TORONTO, April 01, 2025 (GLOBE NEWSWIRE) -- G2 Goldfields Inc. (“G2” or the “Company”) (TSX: GTWO; OTCQX: GUYGF) announces additional diamond drilling results further expanding on the Company’s new discovery at the OKO Project, Guyana. Drilling has encountered wide intersections of near-surface, oxidized gold mineralization. Significantly, this new discovery lies only several miles away from the Company’s flagship gold resources at the Oko Main Zone and Ghanie (comprised of 1.5 million ounces of goldIndicated and 1.6 million ounces of goldInferred, respectively) and thus, may have a significant impact on the scale and economics of a potential mining complex. G2 holds an expansive portfolio of highly prospective gold projects in Guyana.
The first eight holes of the new discovery (total meterage of 800) were announced by G2 in a press release dated March 18, 2025, and assay results from a further four holes (total meterage of 352.5) are reported hereunder. All holes intercepted significant mineralization. Highlights include Hole AMD 12 which returned 1.9 g/t Au over 43.7 meters including a high-grade intercept of 7.9 g/t Au over 7.5m. Significantly, the entire gold intercept in Hole AMD 12 lies within highly oxidized near surface saprolite. Additionally, Hole AMD 10 returned 1.2 g/t Au over 51.0 meters. All gold intercepts reported in Table 1 originate within 20 meters of surface.
TABLE 1 – Assay Results
HOLE ID
FROM
TO
INT (M)
AU (G/T)
COMMENT
AMD 9
32.0
40.5
8.5
4.7
hard rock
Incl.
33.3
36.0
2.7
13.0
AMD 10
15.0
66.0
51.0
1.2
oxides to 57m downhole
Incl.
27.0
34.5
7.5
3.4
oxides
And
60.0
64.5
4.5
2.4
hard rock
AMD 11
33.0
54.0
21.0
1.5
oxides
AMD 11
69.5
81.0
11.5
2.1
hard rock
Incl.
69.5
72.5
3.0
5.6
AMD 12
34.0
77.7
43.7
1.9
oxides
Incl.
64.5
72.0
7.5
7.9
oxides
Notes to Table 1: 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.
The results demonstrate excellent continuity of gold mineralization along strike as well as down plunge from existing intercepts. Gold mineralization remains open in all directions with assays pending testing the zone further along strike.
FIGURE 1 – New District Discovery
FIGURE 1 – New District Discovery
Dan Noone, G2 CEO, stated, “It’s very early days for this discovery but based on the dozen or so holes we have seen so far, this discovery is quite exciting. In a little over a month of drilling, we have established over 400m of strike of near surface, oxidized gold mineralization. Additionally, we have confirmed very good down plunge continuity in the areas tested thus far. As a result, we are immediately adding an additional drill rig to this program and stand ready to provide additional drills as required.”
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 mineralisation are analysed 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 analysed 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.
The G2 Goldfields team is comprised of professionals who have been directly responsible for the discovery of millions of ounces of gold in Guyana as well as the financing and development of the Aurora Gold Mine, Guyana’s largest gold mine [RPA, 43-101, Technical Report on the Aurora Gold Mine, March 31, 2020].
In March 2025, G2 announced an Updated Mineral Resource Estimate (“MRE”) for the Oko property in Guyana [see press release dated March 10, 2025]. Highlights of the Updated MRE include:
Total combined open pit and underground Resource for the Oko Main Zone (OMZ):
513,500 oz. Au – Inferred contained within 3,473,000 tonnes @ 4.60 g/t Au
808,000 oz. Au – Indicated contained within 3,147,000 tonnes @ 7.98 g/t Au
Total combined open pit and underground Resource for the Ghanie Zone:
1,024,500 oz. Au – Inferred contained within 12,062,000 tonnes @ 2.64 g/t Au
663,400 oz. Au – Indicated contained within 10,288,000 tonnes @ 2.01 g/t Au
Total open pit Resource for the Oko NW Zone:
97,200 oz. Au – Inferred contained within 4,976,000 tonnes @ 0.61 g/t Au
The MRE was prepared by Micon International Limited with an effective date of March 1, 2025. Significantly, the updated mineral resources lie within an average depth of 665 metres of surface. The Oko district has been a prolific alluvial goldfield since its initial discovery in the 1870s, and modern exploration techniques continue to reveal the considerable potential of the district.
AngloGold Ashanti (NYSE:AU) currently holds 35,948,965 shares representing 14.99% of the issued and outstanding shares of G2. G2 currently has cash holdings exceeding C$30 million (unaudited) and is well financed to execute on this regional exploration program.
All scientific and technical information in this news release has been reviewed and approved by 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 Fellow of the Australian Institute of Geoscientists.
This news release contains certain forward-looking statements, including, but not limited to, statements about the discovery may have a significant impact on the scale and economics of a potential mining complex, gold mineralization remains open in all directions with assays pending testing the zone further along strike. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “schedule”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements, including the risk factors set out in the management information circular of the Company dated December 20, 2024. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
