TORONTO, March 22, 2022 (GLOBE NEWSWIRE) -- G2 Goldfields Inc. (“G2” or the “Company”) (TSXV: GTWO; OTCQX: GUYGF) continues to intersect some of the best diamond drill holes to date at the 19,200-acre OKO Project, Guyana. The Company has completed 116 diamond drill holes at the Oko Main Zone (OMZ) and expects to deliver a maiden resource estimate for the project in mid-April. G2 controls over 17 kilometres of highly prospective ground in this emerging district and has identified seven areas outside the OMZ for further exploration work including geochemistry, geological mapping, geophysics, and diamond drilling. Highlights from the current round of drilling at the OMZ include:

A complete list of assay results from the current round of drilling is available at the following link https://g2goldfields.com/wp-content/uploads/2022/03/AssayTableMarch22.pdf. The OMZ long section below includes the latest holes as well as previous high-grade intercepts and can also be viewed here.

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

OKO Long Section March 2022: OKO Long Section March 2022

Discussion

The recent drilling results further reveal the exceedingly high-grade nature of the OMZ deposit and demonstrate the level of accuracy in the Company’s geological model to date. The following results instil confidence in the continuity of mineralization which the Company consistently hit throughout its maiden drilling campaign. During the ongoing program, approximately 70% of reported holes have contained coarse visible gold.

OKD-113 – 7.4m @ 52.7 g/t Au

This intercept is from the Shear 5 zone which has proven to be both consistent and very high grade. This hit lies 274m below surface and is 35 meters up-dip of hole OKD-66 which returned 15.3 g/t Au over 5.7m.

OKD-114 – 2.6m @ 64.7 g/t Au

The lower intercept of this hole successfully infilled a 100m x 80m drilling gap in Shear 4 and indicates the potential for a high-grade zone in the southern part of the structure.

OKD-115 – 4.7m @ 37.2 g/t Au

Hole OKD-115 is the most significant diamond drill hole in this release. As an 80m step-out from previous high-grade intercepts, this intercept lies at a vertical depth of 340m. Vitally, OKD-115 supports the development of a high-grade shoot open at depth to the north as illustrated in the Shear 5 long section below and at this link.

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

OKO Long Section, Shear 5 March 2022: OKO Long Section, Shear 5 March 2022

Dan Noone, CEO, stated, “Hole OKD-115 confirms G2’s model of a NE plunging trend to the high-grade mineralisation and opens up significant down plunge potential on all five Shears currently known to date. These latest results will be incorporated into the upcoming maiden resource estimate for the project now scheduled for mid-April.”

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 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 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
CEO
+1.416.628.5904
Email: [email protected]

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.