G Mining Ventures (TSX: GMIN) disclosed a new near-surface gold discovery at its Gurupi project in Brazil as it published strong drill results from its main Tocantinzinho property in the northern part of the country.
Hole GUR-26-068 at the Grodiocal target cut 23 metres grading 1.97 grams gold per tonne from 51 metres depth, including 9 metres of 4.24 grams gold from 55 metres, G Mining said Wednesday in a statement. Another hole, GUR-26-066, cut 10 metres of 3.42 grams gold from 23 metres downhole.
The discovery, along with extensions of mineralization at the Blanket and Mandiocal deposits, expands Gurupi’s footprint ahead of an updated resource estimate and a preliminary economic assessment (PEA) targeted by year-end. The results suggest the project’s mineralized system remains open beyond the limits tested in the previous resource work.
“The key takeaway is the growing pipeline of organic growth opportunities beyond Tocantinzinho,” Jefferies mining analyst Fahad Tariq said in a note. “With Gurupi emerging as the next development project after Oko and a year-end 2026 PEA expected to outline a path forward, G Mining is increasingly evolving into a multi-asset growth platform.”
Near-surface zone
Grodiocal sits along the prospective Chega Tudo trend, where no historical drilling had previously been completed. The maiden drilling program, which covered 17,667 metres in 127 holes, identified multiple zones of near-surface gold mineralization within a corridor covering 5 km in strike length and up to 1 km in width, G Mining said.
“The maiden drilling success at Grodiocal may be one of the more important developments from the release,” Tariq said. “In our view, this supports management’s thesis that Gurupi is evolving into a broader district rather than a collection of isolated deposits.”
Crews are also testing the extensions of Gurupi’s more established deposits. G Mining has planned 65,000 metres of drilling at Gurupi this year, with about 33,600 metres completed so far.
At Blanket, new drilling has expanded mineralization about 250 metres beyond the 2025 resource estimate. Key results include hole GUD-26-026, which cut 79.6 metres grading 1.78 grams gold from 146 metres depth, and hole GUD-26-021, which intersected 63.5 metres of 1.28 grams gold from 170 metres downhole.
Drilling at Mandiocal has extended mineralization as much as 125 metres below the 2025 resource pit shell. Hole GUD-26-028 cut 48.4 metres at 1.32 grams gold from 277 metres downhole, including 5 metres of 3.55 grams gold from 309 metres depth.
Gurupi is estimated to hold 43.5 million indicated tonnes grading 1.31 grams gold for 1.83 million oz. of contained metal, plus 18.5 million inferred tonnes grading 1.29 grams gold for 770,000 oz. of contained metal, according to a 2025 resource.
Additional mineralization
Located in Maranhão state, about 2,200 km north of Sao Paulo, Gurupi covers about 2,100 sq. km across 47 contiguous tenements and more than 80 km of mineralized trend. G Mining acquired Gurupi, formerly known as CentroGold, from BHP (ASX, LSE, NYSE: BHP) in late 2024.
G Mining’s exploration campaign at Gurupi is running alongside work at the company’s producing Tocantinzinho mine in neighbouring Pará state. There, the company has drilled below the current open-pit design to test the potential for additional mineralization at depth.
This year’s planned 25,000-metre drilling program at Tocantinzinho is about 60% complete.
Hole BRZ-26-134 at Tocantinzinho cut 7.8 metres grading 6.42 grams gold from 382 metres downhole within a broader 51-metre interval grading 1.31 grams gold. Another hole, BRZ-25-121 returned 10.5 metres grading 4.62 grams gold from 503 metres depth.
Regional exploration at Tocantinzinho has also outlined a 15-km by 3-km mineralized corridor containing the main deposit and several satellite targets. The work is aimed at identifying additional resources that could potentially extend the mine’s operating life, G Mining said.
G Mining shares rose 2.4% to $50.27 Wednesday morning in Toronto, valuing the company at about $15 billion (US$11 billion). The stock has traded between $23.22 and $58.74 in the past year.