G2 Drills Multiple Near Surface Intercepts in New Oko Discovery Area, Significant Sulphide Mineralization Encountered in Deeper Drill Holes

Rhea-AI Summary

G2 Goldfields (GUYGF) has announced significant drilling results from its New Oko Discovery Area in Guyana. The company reported multiple near-surface gold intercepts, with notable results including 65m @ 1.5 g/t Au in Hole AMD18, 52m @ 0.9 g/t Au in Hole AMD23, and 70.5m @ 1.8 g/t Au in Hole AMD25. The New Oko discovery has reached a total strike length of 630m and remains open in all directions. Located 10km north of existing gold resources at the Oko-Ghanie Deposit, this represents G2's third significant gold discovery in the district. The company has completed 47 diamond drill holes totaling 6,439m in the area and has encountered significant sulphide mineralization in deeper drill holes. G2 plans to commence drilling at a new target, the 'RE Zone', located 4km north of the current drilling campaign.

Positive

• Multiple high-grade gold intercepts discovered including 65m @ 1.5 g/t Au and 70.5m @ 1.8 g/t Au
• New Oko discovery strike length expanded to 630m and remains open in all directions
• Significant sulphide mineralization encountered in deeper drill holes (up to 7% sulphides)
• Company holds substantial land position (83,967 acres) with multiple untested targets
• Existing resources of 1.5M oz indicated at 3.40 g/t Au and 1.6M oz inferred at 2.48 g/t Au at Oko-Ghanie Deposit

Negative

• None.

• Hole AMD18 returns 65m @ 1.5 g/t Au & 9.7m @ 3.1 g/t Au
• Hole AMD23 returns 52m @ 0.9 g/t Au
• Hole AMD25 intercepts 70.5m @ 1.8 g/t Au
• New Oko discovery total strike length of 630m; remains open in all directions
  
  

TORONTO, June 09, 2025 (GLOBE NEWSWIRE) -- G2 Goldfields Inc. (“G2” or the “Company”) (TSX: GTWO; OTCQX: GUYGF) announces new assay results from the Company’s ongoing drilling program in the greater OKO-AREMU district, Guyana. G2 currently holds exploration rights to 83,967 acres in the district and the New Oko Discovery Area represents the third significant gold discovery on the Company’s holdings. Drill results within this release are part of an ongoing program from a new discovery initially announced in March (see press releases dated March 18, April 1, and April 28, 2025 available on SEDAR+ and the Company’s website) which lies 10km north of its existing gold resources at the Oko-Ghanie Deposit (1.5 million ounces indicated at 3.40 g/t Au and 1.6 million ounces inferred at 2.48 g/t Au). Multiple gold targets have been delineated north of existing resources along a 15km trend in which the Company has stationed four active drill rigs.

Figure 1 – Oko-Aremu & Puruni Districts, Guyana

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09fec3f0-3fa7-488b-9f05-e55bb804c8d5

To date, the Company has completed 47 diamond drill holes totalling 6,439m in the New Oko Discovery Area. Assay results from ten diamond drill holes (AMD16 through AMD25 inclusive) are contained herein. A complete table of drill results is available here.

Figure 2 – Long Section of New Oko District Discovery

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c5bd8af6-f1a7-40c7-9583-0871b43448b1

Figure 3 – Oblique View of New Oko District Discovery

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4ad9495f-2ba0-4bf7-93fd-26054f0b7d15

Boaz Wade, V.P. Exploration, stated “The latest results confirm the continuity of gold mineralization down-dip of the host structure, and along strike to the northeast. Within the consistent broad intercepts along the shear, coherent zones of higher-grade begin to indicate the potential of plunging mineralized shoots that are still open at depth. Extensions of these higher-grade zones at depth and shallow strike extensions to the southwest will be the focus of the next phase of drilling, as we continue to expand this new, exciting discovery.”

Discussion

Diamond drill holes AMD17 (33.7m @ 0.5 g/t Au), AMD19 (60.2m @ 0.3 g/t Au), and AMD23 (52.0m @ 0.9 g/t Au) have expanded strike length of the deposit by 130m for a total strike length of 630m. Significantly, this new zone remains open in all directions.

Hole AMD18 (65m @ 1.8 g/t Au) successfully tested the down plunge continuity of previously reported hole AMD-8 (24m @ 2 g/t Au). Additionally, hole AMD25 (70.5m @ 1.8 g/t Au) successfully tested the down plunge continuity of previously released hole AMD15 (50.5m @ 1.1 g/t Au). Holes AMD18 and AMD25 are located in the central part of the New Oko Discovery Area (as defined to date). Subsequent to the completion of these holes, multiple deeper drill holes in the central area have intersected significant widths of highly mineralized core with up to 7% sulphides for which assays are pending.

New Targets to See Maiden Drilling Campaign in June

G2 has mobilized equipment and personnel to drill a significant new gold-in-soil anomaly located 4km north of the current drilling campaign. The initial eight-hole program in this new area, the ‘RE Zone’, will commence shortly and assay results from this program can be expected in mid-July.

Patrick Sheridan, Executive Chairman, added, “The extraordinary successes of one of the best exploration teams in the business continues. We are still in the early stages of exploring this emerging gold district and I am entirely confident in our abilities to meaningfully grow the Company’s global gold resources. G2 has first mover advantage in this new mining camp, and thus maintains a very dominant land position with multiple high value targets remaining untested by drilling. The G2 team, led by Dan Noone (CEO) and Boaz Wade (V.P. Exploration), will continue to deliver for shareholders and for the people of Guyana. I am convinced there will ultimately be multiple mines in this district.”

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 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 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 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.

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

On behalf of the Board of G2 Goldfields Inc.

“Daniel Noone”
CEO & Director

For Further Information

Jacqueline Wagenaar, VP Investor Relations
Direct: +1.416.628.5904
Email: j.wagenaar@g2goldfields.com

Forward-Looking Statements

This news release contains certain forward-looking statements, including, but not limited to, statements about multiple gold targets have been delineated north of existing resources along a 15km trend in which the Company has stationed four active drill rigs, extensions of these higher-grade zones at depth and shallow strike extensions to the southwest will be the focus of the next phase of drilling, the new zone remains open in all directions, multiple deeper drill holes in the central area have intersected significant widths of highly mineralized core with up to 7% sulphides for which assays are pending, G2 has mobilized equipment and personnel to drill a significant new gold-in-soil anomaly located 4km north of the current drilling campaign, the initial eight-hole program in this new area, the ‘RE Zone’, will commence shortly and assay results from this program can be expected in mid-July. 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.

FAQ

What are the latest drilling results from G2 Goldfields (GUYGF) at the New Oko Discovery?

The latest drilling results include intercepts of 65m @ 1.5 g/t Au in Hole AMD18, 52m @ 0.9 g/t Au in Hole AMD23, and 70.5m @ 1.8 g/t Au in Hole AMD25.

How large is the strike length of G2 Goldfields' New Oko discovery?

The New Oko discovery has reached a total strike length of 630m and remains open in all directions.

What are G2 Goldfields' current gold resources at the Oko-Ghanie Deposit?

The Oko-Ghanie Deposit contains 1.5 million ounces indicated at 3.40 g/t Au and 1.6 million ounces inferred at 2.48 g/t Au.

What are G2 Goldfields' next exploration plans in the Oko region?

G2 plans to commence drilling at the 'RE Zone', a new gold-in-soil anomaly located 4km north of the current drilling campaign, with initial results expected in mid-July.

How many drill holes has G2 Goldfields completed in the New Oko Discovery Area?

G2 has completed 47 diamond drill holes totaling 6,439m in the New Oko Discovery Area.