G2 Goldfields drills encouraging results at Peters Mine, Guyana
G2 Goldfields Inc. [TSX: GTWO; OTCQX: GUYGF] reported diamond drilling results returning significant widths of near surface gold mineralization in the initial first pass drilling program at the 8,358-acre Peters Mine property, Guyana.
The Peters Mine property is part of a regional portfolio of gold properties in the historic Oko-Aremu-Peters Mine district, Guyana. The project lies approximately 35 km southwest of the company’s flagship OKO property which hosts mineral resources of 1.5 million ounces of gold Indicated and 1.6 million ounces of gold Inferred.
The Peters Mine deposit was discovered in 1902 and subsequently developed as an underground mine, becoming operational in 1905. Between 1905 and 1909, 41,915 ounces of gold were produced primarily from shallow underground workings within 70 meters of surface. Head grades were approximately 41 g/t gold.
There have been several periods of exploration on the property. These include airborne geophysical work by the United Nations Revolving Fund for Natural Resources and the Guyana Geology and Mines Commission (GGMC) in the early 1960s; drilling by the GGMC in 1965; underground exploration by Lion Mines of Vancouver in 1968 and 1969; South American Goldfields and Homestake Mining Company completed an integrated exploration program in 1987–1988 and Guyana Goldfields completed a number of work programs between 1996 and 2003.
Gold mineralization at the Peters Mine property is associated with structurally controlled quartz veins and stockworks hosted within a series of steeply plunging, discrete isoclinal fold structures. There are five documented gold target areas on the property, all of which lie along a prominent north-south deformation zone, termed the Mango Trend Deformation Zone (MTDZ). Despite a long history of artisanal gold production, the property has historically seen less than 20,000 metres of drilling.
The primary purpose of the recent drill program was to provide vital geological and structural information in several areas of known gold mineralization.
Diamond drill holes PDD1 and PDD3 explored the area between the historical main shaft area and the incline shaft area. Both drill holes intercepted significant widths of near surface gold mineralisation. Notably, hole PPD1 returned 5 g/t Au over 16.5 metres within a much broader zone of mineralization which returned 1.5 g/t Au over 76 metres.
Holes PDD4 and PDD5 targeted high grade quartz floats mapped and sampled in the historic Herolds Hill area. Hole PDD4 returned a low-grade hit of 0.4 g/t over 24.8 metres from near surface whilst hole PDD5 had a high-grade intercept of 12.5 g/t Au over 3 metres from 147 metres downhole. G2 is currently planning a significant drill program for the Peters Mine district.
Dan Noone, G2 CEO, stated, “The Peters Mine and greater Puruni district have been among Guyana’s most prolific goldfields for over a century. Despite its storied history, the area remains remarkably unexplored, and our initial results demonstrate the considerable potential of the region.”
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 at 4.60 g/t Au; 808,000 oz. Au – Indicated contained within 3,147,000 tonnes at 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 at 2.64 g/t Au; 663,400 oz. Au – Indicated contained within 10,288,000 tonnes at 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.