Multiple New Gold Zones Discovered at OKO Project

• New High-Grade Zone Emerging East of Ghanie Main Zone.
• Ghanie Main deposit continues to grow along strike and is open to depth.
• OMZ Shear 3 southern extensions intercepted with multiple visible gold showings.
  

TORONTO, Oct. 15, 2024 (GLOBE NEWSWIRE) -- G2 Goldfields Inc. ("G2" or the "Company") (TSX: GTWO; OTCQX: GUYGF) is pleased to provide an update on its ongoing exploration program at the Company's 58,000-acre OKO-Aremu gold project, Guyana. G2 currently has five rigs operating at the project, building on the Company's current mineral resource which is comprised of 922,000 ounces of gold (Indicated) and 1,099,000 ounces (Inferred) [see press release dated April 03, 2024]. G2 continues to expand and define existing gold zones whilst discovering new high grade parallel zones of gold mineralization. The Company intends to issue an updated resource estimate for the OKO project in Q1 of 2025.

G2's OKO gold resource lies along a prominent 2.5-kilometre-long north-south structure which is defined by the high grade OMZ resource to the north [688,000 ounces of gold @ 9.03 g/t Au (Indicated) and 495,000 ounces of gold at 6.38 g/t Au (Inferred)] and the Ghanie open pit and underground resource to the south [236,000 ounces of gold @ 2.20 g/t Au (Indicated) and 604,000 ounces of gold @ 1.54 g/t Au (Inferred)]. G2 is currently drilling in the Ghanie Zone, the southern half of the structure. This drilling is targeting:

(i)   expansion of near surface-open-pittable deposits along strike,
(ii)  expansion of existing pittable mineralization to depths greater than -350m,
(iii) extensions of high-grade Ghanie mineralization at depth,
(iv) possible parallel zones of mineralization to the east of the main Ghanie Zone, and
(v)  extensions to shear hosted high grade gold associated with the OKO Main Zone (OMZ).

Assays from 39 diamond drill holes (totalling 12,342 m) are included in this release. A complete table of drill results is available here. Highlights from the recent drill holes are contained in Table 1.

The intercepts reported are down-hole widths. True widths are estimated between 75% and 85% of reported down-hole widths. Gold grades are uncapped.

Drilling continues to expand the Main Ghanie Zone both vertically and along strike with an established strike length greater than 1,000 meters and to depths exceeding 400 vertical meters.

FIGURE 1 PLAN VIEW

New Discovery ? Eastern Ghanie Zone

G2 has completed close to two hundred diamond drill holes to date in the Ghanie Zone, the southern portion of the OKO trend. As drills targeted the deeper portions of the Main Ghanie Zone, a new parallel zone ?Eastern Ghanie' has emerged. This new zone is defined by 401 pierce points with grade distributions illustrated in Table 2.

Notable intercepts from the new holes in this release are tabulated below in Table 3.

The intercepts reported are down-hole widths. True widths are estimated between 75% and 85% of reported down-hole widths. Gold grades are uncapped.

Highlights from previously released holes which are now modelled as part of this Eastern Ghanie shear are tabulated below as Table 4.

The intercepts reported are down-hole widths. True widths are estimated between 75% and 85% of reported down-hole widths. Gold grades are uncapped.

FIGURE 2 OBLIQUE VIEW

Significantly, almost all the intercepts in this emerging zone lie within 150 m of surface with the exception of hole GDD-120 which returned 6.9 g/t Au over 6 m from approximately 275 m vertical depth. As G2 has demonstrated from past work, most of the new gold zones have significant potential at depth. The depth potential at Eastern Ghanie will likely remain a source of growth for the Company in the coming months.

OKO Main Zone Extensions (Assays Pending)

G2 has completed three diamond drill holes targeting southern extensions of the high grade OMZ Shear 3 Zone. Several holes have intercepted the shear with multiple visible gold occurrences. Assays are expected in the coming weeks. Shear 3 currently hosts an underground resource of 1,043,000 tonnes @ 8.64 g/t Au (indicated) and an inferred underground resource of 923,0000 tonnes @ 5.17 g/t Au between vertical depths of 50 and 545 meters. Detailed structural analysis continues to assist the Company in targeting the deeper shoots along the greater 2.5 km trend. The Company has committed to a 20,000 meter deep drilling program over the coming months, in addition to the current 70,000 m program. A sixth drill rig is being mobilised to the property.

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 Goldfields' 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 [RPA, 43-101, Technical Report on the Aurora Gold Mine, March 31, 2020].

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 (OMZ):

• 495,000 oz. Au ? Inferred contained within 2,413,000 tonnes @ 6.38 g/t Au
• 686,000 oz. Au ? Indicated contained within 2,368,000 tonnes @ 9.03 g/t Au

Total combined open pit and underground Resource for the Ghanie Zone:

• 604,000 oz. Au ? Inferred contained within 12,216,000 tonnes @ 1.54 g/t Au
• 236,000 oz. Au ? Indicated contained within 3,344,000 tonnes @ 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 prolific alluvial goldfield since its initial discovery in the 1870s, and modern exploration techniques continue to reveal the considerable potential of the district.

Anglo Gold Ashanti (NYSE:AU) currently holds 35,723,965 shares representing 14.95% of the issued and outstanding shares of G2. G2 currently has cash holdings exceeding (Cad) $49 million and is well financed to execute on this regional exploration program.

All scientific and technical information in this news release has been reviewed and approved by 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 Fellow of the Australian Institute of Geoscientists.

Additional information about the Company is available on SEDAR+ (www.sedarplus.ca) 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

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; 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 fulfil 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 nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy and / or accuracy of this release.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/04b51aac-19fc-4ee3-87cc-02457764aab6

https://www.globenewswire.com/NewsRoom/AttachmentNg/79b398a5-8bab-474f-a11d-25753c07c04c