G2 Enters Exploration Alliance on 30,000 Acre District Land Package

TORONTO, Sept. 10, 2024 (GLOBE NEWSWIRE) -- 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.”