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TORONTO, June 04, 2019 (GLOBE NEWSWIRE) -- G2 Goldfields Inc. (TSXV: GTWO) (the “Company”) is pleased to provide an exploration update on the Company’s ongoing drill program at the Sandy Lake project, North-West Ontario.
To date, the Company has completed an additional three diamond drill holes on the W1 and W2 target areas. These holes were designed to further explore high grade results obtained in previously released holes 19-04 and 19-06 which returned core length intervals of 34.5 g/t Au over 8 meters and 10.92 g/t Au over 10.33 meters respectively (see Company press release dated 13 May, 2019 - available at www.sedar.com).
After additional drilling in W1 and W2 zones, the drill will be moved approximately 1.6 kilometers north-west to explore the W3 and W4 zones. The primary target of interest is a 60 km long banded iron formation (BIF) belt which runs east–west across the Company’s holdings.
Historical and limited trench sampling of this BIF was conducted by previous operators prior to the implementation of NI 43-101. In the immediate vicinity of the W3 and W4 zones, gold values reported in trenches of 1.63 oz Au/ton over 10 feet and 0.38 oz Au/ton over 5 feet. (available at OGS Assessment File 2.2944 / 23 November 1983 see OGS link)*.
The Company has relocated and sampled the historical trenching. Results are pending.
Patrick Sheridan, CEO comments, “We are very excited to drill this large regional BIF, which is one of our major targets for 2019. Our geological models are based on the Goldcorp-Newmont Musslewhite Mine, located approximately 180 km to the southeast, which also lies within a BIF. Encouraging results in this drilling program will open up the possibility of economic mineralization in this major regional structure.”
About the Sandy Lake Project
The Sandy Lake Gold Project comprises an approximate 51,000 hectares of contiguous mineral claim units in the underexplored Sandy Lake Archean Greenstone Belt in Northwestern Ontario. G2 Goldfields Inc. has the right to earn up to 70% interest in the W series of claims (6,000 hectares) and a 100% interest in mineral claims surrounding the W Group totaling 45,000 hectares. Sandy Lake is located approximately 225 km north of the historical Red Lake, Ontario mining district (30 million ounces Au produced).
G2 Goldfields Inc. wishes to thank the Chief, Council and members of the Sandy Lake First Nation for their support and assistance as we continue to build upon a long-term beneficial relationship of economic and community development. The Company is committed to best practices in all aspects of its exploration efforts and strongly supports local partnerships.
About G2 Goldfields Inc.
G2 Goldfields Inc. is a Toronto based mineral exploration company focused on the exploration and development of the Sandy Lake Gold project in Canada and proposed to acquire the Aremu-Oko and Peters Mine properties in Guyana.
The Sandy Lake gold project comprises an approximate 51,000 hectares of contiguous mineral claim units in the underexplored Sandy Lake Archean Greenstone Belt in Northwestern Ontario.
The Aremu–Oko and Peters Mine properties are two of the four past producing historical mines in Guyana. The properties total approximately 25,888 acres and are located in the Cuyuni-Mazarumi Region (Region 7) of north-central Guyana in the Guiana Shield.
All scientific and technical information in this press release has been prepared under the supervision of Dan Noone (Director of G2 Goldfields Inc.), a “qualified person” within the meaning of National Instrument 43-101. Mr. Noone (B.Sc Geology, MBA) is a member of the Australian Institute of Geoscientists.
*Mineral Deposit Inventory Record MDI53F03SW00005: Tully-burton /mndm files/mdi/data/records.
https://www.geologyontario.mndm.gov.on.ca/dtSearch/dtisapi6.dll?cmd=getdoc&DocId=541880&Index=%2a%7baa6fcec0bc49cb0cca8bfcb488289a8a%7d%20MDI&HitCount=6&hits=d5+dc+de+fc+161+162+&SearchForm=%2findex%2ehtml
For further information please contact:
Patrick Sheridan
Executive Chairman & CEO
(416) 628-5904
Email: info@g2goldfields.com
Forward Looking Statements
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “might”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information and/or statements. Forward-looking statements and/or information are based on a number of material factors, expectations and/or assumptions of G2 Goldfields which have been used to develop such statements and/or information but which may prove to be incorrect. Although G2 Goldfields believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements as G2 Goldfields can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein assumptions have been made regarding, among other things: results from planned exploration and drilling activities; future plans for operational expenditures; the accuracy of the interpretations of exploration and drilling activity results; availability of financing to fund current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which G2 Goldfields has property interests; the general continuance of current industry conditions; aboriginal matters; the timely receipt of any required regulatory approvals; the ability of G2 Goldfields to obtain qualified staff, equipment and/or services in a timely and cost efficient manner; the ability of the operator of each project in which G2 Goldfields has property interests to operate in a safe, efficient and/or effective manner and to fulfill its respective obligations and current plans; future commodity prices; currency, exchange and/or interest rates; and the regulatory framework regarding royalties, taxes and/or environmental matters in the jurisdictions in which Sandy Lake has property interests. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and/or statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differ materially from those anticipated in such forward-looking information and/or statements including, without limitation: risks associated with the uncertainty of exploration results and estimates, currency fluctuations, the uncertainty of conducting operations under a foreign regime, exploration risk, the uncertainty of obtaining all applicable regulatory approvals, the availability of labour and/or equipment, the fluctuating prices of commodities, the availability of financing and dependence on the management personnel of the Corporation, other participants in the property areas and/or certain other risks detailed from time-to-time in G2 Goldfields public disclosure documents (including, without limitation, those risks identified in this news release and G2 Goldfields current management’s discussion and analysis). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.
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 and / or accuracy of this release.