G2 Goldfields Provides Exploration Update – Mobilizes 3rd Rig to Oko

TORONTO, April 20, 2022 (GLOBE NEWSWIRE) -- G2 Goldfields Inc. (“G2” or the “Company”) (TSXV: GTWO; OTCQX: GUYGF) is pleased to provide further information regarding the Company’s ongoing exploration at its 19,200-acre OKO-AREMU Project, Guyana. The Company has completed 127 holes totalling 30,224 metres, the majority of this drilling at the Oko Main Zone (OMZ). G2 has identified a further seven target areas for exploration whilst it continues to expand the high-grade gold mineralization discovered at the OMZ.

Oko North-West (ONW)

This area lies approximately 4 km northwest of the OMZ. The area is characterized by considerable evidence of mining by artisanal miners as well as surface sampling of exposed veins, some with significant values. G2 has completed an 11-hole (1,426 metre) “first pass” reconnaissance drill program at ONW which has tested multiple target areas along a 500m strike. Logging of these holes has indicated sheeted veins within a silica-sericite alteration halo adjacent to discrete east plunging dilational zones. Assays are pending from this initial drill program.

Aremu West Drilling

G2 is currently drilling targets in the western end of the historic Aremu vein system. The Aremu vein system consists of nearly twenty steeply dipping auriferous quartz veins spread over a distance of approximately 4 km in a deformation zone, known as Aremu shear zone. The high-grade gold mineralization is located mainly in the brecciated quartz-carbonate veins with hematite staining and pyrite. Low-grade gold is hosted in black graphite schist with quartz veinlets and stringers.

At the eastern end of the Aremu deformation zone lies the historic Aremu Mine which produced 6,488 oz from 14,632 tons of ore (15.6 g/t Au) in the 1906 - 1911 period. The Company’s immediate target for investigation is located at the western end of this 4 km structure and is known locally as the Shepherd Vein. Artisanal miners have sunk two shallow shafts in the area and have exposed a 1.5m wide quartz vein hosted in carbonaceous sediments very similar to the OMZ. The Company plans a total of four holes in this area.

OMZ Resource Estimate

The Company has engaged Micon International Limited to prepare a NI 43-101 compliant independent resource estimate for the OMZ area. This initial estimate is the first of several planned for the area as drilling continues to delineate and expand the three main shear zones that host the bulk of mineralization. This maiden estimate will focus on gold mineralization between surface and 350 metres vertically below surface, where all zones remain open to depth. G2 has received the initial result and is currently compiling the data to be released the week of April 25th, 2022.

Dan Noone, CEO, stated, “The Oko Main Zone is an orogenic-type gold deposit located within the Cuyuni Basin. As demonstrated at the Aurora Mine, currently operated by Zijin Mining, we expect the OMZ to have considerable depth potential. Upcoming drilling at the OMZ will target the down-plunge extension of Shears 3,4, and 5 to a depth of 750m - 800m.”

Mobilization of 3rd Rig

G2 has mobilized a third larger diamond drill rig to expedite its exploration campaign in the Oko district. This larger rig has the capacity to drill to down hole depths of 1500m and will be used to expand the Oko high-grade zones to depth.

Boaz Wade, V.P. Exploration, commented, “We are excited about the exploration potential across the Oko-Aremu district, where the Company’s extensive land package overlies a highly prospective greenstone belt that contains the OMZ deposit. Multiple targets have been identified across the district and field programs inclusive of drilling are currently being executed to advance them. The district contains an extensive occurrence of surface working with coherent geochemical anomalies, and we remain confident about the potential for future discoveries.”

About G2 Goldfields Inc.

The G2 Goldfields team is comprised of professionals who have been involved in the discovery of more than 7 million ounces of gold in Guyana and the financing and development of Guyana’s largest gold mine (RPA, 43-101, Technical Report on the Aurora Gold Mine, March 31, 2020). The Oko Main Zone discovery is the initial fruit of the application of this extensive in-country experience. Ongoing exploration within the 17km long Aremu – Oko trend has generated multiple drill targets, similar in geological setting and scale to Oko Main. The Aremu – Oko district has been a prolific alluvial goldfield since the rush of the 1870’s. Modern exploration by the G2 Goldfields team has begun and continues to reveal the exceptional potential of this district.

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
Email: news@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.

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