TORONTO, Nov. 16, 2022 (GLOBE NEWSWIRE) —

G2 Goldfields Inc.

(“

G2

” or the “

Company

”) (TSXV: GTWO; OTCQX: GUYGF) is pleased to report additional high-grade drilling results from the Company’s 19,200-acre OKO project, Guyana. The Company has completed 151 holes to date with an additional ten holes reported hereunder. Drilling continues to focus on defining and expanding the OKO Main Zone (OMZ) as well as exploring high value regional targets on the Company’s extensive land package.

OMZ Drilling

The OKO Main Zone currently holds a resource of 974,000 oz of Inferred mineralisation (@9.25 g/t Au) as well as an Indicated resource of 220,000 oz Au (@ 8.53 g/t Au) (see press release dated April 26, 2022). Mineralisation at OKO is hosted primarily in the parallel shear zones which are the focus of the current program. Highlights of the current round of drill results include the following.

Shear 3 – High-Grade Intercepts

Shear 5 – High-Grade Intercepts

True widths of mineralisation vary between 65% and 85% of reported widths. A complete list of assay results from the current drilling is available

here

.

The current results provide further confidence of the continuity of high-grade mineralisation as well as expanding existing mineralisation beyond the confines of the resource calculation. Specifically, hole OKD-126A, which intercepted Shear 5 from 496m and returned 3.0 m @ 27.8 g/t Au, has expanded the gold mineralisation of Shear 5 eighty metres to the north of hole OKD-121 (58 g/t Au over 3.7m).

Additionally, OKD-122W1 and I22W2A (which targeted Shear 4) intercepted high grade hits of 8.7 g/t Au over 4.8m and 5.1 g/t Au over 6.0m respectively within the deeper extensions of Shear 3.

Ghanie Area Drilling

The Ghanie area lies south of the OMZ and is adjacent to Reunion Gold’s new discovery. G2 has recently completed 9 holes targeting a 1.2km long zone of continuous gold mineralisation in soils and saprolite.

The Ghanie target mineralisation is located within the volcanic / sedimentary package on the eastern contact of the north / south trending Ghanie diorite, which appears to be a continuation of Shear 1 from the OMZ.

Drilling has identified mineralisation, which is hosted within highly strained, magnetite rich, metamorphosed, mafic igneous rocks. Broad zones of mineralisation are comprised of centimetre scale quartz veins haloed by zones of pyrite after magnetite. Assays are pending from the recent drilling campaign.

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 MSALABS Guyana, in Georgetown, Guyana, which is an accredited mineral analysis laboratory, for analysis. Samples from sections of core with obvious gold mineralisation are analysed for total gold using an industry-standard 500g metallic screen fire assay (MSALABS method MSC 550). All other samples are analysed for gold using standard Fire Assay-AA with atomic absorption finish (MSALABS method; FAS-121). Samples returning over 10.0 g/t gold are analysed utilizing standard fire assay gravimetric 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 program (QAQC). No QA/QC issues were noted with the results reported herein.

About G2 Goldfields Inc.

The G2 Goldfields team is comprised of professionals who have been 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. G2 recently announced its maiden mineral resource estimate on the newly discovered Oko property in Guyana (see press release dated April 25, 2022), and has recently filed on SEDAR an independent technical report entitled “NI 43-101 Technical Report and Mineral Resource Estimate for the Oko Gold Property, Cooperative Republic of Guyana, South America”, with an effective date of April 14, 2022.

Highlights of the report include:

• 974,000 oz. Au – Inferred Mineral Resource contained within 3,274,000 tonnes @ 9.25 g/t Au; and
• 220,000 oz. Au – Indicated Mineral Resource contained within 793,000 tonnes @ 8.63 g/t Au.

Significantly, all of the maiden mineral resources lie within 350 meters of surface and remain open down plunge. The Oko district has been a prolific alluvial goldfield since its initial discovery in the 1870’s, and modern exploration techniques continue to reveal the considerable potential of the district.

G2 currently has three drills operating and is awaiting assays on twenty-four holes.

All scientific and technical information in this press release has been prepared under the supervision of Dan Noone (CEO 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:

Dan Noone

CEO

+1.416.628.5904

Email:

[email protected]

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.

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