G2 Goldfields releases updated Oko mineral resource, Guyana

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G2 Goldfields Inc. [TSXV-GTWO; OTCQX-GUYGF] released an updated mineral resource estimate (MRE) within the company’s 27,719-acre Oko project, Guyana. The updated MRE is composed of a discrete high-grade resource for the Oko Main zone (OMZ) and a disseminated bulk minable resource for the Ghanie zone. Total contained gold increased by 69% to two million ounces (Moz). Total indicated gold increased by 320 per cent to 922,000 ounces.

The total combined open-pit and underground resource reported in the MRE for the OMZ includes 686,000 ounces (oz) of gold (Au) in indicated resource contained within 2.36 million tonnes (Mt) grading 9.03 g/t gold, with an additional 495,000 oz of gold in inferred resources, contained within 2.41 Mt grading 6.38 g/t gold.

The total combined open-pit and underground resource reported in the MRE for the Ghanie zone includes 236,000 ounces of gold in indicated resource contained within 3.34 million tonnes grading 2.20 g/t gold, with an additional 604,000 oz of gold in inferred resources, contained within 12.22 Mt grading 1.54 g/t gold. The MRE was prepared by Micon International Ltd., with an effective date of March 27, 2024.

Patrick Sheridan, executive chairman, commented: “The OMZ has proven to yield exceptional high grade at minable widths as we drill deeper, and Ghanie is taking shape to be highly complementary to the Oko gold system. We will continue to aggressively explore the Oko to Aremu trend, and anticipate an updated resource in Q4.”

Ghanie zone maiden MRE: This maiden mineral resource estimate at Ghanie signifies a major shift toward realizing the district-scale nature of the Oko gold system. The Ghanie zone represents a disseminated bulk-minable and open-pittable deposit which strongly complements the adjacent high-grade underground deposit at the OMZ.

Ghanie South (GS), Central (GC) and North (GN) all remain open with substantial depth potential. A recent high-grade discovery at Ghanie North (GDD-93) returned 24.5 metres at 5.3 g/t Au from 124 metres downhole (including 4.5 m at 25.2 g/t Au from 134.5 m). This intercept is indicative of additional near-surface mineralization and there is much evidence to suggest the potential for further zones to be discovered along the 1.75-km strike.

OMZ updated MRE: Since April, 2022, the Oko Main zone has been further defined with additional indicated resources confirmed. The OMZ is characterized by shear-vein-hosted mineralization with spectacularly high grade. Notably, the Shear 5 indicated underground resource averages 15.78 g/t gold. The resource at the OMZ has been diluted to a minimum mining width of two metres.

Exploration update: The company’s geological model is evolving and becoming more predictive, leading to regular discoveries along the 20-km-long Oko-Aremu trend. Approximately 500 metres to the northwest of the OMZ lies the recent NW Oko discovery where NWOD-22 intercepted 15 metres at 6.3 g/t gold. The company will be introducing an additional drill rig at NW Oko.

The company’s mandate is to add value through additional discoveries to complement the continuing expansion of the OMZ and Ghanie resource with a focused on exploring near-surface mineralization. In April, 2024, the company is to commence drilling at Tracy, located a further 5 km along strike. Subsequently, G2 will initiate drilling at Aremu.

Dan Noone, CEO, commented: “The updated MRE provides an excellent platform from which to continue district-wide target definition and drill programs in parallel with resource expansion at OMZ and Ghanie.” To this end, the company is targeting a further resource estimate update in Q4 2024.

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