G2 Goldfields Provides Exploration Update G2 Goldfields Provides Exploration Update – Mobilizes 3rd Rig to Oko
G2 Goldfields Inc.
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
CEO
+1.416.628.5904
Email: news@g2goldfields.com
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