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TORONTO, May 26, 2020 (GLOBE NEWSWIRE) -- G2 Goldfields Inc. (TSXV: GTWO) (the “Company” or “G2”) announces further high-grade drill intercepts from the Oko-Aremu Project, Guyana. The 19,200-acre project hosts multiple shafts, pits and zones of mineralization including the historic past producing Aremu Mine. G2 has identified multiple areas of anomalous mineralization over 15 kilometres trending south-east from the Aremu Mine, with the Oko Deformation Zone (ODZ) lying at the south-east end of the trend.  Since November 2019, the Company has completed a total of 46 holes (9,350 metres) in the ODZ establishing an initial one-kilometre strike length of mineralization. All other drill targets at the Oko-Aremu District remain untested.

Diamond drill holes OKD 34 and 35 were drilled to expand the strike length of the main ODZ zone, with the holes collared 125 m  (OKD-34) and 225 m (OKD-35) north of previously reported OKD-28 (6.9 m @ 5.1 g/t Au & 2.2 m @ 30.8 g/t Au). Both holes intercepted multiple zones of mineralization with visible gold (V.G.).

Hole OKD – 34

  • 1.3 g/t Au over 4.0 m (7 – 11)
  • 2.8 g/t Au over 5.7 m (136.9 – 142.6) V.G.
  • 8.1 g/t Au over 0.5 m (166.5 – 167) V.G.

Hole OKD – 35

  • 2.2 g/t Au over 25.0 m (16.5 – 41.5)
  • 10.6 g/t Au over 4.8 m (170.7 – 175.5) V.G.

True horizontal widths of mineralization on each hole vary between 58% and 85% of reported core lengths.

A table of all drill hole collar locations and data is available at the following link https://g2goldfields.com/wp-content/uploads/2020/05/DrillHoleCollarTable.pdf.

Holes OKD-34 and 35 confirm that the main gold zone at the ODZ remain strongly mineralized and open to the north and at depth. Additionally, a new, near surface, structure has been discovered in hole OKD-35, where drilling intercepted 25 m grading 2.2 g/t Au, from 16.5 metres downhole.

A plan view map of drilling completed to date at the ODZ is displayed as Figure 1 or is available at the following link https://g2goldfields.com/wp-content/uploads/2020/05/OkoPlanView.pdf.

Dan Noone, CEO stated, “We continue to be delighted with the predictability, continuity and grade of the Main Zone within the ODZ, which we have now intersected in drilling over a strike of 720 m.

Also, the broad zone of near surface mineralization in OKD-35, once again displays the potential for the development of parallel zones of significant mineralization on either side of the Main Zone.

Further drilling to the north and south, following the trend defined by surface geochemistry, should allow us to continue to expand the current limits of the mineralization as defined by drilling to date.”

An interpretation of the mineralized zones drilled to date is displayed as Figure 2 or is available at the following link https://g2goldfields.com/wp-content/uploads/2020/05/OkoInterpretedView.pdf.


Dan Noone, CEO stated, “As G2 continues to refine the geological model of the 15 km long Oko-Aremu District, we are coming to terms with the scale of the system we are exploring. Much work lies ahead to realize the full potential of this emerging high-grade gold district. The addition of a second drill rig and the expansion of our geological team, allows us to double our efforts expanding the known mineralisation at the ODZ and hasten the exploration of numerous gold occurrences throughout the district.”

Two Drill Rigs Operational

G2 Goldfields confirms that two rigs are currently drilling 24/7 on the ODZ.  One rig is committed to exploring the ODZ at depth whilst the second is focused on expanding the strike length of mineralization.

QA/QC

Drill core is logged and sampled in a secure core storage facility located on the Oko project site, Guyana. Core samples from the program are cut in half, using a diamond cutting saw, and are sent to MSALABS Guyana, in Georgetown, Guyana, which is an accredited mineral analysis laboratory, for analysis. Samples from sections of core with obvious gold mineralization are analyzed for total gold using an industry standard 500g metallic screen fire assay (MSALABS method MSC 550). All other samples are analysed for gold using standard Fire Assay-AA with atomic absorption finish (MSALABS method; FAS-121). Samples returning over 10.0 g/t gold are analyzed utilizing standard fire assay gravimetric methods (MSALABS method; FAS-425). Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of G2 Goldfield’s quality control/quality assurance program (QAQC). No QA/QC issues were noted with the results reported herein.

About G2 Goldfields Inc.

G2 Goldfields Inc. is focused on the discovery of large gold deposits in the Guiana Shield. The Company owns a 100% interest in two past gold producing mines, as well as a regional portfolio of highly prospective projects.

All scientific and technical information in this press release has been prepared under the supervision of Dan Noone (CEO 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.

For further information please contact:

Dan Noone
CEO
+1.416.628.5904
Email: d.noone@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 G2 Goldfields 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.