G Mining soars to historic high on Oko, Gurupi results

[Ben Graham]

G Mining Ventures (TSX: GMIN) shares soared to an all-time high on Tuesday after the company discovered a new mineralization plunge at its main Oko West project in Guyana that returned results as high as 15 metres at 3.53 grams gold per tonne.

That drill highlight, from 6 metres depth in hole OKWD25-533 of the AU_3 zone, was inside the new discovery that sits outside the known pit limits at the Block 1 target, G Mining reported Tuesday. Another highlight in the same drill hole, from the LDZ zone, cut 14 metres grading 4.38 grams gold from 102 metres depth. Oko West is located about 95 km southwest of the country’s capital, Georgetown.

“Exploration at Oko West continues to expand our understanding of the deposit and reinforces the robust economics demonstrated in the feasibility study,” Julie-Anaïs Debreil, G Mining’s vice-president of geology and resources, said in a release. “High-grade intercepts confirm Oko West’s exceptional potential and support future mine life extensions.”

The new discovery follows the company’s strong feasibility study from April that gave Oko West a net present value of $2.2 billion, a 58% rise over the preliminary economic assessment that G Mining released one year ago.

Company shares gained 2% to C$23.47 apiece on Tuesday morning in Toronto, for a market capitalization of C$5.32 billion. The stock began trading on the TSXV in 2020 and on the TSX in 2024.

Positive B1 results

Another noteworthy result at B1 included hole OKWR25-1839 that cut 21 metres in the LDZ zone grading 3.8 grams gold from 37 metres depth.

The B1 discoveries result from 9,968 metres of drilling since April that have focused on exploring mineralized extensions outside of the project’s reserve limits.

Within the main mineralized zone at Oko West, G Mining has developed a splay model to better understand the complexity of the shear system and reserve pit, focusing on smaller structures that branch off the main shear. The splays carry mineral-rich fluids into the surrounding rock that can form very prospective zones for exploration, the company said.

In line with that model, drilling returned 12 metres at 5.26 grams gold from 446.2 metres depth in hole OKWD25-545 of the AU_2FW zone and 14 metres at 1.1 grams gold from 110 metres depth in OKWD25-516 of the ODZ zone.

Initial capital expenditures for the Oko West mine are estimated to be $972 million, according to the feasibility study. The project’s post-tax internal rate of return is 27%.

G Mining forecasts that commissioning of the mine at Oko West could start in the fourth quarter of 2027.

Total gold output is likely to be 4.3 million oz. over 12.3 years.

Oko West’s open pit and underground probable reserves total 76.7 million tonnes grading 1.89 grams gold for 4.64 million ounces.

Trenching in Brazil

Meanwhile, at the company’s Gurupi project in northeast Brazil, recent trenching work at the Grodiocal target returned highlights including 9 metres grading 3.52 grams gold from 43 metres depth in hole GMAMT-25-008. Hole GMAMT-25-005 returned 7 metres at 0.97 gram gold from surface.

Gurupi hosts 43.5 million indicated tonnes grading 1.31 grams gold for 1.83 million oz. contained metal, and 18.5 million inferred tonnes at 1.29 grams for 770,000 oz. within the Blanket, Contact and Chega Tudo deposits, according to a February resource update.

G Mining has almost doubled its exploration budget this year to $6 million-$8 million to support 10,000 metres of drilling at Grodiocal.