G2 Goldfields Inc. (“
G2” or the
“
Company”) (TSX: GTWO; OTCQX: GUYGF) is pleased to
announce it has entered into agreements with a prominent Guyanese
mining family to acquire exploration rights to a 30,000-acre
package of highly prospective exploration properties in the
Aremu-Oko district, Guyana. The Oko gold district has emerged as
one of the most significant in Guyana and currently hosts combined
resources of 7.8 million ounces of gold. [Technical reports can be
found on SEDAR+, namely, NI 43-101 Technical Report and Mineral
Resource Estimate for the Oko Gold Property in the Co-operative
Republic of Guyana, South America dated June 20, 2024, with an
effective date of March 27, 2024, and Reunion Gold’s NI 43-101
Technical Report, Oko West Gold Project, Cuyuni-Mazaruni Mining
Districts, Guyana dated April 11, 2024, with an effective date of
February 26, 2024].
The current estimated gold resource for G2’s OKO-AREMU project
is 922,000 ounces of gold (indicated) and 1,099,000 ounces of gold
(inferred). G2 currently has five drills operating within the
district. This alliance further consolidates the Company’s dominant
land position, with G2 holding exploration rights to an area
totalling 60,000 acres in this district. G2 intends to file an
updated Mineral Resource Estimate (MRE) for OKO-AREMU deposits in
Q1 2025.
The new properties are comprised of three sets of contiguous
permits which host multiple historical gold occurrences along a
prominent 34 km long mineralized contact between the Aremu granite
and the volcano-sedimentary package, which hosts the majority of
the gold deposits in the district. The property package encompasses
the first hard rock gold mine in Guyana, Wariri, initially
discovered in the 1870s, alongside kilometres of artisanal
workings. The lands have never been drilled nor subjected to modern
exploration methods. G2 is currently preparing an independent NI
43-101 technical report on the properties which it expects to file
on SEDAR+ in the coming weeks.
Patrick Sheridan, Executive Chairman, stated, “We are very
excited about this partnership, the culmination of many months of
negotiations. Since its inception, G2 has worked with local
partners in exploring and developing this exciting gold district.
This most recent alliance further consolidates G2 as the major
player in the district. I am confident G2 will be able to fast
track drilling on several target areas. The Company is currently
mobilising significant resources to the areas and will be executing
a full sequence exploration program building upon prior exploration
success in the district.”
Corporate Reorganization
Further to the Company’s press release dated October 24, 2023,
G2 intends to distribute its “non-core” assets to shareholders, by
way of a plan of arrangement, in late 2024. The new company, “G3”,
will own assets in both the Puruni and OKO-AREMU districts
including three (3) historical past producers and exploration
rights to an area extending over 60,000 acres. G2 intends to add
additional assets to the G3 portfolio and, subject to shareholder
and regulatory approval, distribute the G3 shares to G2
shareholders on a ratio of one share of G3 for each two shares of
G2 held. Further details of the transaction will be provided in the
coming weeks.
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 [RPA, 43-101,
Technical Report on the Aurora Gold Mine, March 31, 2020].
In April 2024, G2 announced an Updated Mineral Resource Estimate
(“MRE”) for the Oko property in Guyana [see press
release dated April 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 1870s, and modern exploration techniques continue
to reveal the considerable potential of the district.
Anglo Gold Ashanti (NYSE:AU) currently holds 35,723,965 shares
representing 14.96% of the issued and outstanding shares of G2. G2
currently has cash holdings exceeding (Cad) $50 million and is well
financed to execute on this regional exploration program.
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.sedarplus.ca) and the
Company's website
(www.g2goldfields.com).
For further information, please contact:Dan
Noone CEO+1 416.628.5904news@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; 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 fulfil 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 nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy and / or accuracy of this release.
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