what is currently anticipated by the Corporation.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. Readers are cautioned not to place undue reliance on these forward-looking statements as a number of important risk factors and future events could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in the Corporation's other filings with the securities regulators of Canada including, but not limited to, the cautionary statements made in the relevant section of the Corporation's (i) Annual Information Form dated June 3, 2022, for the financial year ended December 31, 2021, and (ii) Management Discussion & Analysis. The Corporation cautions that the foregoing list of factors that may affect future results is not exhaustive, and new, unforeseeable risks may arise from time to time. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
SOURCE: G Mining Ventures Corp.
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