Drilling Continues to Expand Gold Zones at OKO - 10.0m @ 9.7 g/t Au & 52.3m @ 2.1 g/t Au

TORONTO, June 25, 2024 (GLOBE NEWSWIRE) -- G2GoldfieldsInc. (“G2” or the “Company”) (TSX: GTWO; OTCQX: GUYGF) is pleased to provide an update on the ongoing exploration program at the Company’s 27,719-acre OKO-AREMU gold project. G2 recently announced an updated Mineral Resource Estimate (“MRE”) for the OKO-Aremu project comprised of 922,000ounces ofgold (“Indicated”) and 1,099,000 ounces of gold (“Inferred”) [press release dated April 03, 2024].

Figure1

G2’s OKO gold resource lies along a prominent 2.5 km long north-south structure which is defined by the high grade OMZ resource to the north [688,000ouncesAu@9.03g/tAu (Indicated) and 495,000ouncesAuat6.38 g/t Au (Inferred)] and the Ghanie open pit and underground resource to the south. G2 is currently drilling the southern half of the structure, where results demonstrate significant potential for the expansion of the established resource.

Assays from thirteen diamond drill holes (totaling 4,205 m) are included in this release (a complete table can be viewed here). Highlights of the latest drill results are reported in Table 1.

TABLE1

The intercepts reported are down-hole widths. True widths are estimated between 75% and 85% of reported down-hole widths. Gold grades are uncapped.

Diamond drilling continues to significantly expand the mineralized envelope at the 1.2 km long Ghanie Zone, with both near-surface and deeper drill holes intersecting gold mineralization. Dan Noone, G2 CEO, stated, “These results continue to demonstrate that the OKO-Aremu district is still very much in the discovery phase. G2 is currently growing its resource by drilling two discoveries, NW Oko and Ghanie, simultaneously, whilst advancing numerous greenfields targets. We look forward to continuing to add further value for our shareholders.” G2 intends to provide an updated mineral resource estimate, the Company’s third, in early Q1 2025.

DiscussionofDrillingResults

Figure2

Figure3

The current drilling at Ghanie is designed to test the continuity of gold mineralisation in the space between the South, Central and North zones. In drilling down plunge (45 degrees to the northeast) of previous high-grade intercepts, it has become apparent that the Ghanie Zone is a relatively continuous zone of mineralisation. Ghanie Central was extended 60m along strike to the south, notably, GDD-115 returned 2.1 g/tAuover 52.3m. Holes GDD- 112 (2.5g/tAuover13.4m), GDD-113: (2.7g/tAuover20.5m) and GDD-119 (3.2g/t Au over 7.5m) have provided further evidence of mineralization to the north of the central area.

Additionally, current results demonstrate a significant extension of gold mineralization to depth. Hole GDD-117 intercepted 9.7 g/t Au over 10m (from 628m) making GDD-117 the deepest hole drilled in the Ghanie Zone to date. GDD-104 (5 g/t Au over 13.1m) and two intercepts in GDD-120, 2.8 g/t Au over 19m and 3.5 g/t Au over 13.5m, respectively, added 125m of strike to the north and further tested the continuity of high-grade zones in Ghanie Central. Gold mineralization in the Ghanie area remains open along strike and down plunge.

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 Goldfields’ quality control/quality assurance program (QAQC). No QA/QC issues were noted with the results reported herein.

AboutG2GoldfieldsInc.

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].

Anglo Gold Ashanti (“AGA”), the fourth largest gold producer in the world, recently made a substantial investment in the Company. At the close of the Subscription, AGA (NYSE: AU) owned approximately 11.7% of G2’s issued and outstanding Shares [seepressreleasedated January 19, 2024].

