G2 Goldfields Inc. (“
G2” or
the “
Company”) (TSXV: GTWO; OTCQX:
GUYGF) announces additional assay results from drilling at the
OKO Main Zone (OMZ) on the Company’s 19,200-acre OKO project,
Guyana. G2 published a maiden resource estimate (MRE) on the OMZ in
April 2022 [see press release dated April 25, 2022] and has since
completed an additional 36 diamond drill holes totalling 13,279
metres. Drilling has focused on expanding the MRE by targeting:
(i) Expansion to the strike of mineralization of Shears 3, 4
& 5 together which formed the MRE.(ii) Down-plunge
mineralization of the three shears. (iii) Near-surface gold
mineralization above 100 (m) vertical which was largely omitted
from the MRE due to lack of data.
Additionally, G2’s OMZ drilling program has provided further
confidence in the continuity of gold mineralization outlined in the
MRE. Results from the most recent assays can be found below.
Exemplary results from the current release include hole OKD-132
which intercepted all three shears:
4.7 m |
@ |
8.7 |
g/t Au |
(Shear 3) |
3.7 m |
@ |
45.4 |
g/t Au |
(Shear 4) |
7.1 m |
@ |
5.1 |
g/t Au |
(Shear 5) |
In addition, hole OKD-145 successfully extended gold
mineralization in Shear 3 within 75 metres of surface.
16.3 m |
@ |
6.8 |
g/t Au |
(Shear 3) |
This intersection confirms the occurrence of broad widths of
high-grade mineralization within the core zone of Shear 3.
An updated long section of Shear 3 with new post-MRE OKO drill
intercepts is available here. Tabulated below are the complete
drill results from the most recent OMZ drilling.
OKO DRILL INTERCEPT TABLE FEBRUARY 14,
2023
Hole ID |
From |
To |
Int (m) |
Au g/t |
Geology Domain |
Comments |
|
|
|
|
|
|
|
OKD-132 |
181.60 |
186.25 |
4.7 |
8.7 |
Shear 3 |
|
OKD-132 |
261.00 |
264.67 |
3.7 |
45.4 |
Shear 4 |
Confirms high grades
in a known plunging zone in Shear 4. |
OKD-132 |
316.16 |
323.22 |
7.1 |
5.1 |
Shear 5 |
|
Incl. |
316.16 |
318.48 |
2.3 |
8.0 |
|
|
|
|
OKD-133 |
206.70 |
213.77 |
7.1 |
3.2 |
Shear 4 |
|
Incl. |
206.70 |
208.60 |
1.9 |
8.8 |
|
|
|
|
|
|
|
|
OKD-134 |
21.00 |
29.80 |
8.8 |
5.4 |
Shear 4 |
Close to
surface in central part of the deposit. |
Incl. |
23.00 |
27.00 |
4.0 |
8.6 |
OKD-134 |
148.00 |
150.00 |
2.0 |
5.8 |
Shear 5 |
|
|
|
|
|
|
|
|
OKD-135 |
56.53 |
57.96 |
1.4 |
8.5 |
Shear 1 |
|
OKD-135 |
154.70 |
156.46 |
1.8 |
7.5 |
Shear 3 |
|
OKD-135 |
239.77 |
242.00 |
2.2 |
18.1 |
Shear 4 |
|
OKD-135 |
296.83 |
299.00 |
2.2 |
10.8 |
Shear 5 |
Shows continuity of
high grade in a plunging zone to the south of Shear 4. |
|
|
|
|
|
|
|
OKD-136 |
37.50 |
43.70 |
6.2 |
NS |
Shear 5 |
|
OKD-137 |
139.79 |
140.23 |
0.4 |
10.1 |
Shear 5 |
|
|
|
|
|
|
|
|
OKD-138 |
232.87 |
234.26 |
1.4 |
9.9 |
Shear 3 |
|
OKD-138 |
365.30 |
370.00 |
4.7 |
7.5 |
Shear 5 |
|
|
|
|
|
|
|
|
OKD-139 |
33.00 |
48.00 |
6.7 |
2.6 |
Shear 4 |
|
|
|
|
|
|
|
|
OKD-140 |
18.80 |
21.00 |
2.2 |
15.0 |
Shear 4 |
Shallow intercept up
dip to the southern end of Shear 4. |
OKD-140 |
157.50 |
159.70 |
2.2 |
7.3 |
Shear 5 |
|
|
|
|
|
|
|
|
OKD-141 |
87.50 |
90.00 |
2.5 |
8.4 |
Shear 5 |
This
intercept represents one of the few Shear 5 intersections above the
fresh rock boundary. It is located approximately 104 m vertically
below surface and extends the high-grade mineralization in Shear 5
up-dip to the southern end of the currently defined structure. It
lies 144 metres south of OKD-84 (3.9m @ 23.6 g/t
Au) and 116 metres South of OKD-106 (9.5m @ 14.1
g/t Au). |
Incl. |
88.84 |
90.00 |
1.2 |
17.4 |
|
|
|
|
|
|
|
OKD-142 |
211.62 |
213.00 |
1.4 |
24.0 |
Shear 3 |
This intercept has
extended the high-grade mineralization to the southern end of Shear
3 by 53 metres. It further validates an interpretation that
significant gold mineralization occurs in an internal south
easterly plunging zone within the broader envelope of the host
structure. The mineralization remains open in this direction. |
|
|
|
|
|
|
|
OKD-144 |
69.70 |
79.75 |
10.1 |
2.8 |
Shear 3 |
|
|
|
|
|
|
|
|
OKD-145 |
67.70 |
84.00 |
16.3 |
6.8 |
Shear 3 |
Broad
zone of high grade within 75 m of surface. |
Incl. |
69.00 |
72.88 |
3.9 |
18.8 |
|
|
|
|
|
|
|
OKD-146 |
107.00 |
108.00 |
1.0 |
32.1 |
|
|
The intercepts reported are down-hole widths.
True widths are estimated between 62% and 98% of reported down-hole
widths. Weighted average grades are calculated based on un-capped
gold assays, as insufficient drilling has been completed to
determine capping limits for gold assays.
Dan Noone, G2 Goldfields CEO, stated, “As we continue to drill
multiple target areas on our project, these latest results from the
OMZ provide further confidence in the OMZ resource as well as for
its considerable prospectivity.”
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.
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. G2 recently announced
its maiden mineral resource estimate on the newly discovered Oko
property in Guyana (see press release dated April 25, 2022), and
has recently filed on SEDAR an independent technical report
entitled “NI 43-101 Technical Report and Mineral Resource Estimate
for the Oko Gold property, Cooperative Republic of Guyana, South
America”, with an effective date of April 14, 2022.
Highlights of the report include:
- 974,000 oz. Au –
Inferred Mineral Resource contained within 3,274,000 tonnes @ 9.25
g/t Au; and
- 220,000 oz. Au –
Indicated Mineral Resource contained within 793,000 tonnes @ 8.63
g/t Au.
Significantly, all of the maiden mineral resources lie within
350 meters of surface and remain open down plunge. G2 continues to
expand this maiden resource while discovering additional areas for
diamond drilling.
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
NooneCEO+1.416.628.5904 Email: news@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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