G2 Goldfields Provides Exploration Update

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TORONTO, April 15, 2024 (GLOBE NEWSWIRE) — G2 Goldfields Inc. (“G2” or the “Pursue) (TSX: GTWO; OTCQX: GUYGF) is pleased to provide an update on the ongoing exploration program at the Company’s 27,719 acre OKO-AREMU gold project. G2 recently announced an updated mineral resource estimate (“MRE“) for the OKO Aremu project consisting of 922,000 ounces of gold (“Shown“) And 1,099,000 ounces of gold (“Inferred“) [see press release dated April 03, 2024].

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The total reported gold resource lies within 500 meters of surface and contains high-grade core of 688,000 ounces Au grading 9.03 g/t Au (Indicated) and 495,000 ounces Au grading 6.38 g/t Au (Inferred) in the OKO MAIN ZONE (OMZ).

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Recent drilling results confirm the prospectivity of the area between the high-grade OMZ resource and the Ghanie open pit area, approximately 1 km to the south. The Ghanie resource currently hosts 236,000 ounces of Au (Indicated) and 604,000 ounces of Au (Inferred).

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Drilling results in the Ghanie area

Since February, G2 has completed an additional twenty drill holes (8,600 meters) at Ghanie, bringing the total to 124 holes totaling 25,520 meters drilled in the Greater Ghanie area to date [see press released February 22, 2024].

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Results from an additional five drill holes are reported here and continue to demonstrate significant widths of gold mineralization in the lower (-400m) portion of the Ghanie Central area. The highlights include 24 m at 2.9 g/t Au (GDD-92) including 3.0 m at 7.0 g/t Au as well as 10.5 m at 4.5 g/t Au (GDD-90), including 4.5m at 6.7 g/t Au. A full results table is available Here.

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In the Ghanie North area, hole GDD-93 was re-drilled 24.5 m at 5.3 g/t Au (including 4.5 m at 25.2 g/t Au). This interval lies within a relatively unexplored 1km section of the Oko structure currently being drilled by G2. Shallow drill results from the 2023 program include: 36.2 m at 0.9 g/t Au (GDD-15), 45.9 m at 0.9 g/t Au (GDD-16) and 27 m at 1.2 g/t Au (GDD-51) as well 1.5 m at 69.3 g/t Au (GDD-43) and 1.5m at 45.6 g/t Au (GDD-01). Current drilling intersected visible gold (VG) in two holes well outside the current geological model (GDD-104 and GDD-109, a shallow hole approximately 200 m north of GDD-104). Results from an additional fifteen drill holes in the Ghanie district are pending.

Quality assurance/quality control

Drill core will be logged and sampled in a secure core storage facility at the OKO project site in Guyana. Core samples from the program are cut in half using a diamond cutting saw and sent to MSALABS Guyana in Georgetown, Guyana, an accredited mineral analysis laboratory, for analysis. Samples from core intervals with apparent gold mineralization are analyzed for total gold using an industry standard 500g metal screen fire assay (MSALABS Method MSC 550). All other samples are analyzed for gold using standard fire assay AA with atomic absorption finish (MSALABS method; FAS-121). Samples grading greater than 10.0 g/t gold are analyzed using standard gravimetric fire assay 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 (QAQC) program. No QA/QC issues were identified in the results reported here.

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About G2 Goldfields Inc.

The G2 Goldfields team is comprised of professionals who were 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].

Anglo Gold Ashanti (“BUT“), the world’s fourth largest gold producer, recently made a significant investment in the company. As of the closing of the offering, AGA (NYSE: AU) owned approximately 11.7% of the issued and outstanding shares of G2 [see press release dated January 19, 2024].

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 (OMG):

• 495,000 ounces. Au – suspected contained in 2,413,000 tonnes at 6.38 g/t Au
• 686,000 ounces. Au – Indicated at 2,368,000 tonnes grading 9.03 g/t Au

Total combined open pit and underground resource for Ghanie Zone:

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• 604,000 ounces. Au – suspected contained in 12,216,000 tonnes at 1.54 g/t Au
• 236,000 ounces. Au – Indicated at 3,344,000 tonnes grading 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 productive alluvial goldfield since its first discovery in the 1870s, and modern exploration techniques continue to reveal the district’s significant potential.

All scientific and technical information in this press release has been reviewed and approved by Dan Noone (CEO of G2 Goldfields Inc.), a “qualified person” as defined by National Instrument 43-101. Mr Noone (B.Sc. Geology, MBA) is a Fellow of the Australian Institute of Geoscientists.

Additional iInformation about the Company is available on SEDAR (www.sedar.com) and the company’s website (www.g2goldfields.com).

For further information please contact:

Dan Noone
CEO
+1 416.628.5904
[email protected]

Forward-Looking Statements

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This press release contains certain forward-looking statements, including, but not limited to, statements regarding the strategic investment, including the planned use of proceeds and final approval by the TSXV. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” are used. etc. To identify these forward-looking statements, “potential” or the negative or other variations of these words or similar words or expressions have been used. These statements reflect management’s current views and are based on information currently available to management as of the date hereof.

Forward-looking statements are subject to significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from those discussed or implied in the forward-looking statements. These factors should be carefully considered and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based on assumptions that management believes to be reasonable, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company undertakes no obligation to update or revise it to reflect new events or circumstances, except as required by law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/6d0eca06-5046-4c6e-8798-45183b43884b

https://www.globenewswire.com/NewsRoom/AttachmentNg/beb36735-fd36-4afa-bbd9-05c5f3b86308

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