In April 2024, G2 announced an Updated Mineral Resource Estimate (“MRE”) for the Oko property in Guyana [seepressreleasedatedApril 03,2024]. Highlights of the Updated MRE include:

Total combined open pit and underground Resource for the Oko Main Zone (OMZ):

• 495,000 oz. Au – Inferred contained within 2,413,000 tonnes @ 6.38 g/t Au
  

• 686,000 oz. Au – Indicated contained within 2,368,000 tonnes @ 9.03 g/t Au

Total combined open pit and underground Resource for the Ghanie Zone:

• 604,000 oz. Au – Inferred contained within 12,216,000 tonnes @ 1.54 g/t Au

• 236,000 oz. Au – Indicated contained within 3,344,000 tonnes @ 2.20 g/t Au
  

The MRE was prepared by Micon International Limited with an effective date of March 27, 2024. Significantly, the updated mineral resources lie within 500 meters of surface. The Oko district has been a prolific alluvial goldfield since its initial discovery in the 1870’s, and modern exploration techniques continue to reveal the considerable potential of the district.

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.

Additional information about the Company is available on SEDAR (www.sedar.com) and the Company's website (www.g2goldfields.com).

Forfurtherinformation,pleasecontact:
Dan Noone CEO
+1 416.628.5904
news@g2goldfields.com

Forward-LookingStatements

Thisnewsreleasecontainscertainforward-lookinginformationand 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 intendedtoidentifyforward-lookinginformationand/orstatements.Forward- looking statements and/or information are based on a number of material factors, expectations and/or assumptions of G2 Goldfields which have been usedtodevelopsuchstatementsand/orinformation,butwhichmayproveto be incorrect. Although G2 Goldfields believes that the expectations reflected in such forward-lookingstatements and/or information are reasonable,undue reliance should not be placed on forward-looking statements as G2 Goldfields cangivenoassurancethatsuchexpectationswillprovetobecorrect.In addition to other factors and assumptions which may be identified herein assumptionshavebeenmaderegarding,amongotherthings:resultsfrom planned exploration and drilling activities; future plans for operational expenditures;theaccuracyof theinterpretationsofexplorationand drilling activity results;availability of financingto fund current and future plans and expenditures;theimpactofincreasingcompetition;thegeneralstabilityofthe economicandpoliticalenvironmentinwhichG2Goldfieldshasproperty interests;thegeneralcontinuanceofcurrentindustryconditions;thetimely receiptofanyrequiredregulatoryapprovals;theabilityofG2Goldfieldsto obtainqualifiedstaff,equipmentand/orservicesinatimelyandcostefficient manner;theabilityoftheoperatorofeachprojectinwhichG2Goldfieldshas propertyintereststooperateinasafe,efficientand/oreffectivemannerandto fulfillitsrespectiveobligationsandcurrentplans;futurecommodityprices; currency,exchangeand/orinterestrates;andthe regulatoryframework regardingroyalties,taxesand/orenvironmentalmattersinthe jurisdictionsin which G2 Goldfieldshasproperty interests.Theforward-looking information andstatementsincludedinthisnewsreleasearenotguaranteesoffuture performanceandshouldnotbeundulyreliedupon.Suchinformationand/or statements, including the assumptions made in respect thereof, involve known andunknownrisks,uncertaintiesandother factorsthat maycauseactual resultsand/oreventstodiffermateriallyfromthoseanticipatedinsuch forward-looking information and/or statements including, without limitation: risksassociatedwiththeuncertaintyofexplorationresultsandestimates, currency fluctuations, the uncertainty of conducting operations under a foreign regime,exploration risk,the uncertainty of obtainingall applicable regulatory approvals,theavailabilityoflabourand/orequipment,thefluctuatingpricesof commodities,the availability of financingand dependence on the management personnel of the Corporation, other participants in the property areasand/orcertainotherrisksdetailedfromtime-to-timeinG2Goldfields public disclosure documents (including, without limitation, those risks identifiedin this news release and G2 Goldfields current management’s discussion and analysis).Furthermore,theforward-lookingstatementscontainedinthisnews release are made as at the date ofthis news release andthe Corporation does notundertakeanyobligationsto publiclyupdateand/orreviseanyofthe included forward-lookingstatements,whether as a result of additional information,futureeventsand/orotherwise,exceptasmayberequiredby applicable securities laws.

NeithertheTSXnoritsRegulationServicesProvider(asthattermisdefinedin the policies of the TSX) accepts responsibility for the adequacy and / or accuracy of this release.

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