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TORONTO, Jan. 14, 2020 (GLOBE NEWSWIRE) -- G2 Goldfields Inc. (TSXV: GTWO) (the “Company” or “G2”) announces additional drilling results from the OKO/AREMU project, region 7, Guyana. Drilling has continued to focus on the OKO deformation zone (ODZ), where the Company announced the discovery of high-grade gold mineralization in a press release of November 19, 2019.
Drill holes OKD – 1 through OKD – 9 outlined an initial strike length of approximately 700 metres as defined by hole OKD – 5 to the south (8.2 m @ 9.1 g/t Au) and OKD – 9 to the north (2.3 m @ 7.8 g/t Au). Recent drilling has been able to extend the strike length of mineralization at the ODZ a further four hundred meters to 1.1 km.
Drill holes OKD – 10 through 12 were successful in establishing additional mineralization to the north with holes OKD – 10 returning 19.5 m @ 2.0 g/t Au including 3.5m @ 6.7 g/t Au. Mineralization at the ODZ continues to remain open to the north and south. Results are tabulated below:
Table 1.
| DRILL HOLE | FROM (m) | TO (m) | INTERVAL | GRADE g/t (Au) |
| OKD - 10 | 45.00 | 64.50 | 19.50 | 2.0 |
| 51.00 | 54.50 | 3.50 | 6.7 | |
| OKD - 11 | 89.00 | 90.00 | 1.00 | 11.4 |
| OKD - 12 | 86.00 | 87.00 | 1.00 | 11.3 |
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.
Reconnaissance holes were also drilled 100 m to the ESE of this new area with hole OKD – 14 returning 3 m @ 4.2 g/t Au. Additionally, a single hole was drilled 350 m west of holes OKD – 10 through 12 which returned 3 m @ 5.0 g/t Au. Collectively holes OKD – 10 through 15 explored an east west area approximately 600 m long forming a “T” above the ODZ.
A plan view of all the drilling to date is available here.
Fig.1 ddh plan view
G2 also drilled in three holes OKD - 17 through 19 in the central part of ODZ. Of particular note was hole OKD – 17 which returned 1.4 m @ 8 g/t Au as well as 4.1m @ 12.9 g/t Au.
A complete list of new drill results is available here.
Table.2
Discussion
Drilling to date has outlined numerous high-grade gold intersections along the 1.1 km long ODZ. The highest grades discovered to date lie within the area bounded by 704200 to 704600. Highlights of high-grade holes drilled in 2019 in this area include:
| Hole | OKD – 1 | 6.0 m @ 15.8 g/t Au |
| OKD – 7 | 2.7 m @ 15.8 g/t Au | |
| and | 1.7 m @ 30.8 g/t Au | |
| OKD – 3 | 12.0 m @ 13.8 g/t Au | |
| OKD – 17 | 1.4 m @ 8.0 g/t Au | |
| and | 4.1 m @ 12.9 g/t Au | |
| OKD – 5 | 8.2m @ 9.1 g/t Au |
A plan view of the of central high-grade portion of the ODZ is available here.
Fig.2
Significantly, all these high-grade sections lie within 100 m of surface.
Dan Noone, V.P. of Exploration stated, “Over the 1.1km length of the Oko Deformaton Zone (ODZ), gold mineralisation is encountered as high-grade NNE trending veins and as disseminated mineralization within the tightly folded carbonaceous shales.
Results confirm that along the ODZ, gold mineralisation penetrates into the carbonaceous shales where the high-grade NE trending veins intersect the axial plane of the folding at an oblique angle. This generates wide, elongated, lozenge shaped bodies of disseminated mineralization within the carbonaceous shales which are the principal target of the next phase of drilling.”
2020 Drill Program
Drilling is expected to commence mid January and will focus on
- Further defining and expanding known gold mineralization,
- Additional exploration north and south along strike of the ODZ,
- Regional exploration work at the Aremu and Tracy exploration targets.
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 MS Analytical Guyana, in Georgetown, Guyana, which is an accredited mineral analysis laboratory, for analysis. All samples are analysed for gold using standard Fire Assay-AA (atomic absorption) techniques. Samples returning over 10.0 g/t gold are analyzed utilizing standard fire assay gravimetric methods. 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 a Toronto based mineral exploration company focused on the exploration and development of the Sandy Lake Gold project in Canada and the Aremu/Oko and Jubilee/Peters Mine projects in Guyana. The Sandy Lake gold project comprises an approximate 125,000 acres of contiguous mineral claim units in the underexplored Sandy Lake Archean Greenstone Belt in Northwestern Ontario. The Aremu/Oko and Jubilee/Peters Mine properties contain two of the four past producing historical mines in Guyana. The properties total approximately 25,888 acres and are located in the Cuyuni-Mazarumi Region (Region 7) of north-central Guyana in the Guiana Shield.
All scientific and technical information in this press release has been prepared under the supervision of Dan Noone (Director 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:
Patrick Sheridan
Executive Chairman & CEO
+416.628.5904
Email: p.sheridan@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.
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