TOCANTINZINHO
Highlights
Overview
Tocantinzinho is a permitted, construction ready, open-pit gold deposit containing 2.0 million ounces of reserves located in Para State, Brazil. Eldorado Gold Corp. acquired Tocantinzinho in 2010 through the $120 million acquisition of Brazauro Resources Corp. and invested over $90 million into the project prior to GMIN’s $115 million acquisition in Q4-21.
The deposit is open at depth, and the large, underexplored land package presents a great deal of additional exploration potential that may yield satellite mineralized bodies. The 996km2 land package has direct access via 103km of all-weather roads starting from the national highway, the BR-163, that links the industries in southern Brazil to the city of Belem in the north.
All the key permits required for the start of construction have been received, including the installation license (“LI”) in 2017, with the mining concession issued in 2018. A feasibility study on the project was initially completed in 2015, and an updated technical report was published in 2019. G Mining Ventures is in the process of updating the feasibility study, which is expected in early Q1-22. With no relocation or resettlement required, nor any indigenous communities nearby, the Project is construction ready.
Tocantinzinho in-depth
ABOUT THE PROJECT
- GEOLOGY
- EXPLORATION
- MINERAL INVENTORY
- FEASIBILITY STUDY
Geology & Mineralization
Tocantinzinho is an intrusion-related gold deposit hosted in Paleoproterozoic granites of the south-central Amazon Craton. The deposit is located along a major regional NW trending fault zone which at the deposit scale controls the emplacement of multi-phase intrusions and gold mineralization.
A wide range of fractionated granitic phases are recognised including quartz monzonite, syenite, alkali feldspar granite, granite and aplite. The deposit displays spectacular magmatic-hydrothermal transition textures such as unidirectional solidification textures, interconnected miarolitic texture (IMT), rapid grain size variations from pegmatite to aplite, and vein dykes.
The bulk of the ore is hosted in two main rock types. “Smokey” granite is pale pink-grey in colour and is mostly distributed in the core of the deposit. It varies from a coarse grained blebby texture (likely IMT) to equigranular granite. “Salami” granite has a strong pink-red colour and is an alkali feldspar granite with a blebby (IMT) texture and commonly transitions into aplite-pegmatite zones. Mineralization is characterized by fine, irregular vein networks of quartz, black chlorite, sulfide (pyrite, molybdenite, chalcopyrite) and calcite. The veinlets commonly develop along grain contacts and their irregular wormy nature suggests that they formed during late crystalllization of the host granite.
History
The history of the Tocantinzinho property dates back to the 1970s. Tocantinzinho is located in the Tapajos region, the site of the largest gold rush in history that took place from the late 1970s until the late 1990s. According to the Brazilian Department of Mineral Production, the region had a total historical production of between 20 and 30 million ounces of placer gold. After trading hands through different corporates, it was acquired by Eldorado Gold Corp in 2010, and now sits in the G Mining portfolio as a premium asset primed for development
2008
Eldorado Gold Corp. (ELD) entered into an Option Agreement with Brazauro Resources Corp. (BRC) to earn in 75% interest in TZ for C$100 million.
2010
ELD acquired the Tocantinzinho Project for $120 million.
2011
Prefeasibility Study completed.
2012
Approval of Preliminary Environment License.
2015
Feasibility Study completed.
2017
Installation License (LI) issued.
2018
Mining Concession issued.
2019
Optimized Feasibility Study completed.
2021
G Mining Ventures acquired the Tocantinzinho Project for $115 million.
2022
New Feasibility Study completed Q1 2022. Project financing totaling $481 million closed in Q3 2022.
2022
Positive construction decision announced in Q3 2022.
Louis-Pierre Gignac, President and Chief Executive Officer of the Issuer, is the Qualified Person (as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, “43-101”) who reviewed and approved the information contained in the Investors’ Presentation / the Feasibility Study Presentation / the Issuer’s website. The 43-101 compliant technical report dated December 10, 2021 and issued on February 9, 2022, titled “Feasibility Study – NI 43-101 Technical Report Tocantinzinho Gold Project” (the “TZ Technical Report”) was authored by Neil Lincoln, P. Eng., of Lincoln Metallurgical Inc., Charles Gagnon, P. Eng., of GCM Expert, Camila Passos, M. Sc., P. Geo., CREA-SP, of SRK Consulting (“SRK”), Paulo Ricardo Behrens da Franca, P. Eng., of F&Z Consultoria e Projetos, and Thiago Toussaint, MBA, CREA-MG, AMEA, of SRK (the “TZ Authors”). The TZ Authors are considered to be independent from the Issuer. The TZ Authors have followed industry accepted practices for verifying the suitability of the data used in the TZ Technical Report. Site visits by three of the TZ Authors (Camila Passos, Paulo Ricardo Behrens da Franca and Thiago Toussaint) was part of the data verification procedures. A more detailed description of the data verification procedures undertaken by the TZ Authors is included in the TZ Technical Report.
