G2 drills 41m @ 1.2 g/t Au&50m @ 1.1 g/t Au and continues to expand significant new gold discovery
Regional soil sampling surveys and mapping continue to generate high value drill targets
Scout drilling at the Peters Mine property is underway with four holes completed
TORONTO, April 28, 2025 (GLOBE NEWSWIRE) -- G2 Goldfields Inc. (“G2” or the “Company”) (TSX: GTWO; OTCQX: GUYGF) provides further information on the Company’s ongoing diamond drilling and exploration initiatives in the greater Oko-Aremu District, Guyana. G2 currently holds exploration rights to 83,967 acres in the district which includes the Oko-Ghanie deposits hosting 1.5 million ounces of gold averaging 3.40 g/t Au (Indicated) and 1.6 million ounces of gold averaging 2.48 g/t Au (Inferred).
New Gold Discovery – Ongoing Diamond Drilling
Diamond drilling continues to define and expand this exciting new surface discovery located 10 kilometres north of the Oko-Ghanie deposits. Drilling has now established a strike length of nearly 500m with the auriferous zone remaining open to the southwest and northeast. Significantly, almost all of the mineralized intercepts to date lie within near surface, heavily oxidized zones. Table 1 contains the latest assays.
TABLE 1 – Assay Results
HOLE ID
FROM
TO
INT (M)
AU (G/T)
AMD 13
90.0
132.0
42.0
1.4
Incl.
97.5
105.0
7.5
6.3
AMD 13
148.5
155.5
7.0
0.6
AMD 14
25.5
27.0
1.5
1.0
AMD 14
63.0
104.0
41.0
1.2
Incl.
80.5
83.5
3.0
6.0
AMD 15
44.5
95.0
50.5
1.1
Incl.
81.0
88.5
7.5
4.6
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.
Hole AMD 13 (42m @ 1.4 g/t Au) successfully tested the down plunge continuity of previously reported hole AMD 8 (24m @ 2 g/t Au). Hole AMD 14 (41m @ 1.2 g/t Au) is a 50m step out to the northeast. Hole AMD 15, which returned 50.5m @ 1.1 g/t Au, helped to fill a 200m+ gap between AMD 8, 13, and previously reported AMD 12 (43.7m @ 1.9 g/t Au). G2 will be aggressively drilling both strike and down-plunge extensions of this new surface discovery.
Figure 1– New Gold Discovery Oblique View of Drilling
Figure 1 – New Gold Discovery Oblique View of Drilling
Figure 2 –New Gold Discovery Long Section Looking Northwest
Figure 2 – New Gold Discovery Long Section Looking Northwest
Geological mapping and gold-in-soil sampling has identified several parallel shear structures north of the current area of drilling. First pass scout drilling of these prominent targets will begin in the coming weeks in tandem with drilling in the southern discovery area.
Figure 3 – New Gold Discovery Soil Geochemistry and Geology
Figure 3 – New Gold Discovery Soil Geochemistry and Geology
Patrick Sheridan, Executive Chairman, stated “This latest discovery is very important as it has the potential to significantly expand and enhance our existing multi-million ounce resource at OKO, located only 10 kilometres to the south. Additionally, the regional geochemical work continues to deliver other high priority targets which we will systematically drill in the coming weeks and months.”
Peters Mine Drilling
G2 has completed four diamond drill holes totalling 744 meters at the Peters Mine property. A further six holes are currently being planned and results from the initial drilling will be available shortly.
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.
About G2 Goldfields Inc.
G2 Goldfields finds and develops gold deposits in Guyana. The founders and principals of the Company have been directly responsible for the discovery of more than 10 million ounces of gold in the prolific and underexplored Guiana Shield. G2 continues this legacy of exploration excellence and success.
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.
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 gold discovery remaining open to the southwest and northeast, G2 will be aggressively drilling both strike and down-plunge extensions of this new surface discovery, first pass scout drilling of prominent targets will begin in the coming weeks in tandem with drilling in the southern discovery area, six holes at Peters Mine are currently being planned and results from the initial drilling will be available shortly.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.
