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TORONTO, Nov. 20, 2019 (GLOBE NEWSWIRE) -- G2 Goldfields Inc. (TSXV: GTWO) (the “Company” or G2) announces initial results from its maiden drilling program at the OKO/AREMU property, region 7, Guyana. Drill results to date have indicated significant and widespread gold mineralization over a 750 m strike length with current drilling attempting to expand the strike limits of mineralization beyond 1 km. Drilling has focused only on the OKO deformation zone (ODZ) (see press release dated November 8, 2019). Results are tabulated in Table 1.

TABLE 1
 
DRILL HOLEFROM (m)TO (m)INTERVAL GRADE G/T (AU)
OKD-0163.090.027.05.2
including65.071.006.015.8
OKD -01105.0109.04.04.4
     
OKD-027.031.823.30.5
OKD-0236.082.043.61.4
including59.062.03.04.6
     
OKD-0343.567.524.06.9
including46.558.512.013.8
     
OKD-0485.092.07.01.8
including87.989.81.86.2
     
OKD-0540.572.031.52.9
including59.868.08.29.1
     
OKD-0624.039.015.01.1
including33.336.02.75.8
     
OKD-0781.0101.020.02.8
including93.194.81.730.8
     
OKD-07146.0167.021.02.1
including160.3163.02.715.8
     
OKD-0821.0027.006.01.5
including21.0022.501.55.2
     
OKD-0949.5060.0010.51.9
including51.7054.002.37.8

Widths are drill indicated core length as insufficient drilling has been undertaken to determine true widths at this time. Average grades are calculated with un-capped gold assays, as insufficient drilling has been completed to determine capping levels for higher grade intercepts. 

Hole OKD-1, the “discovery hole”, returned a core length intersection of 27 m @ 5.22 g/t Au which includes high grade intercepts of 6 m @ 15.8 g/t Au as well as 2m @ 7.8 g/t Au. Hole OKD-2, returned 43.6 m @ 1.4 g/t Au, (including 3m @ 4.6 g/t Au).

OKD-3 returned 24 m @ 6.9 g/t Au (including 12.0m @13.8 g/t Au) and OKD-7 intercepted 20 m @ 2.8 g/t Au (including 1.7 m @ 30.8 g/t Au), 21 m @ 2.1 g/t Au (including 2.7 m @ 15.8 g/t Au). These four holes collectively explored approximately 200 m of the OKO deformation zone.

Drill holes OKD-4, OKD-5 and OKD-6 were designed to investigate an area approximately 250 m further south of the discovery. Hole OKD-4 returned 7 m @ 1.8 g/t Au ( including 1.7m @30.8 g/t Au OKD-5 intercepted 31.5 m @ 2.9 g/t Au (including 8.2 m @ 9.1 g/t Au) and OKD-6 returned 15 m @ 1.1 g/t Au (including 2.7 m @ 5.8 g/t Au) These are the most southerly holes drilled to date in the ODZ, and further drilling is planned for this area.

Approximately 300 meters north of the discovery, G2 drilled holes OKD-8 and OKD-9. Drill hole OKD-8 intercepted 6 m @ 1.5 g/t Au (including 1.5 m @ 5.2 g/t Au) and OKD-9 returned 10 m @ 1.9 g/t Au (including 2.3 @ 7.8 g/t Au). The Company is currently drilling a further 200 m north of this area in an attempt to establish gold mineralization over a + 1 km strike length.

To view Figure 1 - Drill Results please visit the following link: https://www.globenewswire.com/NewsRoom/AttachmentNg/da4d63b2-02c8-4969-8b2a-b0cf042063ad

DDHEASTINGNORTHINGRLDEPTHAZIMUTHDIP
OKD-01272380.94704558.1695.70158.00340-60
OKD-02272337.22704512.71105.10131.0015-60
OKD-03272372.98704432.9996.65131.00310-60
OKD-04272342.95704228.99102.39155.00325-60
OKD-05272339.00704232.00102.50149.00270-70
OKD-06272376.00704279.00100.00161.00260-60
OKD-07272394.66704450.5799.87203.00285-60
OKD-08272418.81704825.1981.60152.00340-60
OKD-09272444.17704881.3480.00164.00250-60
OKD-10272458.11705303.0997.80128.00135-60
OKD-11272513.10705315.54101.47176.00190-60
OKD-12272395.87705355.56100.76161.00180-60

G2 is very pleased with these initial results for the following reasons:

  • Some of the holes have very significant cores lengths of gold mineralization
     
  • The mineralization is near surface with all the mineralized intercepts above 125 m vertical

  • Drilling has indicated an initial 750 m strike length in the ODZ Zone, with mineralization remaining open to the north and south. Additionally, a + 1 km long soil anomaly which lies parallel to the ODZ remains untested

“We are off to a flying start with a brand-new discovery that looks promising and remains open at depth, as well as to the north and south. We also have another three major target areas to explore in this district. To this end we have gone to two shifts on the initial rig and are mobilizing a second rig for the New Year. Its still very early, but with its long history of gold mining, abundant surface gold showings and soil anomalies, and relative ease of access, the Company’s OKO/AREMU property looks like it could continue to deliver positive results for our shareholders,” said Patrick Sheridan, CEO.

Dan Noone, V.P. of Exploration, says, “The excellent results from drilling to date reinforce the gold mineralization model that we have developed from surface mapping and sampling. These are the first holes ever drilled into the Oko project. The knowledge we have gained from these initial holes gives us great confidence in our ability to continue to target zones of high-grade gold mineralization at Oko.”

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 MS Analytical Guyana, in Georgetown, Guyana, which is an accredited mineral analysis laboratory, for analysis. All samples are analysed for gold using standard Fire Assay-AA (atomic absorption) techniques. Samples returning over 10.0 g/t gold are analyzed utilizing standard fire assay gravimetric methods. 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 a Toronto based mineral exploration company focused on the exploration and development of the Sandy Lake Gold project in Canada and the Aremu/Oko and Peters Mine projects 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.

For further information please contact:

Patrick Sheridan

Executive Chairman & CEO

+416.628.5904

Email: p.sheridan@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.