G2 Goldfields extends strike length to 1.7 km at Oko and Reports 17.8 g/t Au over 2.5 m, 9.5 g/t Au over 4.4 m, 21.1 g/t Au over 2.1 m, and 26.1 g/t Au over 1.6 m in three separate holes

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TORONTO, July 14, 2020 (GLOBE NEWSWIRE) -- G2 Goldfields Inc. (TSXV: GTWO) (the "Company" or "G2") is pleased to announce multiple high-grade drilling intercepts from the Company's ongoing drilling program at the 19,200-acre Oko-Aremu property, Region 7, Guyana.  The Company has completed 63 diamond drill holes to date, totalling 13,971 metres.  Drilling has demonstrated that within the Oko mine area high-grade gold mineralization is hosted in (i) shallow north plunging hinge zones, and (ii) in steeply dipping limbs of tightly folded carbonaceous sediments.

Highlights of recent drilling in the main Oko zone include 17.8 g/t Au over 2.5 m (OKD ? 46), 9.5 g/t Au over 4.4 m (OKD ? 47), as well as 21.1 g/t Au over 2.1 m and 26.1 g/t Au over 1.6 m (OKD ? 48).  Significantly, a series of drill holes to the south of the main Oko zone have also encountered gold mineralization, with hole OKD ? 37 intercepting multiple zones of mineralization including 7.6 g/t Au over 2.6 m.  Recent drilling demonstrates that the limits of mineralization at Oko have yet to be defined.  A list of completed drill hole locations is available at the following link https://g2goldfields.com/wp-content/uploads/2020/07/DrillHoleLocations.pdf.

Oko Main Drilling Zone

Drilling in the Oko main zone continues to provide encouraging results. Several holes intercepted multiple zones of mineralization, a select list of which is available in Table 1.  A plan view of drilling completed to date at Oko with selective high-grade results is available herein as Figure 1.

TABLE 1

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

Figure 1: Figure 1- Oko Main Zone

Regional Exploration Update

Oko South

South of, and adjacent to, the main Oko Deformation Zone (ODZ), a recently optioned property was subject to initial geological mapping and reconnaissance diamond drilling.  Three diamond drill holes (OKD ? 37, 39 & 41) explored a 700 m section along a prominent shear zone.  Holes OKD ? 37 and 39 intersected multiple zones of mineralization including 8 g/t Au over 1 m, 7.6 g/t Au over 2.6 m and 10.9 g/t Au over 0.4 m (OKD ? 37) as well as 1.6 g/t Au over 12 metres (OKD ? 39).  Highlights of drilling results from Oko South are contained in Table 2.

TABLE 2

Mineralization south of the main Oko zone appears to be comprised of steeply south-east plunging shoots.

These initial results have demonstrated the potential of this new area and have defined gold mineralization between lines 703000 N and 704700 N, a strike length of 1.7 km.  Interpreted Geology and a diamond drilling plan at Oko South is available at the following link https://g2goldfields.com/wp-content/uploads/2020/07/OkoSoutnMainZone.pdf.

Aremu and Tracy

The Aremu-Oko high grade district extends over 17 km (see Figure 2).  The high-grade mineralization at Aremu and Tracy reflects the same structural and geological setting as seen at Oko.  At the historic Aremu Mine, over 20 auriferous veins have been mined over a 4-kilometer strike length, both through open-pit and underground methods (see technical report dated January 25, 2019 available on Sedar.com).

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

Figure 2: Figure 2- Oko / Aremu District Geology

Dan Noone, G2 CEO, stated, "Our enhanced understanding of the geological and mineralization model is accelerating the targeting and discovery process. G2's recently completed $5 million financing ensures a steady stream of exploration results for the balance of the year".

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 mineralization are analyzed 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 analyzed 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.

G2 Goldfields Inc. is focused on the discovery of large gold deposits in the Guiana Shield.  The Company owns a 100% interest in two past gold producing mines, as well as a regional portfolio of highly prospective projects.

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.

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