G2 Goldfields Announces Property Acquisition & Exploration Update

Toronto, Ontario, CANADA


TORONTO, Dec. 01, 2021 (GLOBE NEWSWIRE) -- G2 Goldfields Inc. (“G2” or the “Company”) (TSXV: GTWO; OTCQX: GUYGF) is pleased to announce that the Company has acquired additional property interests in Guyana as well as providing an update on its current and ongoing drill programme at the 19,200-acre OKO-Aremu project, Guyana. G2 currently has five full-time geologists in the field and has identified multiple areas for additional drilling on its district-wide holdings. This aggressive program is being spearheaded by V.P. Exploration Boaz Wade who oversees approximately 60 personnel spread between three separate camps along the 36 km OKO-AREMU-PETERS MINE trend.

G2 currently has two diamond drills operating 24/7 in the greater OKO area. At the OKO Main Zone the Company has completed 100 holes totalling 24,383 metres. Drilling to date has focussed on exploring and delineating five prominent shear zones over strike lengths varying from 265 metres to 920 metres and to a maximum vertical depth of 358 metres. Significantly, the deepest hole drilled to date, hole OKD-96, has intercepted Shear #5 at a vertical depth of 358 metres and core logging has revealed multiple occurrences of visible gold in the core. Currently, the Company is anticipating assay results from twenty-four drill holes, with both rigs expected to turn up to December 17th and then recommence the week of January 3rd, 2022.

In addition to the ongoing drilling at the OKO main zone, exploration work is well advanced in defining further areas for drilling.

OKO N.W.

  • Located 3.8km to the NW of the Oko Main Zone.
  • 214 samples taken over +1km strike length. 31% of these samples returned assays in excess of 1g/t Au, with peak values to 12.6g/t, 14.2g/t, and 16.2g/t. These +1g/t samples mainly correspond to quartz veined areas. 
  • The mineralization is hosted by quartz veins on the deformed margins of folded carbonaceous shales, with vein widths exceeding five meters in some of the dilational zones. 
  • This is identical to the geological setting of the Oko Main Zone, with mineralized quartz veins being mapped along at least 1km strike length of the carbonaceous shale contacts.
  • Surface exposures are limited to the NW by Tertiary sand cover, and to the SE by extensive alluvial artisanal workings. The target is yet to be drill tested.

Herod Vein (Aremu)

  • Located 1km East of Shepherd Vein. 
  • 23 samples taken over 140m of strike length, with peak samples of 7.9g/t, 8.2g/t, 8.7g/t, and 19.8g/t Au.
  • Hosted on the strained margin of carbonaceous shales and adjacent competent siltstones, similar setting to the Oko Main Zone. 
  • Sampling of limited exposures of quartz veins between the Shepherd Vein and Herod Veins returned up to 4g/t and 7.7g/t near to an inactive shaft. 
  • Targets is yet to be drill tested.

Shepherd Vein (Aremu)

  • Located 3.1km West of the old Aremu mine, and 17km NW of Oko Main. 
  • 15 grab samples were taken over 120m exposed strike length of the Shepherd Vein. Eight samples returned assays above 2.5g/t Au, with peak values of 25g/t, 47.5g/t, 133.1g/t, 167.7g/t. 
  • Hosted on strained margin of Carbonaceous shales and adjacent, more competent siltstones – identical to the Oko Main Zone. Excellent potential for strike continuity which is yet to be mapped at surface. 
  • Visible gold observed in vein samples returned from an artisanal shaft. Target is yet to be drill tested.

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

Property Acquisition

G2 is also pleased to announce it has entered into an option agreement on the 7,154 acre “Amsterdam” properties. The property is northeast of the OKO main blocks and covers the NE extension of a poly-deformed greenstone belt that contains the high-grade OKO main discovery. The property has never been subject to modern, systematic exploration techniques and is interpreted to have identical property-scale tectonic fabrics as recognized in the OKO-AREMU district. The G2 geological team believes it may form part of the source area for the prolific alluvial field of the OKO-AREMU district, which has one of the largest artisanal surface mining footprints in the highly prospective Guiana Shield. G2 is currently planning an aggressive full sequence exploration program for this area in order to generate drill targets in 2022.

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.