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G2 Drills 11.3 metres grading 9.25 g/t Au at Oko

10.06.2021  |  GlobeNewswire

TORONTO, June 10, 2021 - G2 Goldfields Inc. (TSXV: GTWO; OTCQX: GUYGF) (the "Company" or "G2") is pleased to announce additional assay results from the Company's ongoing exploration program at the 19,200-acre Oko Property, Guyana. Since the resumption of drilling on March 12, 2021, G2 has drilled an additional sixteen diamond drill holes totalling 4,412 metres. Results from the first two holes, OKD-65 and 66, were reported in a press release dated May 6, 2021, and results for an additional two holes, OKD-67 and 68, are reported hereunder. Drilling continues to intercept high-grade gold mineralization - with diamond drilling thus far defining at least five distinct mineralized shear zones within a 900-metre-long mineralized envelope.

Diamond drill hole OKD - 67 targeted the southern extension of the zone associated with shear #5 intercepted in hole OKD - 66 (6.5 metres grading 15.3 g/t Au, see May 6 press release). Hole OKD - 67 successfully intercepted the zone approximately 70 metres south of the OKD - 66 intercept and returned 9.25 g/t Au over a core length of 11.3 metres (10.1 metres true width).

Additionally, OKD - 68 was drilled to target the southern and deeper extension of shear #3 where drill hole OKD-54 returned 10.5 g/t Au over 6.7 m (OKD - 54 see press release dated August 11, 2020). Hole OKD - 68 returned 10.2 g/t Au over 3.8 metres (2.7 metres true width). This intercept lies approximately 80 metres deeper and 50 metres south of the OKD - 54 intercepts.

All 2021 diamond drill results are summarized in the table below.

TABLE 1

Hole Number
Location EOH Depth (m)
Azimuth
Dip
From
To
Length (m)
Grade (Au g/t)
Comment
Easting Northing RL
OKD-65 272519 704419 137 332 268 -55 92.0 96.5 4.5 1.0 Shear 1
150.1 150.6 0.5 0.4 Shear 2
214.0 219.0 5.0 19.0 Shear 3
224.2 225.9 1.7 2.7 Shear 3
275.0 281.5 6.5 12.9 Shear 4
OKD-66 272547 704412 138 533 267 -58 111.9 122.4 10.5 0.6 Shear 1
179.2 183.8 4.7 0.9 Shear 2
242.8 244.5 1.7 33.3 Shear 3
248.1 249.0 0.9 3.3 Shear 3
382.4 388.9 6.5 15.3 Shear 5
430.0 432.0 2.0 2.8 New zone -
narrow veins
460.0 469.0 9.0 0.7 Shear 6
OKD-67 272590 704370 131 498 267 -58 146.0 148.5 2.5 0.9 Shear 1
215.0 220.1 5.1 0.8 Shear 2
265.8 267.0 1.3 1.4 Shear 3
357.0 358.0 1.0 0.8 Shear 4
392.8 404.1 11.3 9.2 Shear 5
471.7 473.0 1.3 1.3 Shear 6
OKD-68 272634 704760 146 412 267 -58 195.0 201.4 6.4 1.4 Shear 1
346.9 350.7 3.8 10.2 Shear 3

Widths reported are drill indicated core length. True widths are estimated at 85% to 97% of core lengths for holes OKD-65 to OKD-68. Average grades are calculated with un-capped gold assays, as insufficient drilling has been completed to determine capping levels for higher grade intercepts.

A long section through the OKO main zone is available below, and at the following link: https://g2goldfields.com/wp-content/uploads/2021/06/G2_LongSection_June2021_092.pdf.

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

Holes OKD - 67 and 68 are two of the deepest holes drilled to date at Oko. These high-grade deeper intercepts are more than 500 metres apart and demonstrate the considerable prospectivity of the Oko main zone. Considered collectively, holes OKD - 65 through 68 demonstrate that the Oko main zone remains high-grade and is considerably wider than previously drilled nearer surface intercepts.

Dan Noone, G2 CEO, stated, "We are delighted to be consistently hitting high-grade intercepts in multiple shear zones. These results continue to validate our geological model as we continue to aggressively expand the mineralized envelope of Oko."

Boaz Wade, VP Exploration, added, "The predictability of our model for OKO is demonstrated with the successful high-grade extensions in shears 3 & 5. We will continue to expand these high-grade zones both along strike as well as up 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 mineralization are analyzed 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 analyzed 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.

G2 Goldfields Inc. is focused on the discovery of large gold deposits in the Guiana Shield. The Company owns a 100% interest in two past gold-producing mines, as well as a regional portfolio of highly prospective projects.

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: d.noone@g2goldfields.com

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.



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