G2 Goldfields Inc.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

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 Goldfields 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.

Ongoing exploration within the 17km long Aremu–Oko trend has generated multiple drill targets, similar in geological setting and scale to Oko Main. The Aremu–Oko district has been a prolific alluvial goldfield since the rush of the 1870’s. Modern exploration by the G2 Goldfields team continues to reveal the exceptional potential of this district.

100+ Moz Guiana Shield

The Guiana Shield contains the elements of Orogenic Gold, Conglomerate-hosted gold, Transamazonian / Birimian green-stone terrane, making it favourable for exploration. G2’s properties are located in the heart of the Guiana Shield. A large part of the Shield is still underexplored. Gold discoveries and numerous small scale, alluvial mining, and exploration activities demonstrate the excellent gold potential of the Guiana Shied.

Projects in Hand

Oko Project, Guyana

The 19,200-acre Oko project is located in the southeastern portion of the Cuyuni Mining District, approximately 120 km west-southwest of Guyana’s capital city, Georgetown, and directly north of Reunion Gold’s Oko West project. The Project covers 17 km of prospective strike length.

Maiden Resource Estimate for the Oko Deposit (at a 4.0 g/t gold cut-off)

• 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.
• Prepared to NI 43-101 standards by Micon International Limited
• Estimated gold content hosted by three primary shear zones (S3, S4, and S5)
• All of the maiden mineral resources lie within 350 meters of surface and remain open down plunge (see press release dated April 25, 2022)

The Discovery

• The Aremu-Oko District was acquired in 2019. First drilling took place in November 2019
• First hole OKD-01 intercepts 6m @ 15.6 g/t Au
• Best intercept: Hole OKD-110 – 6.4m @ 74.8 g/t Au
• 151 holes have been completed in the Oko Main Zone (OMZ) (as of November 16, 2022)

Strategy

• Build a multi-million ounce gold resource of high grade material at OMZ
• Develop and drill test multiple targets in similar settings, with similar scale and grade that outcrop within the Aremu-Oko land package
• Commence “Proof of Concept” drilling at the high grade Peters Mine in the Puruni District (38 km SW of Oko)

Geology

• Orogenic Gold systems in the Guiana Shield. Similar setting to the Obuasi / Ashanti district in Ghana (70 million ounces of gold)
• High grade gold in quartz veins, hosted in carbonaceous sediments
• Excellent Metallurgy – Average recovery from initial BLEG test = 98.4%

Land Package

• 27,608 acres – Aremu / Oko District
• 22,900 acres – Puruni (Peters Mine) District

Experienced Management

• Discovered and built the over 7 million ounces of gold Aurora Mine in Guyana

Management

Management and Directors

Patrick Sheridan, Executive Chairman

Mr. Sheridan has over 25 years’ experience working in Guyana and has raised over $400 million for exploration and development projects in Guyana. Mr. Sheridan is credited with the discovery, financing, and development of the Aurora Gold project.

Dan Noone, Chief Executive Officer & Director

Mr. Noone has more than 30 years of international mineral exploration and development experience. He is currently the Chairman of GPM Metals Inc. Previous roles include Executive Director and V.P. of Exploration at Guyana Goldfields, V.P. of Peruvian Operations for Aquiline Resources Inc. and the President and CEO of Absolut Resources Inc. Mr. Noone has managed projects in Guyana, Papua New Guinea, Indonesia, Peru, Ecuador and Argentina.

Carmelo Marrelli, Chief Financial Officer

Mr. Marrelli is the principal of The Marrelli Group of Companies. He is a Chartered Professional Accountant and a member of the Chartered Governance Institute of Canada.

Violet Smith, Guyana Country Manager

Ms Smith has over 20 years of experience in operations management within the extractive sector. Former Country Manager of Guyana Goldfields. Ms Smith is the founder of AVA Management and Consultancy Services.

Boaz Wade, V.P. Exploration Guiana Shield

Mr. Wade has successfully managed projects at various stages of exploration across Guyana, most recently leading the Mine Exploration Geology team at Guyana Goldfields Inc. He was a recognised senior member of the teams responsible for reinterpreting the first order mineralisation controls at the Aurora deposit and remodelling the geology of the Karouni deposits in Guyana.

Torben Michalsen, Chief Operating Officer

Previously as Construction Manager at GCM Mining, Mr. Michalsen was responsible for developing the Toroparu Project, Guyana. During his tenure as Construction Superintendent at IAMGOLD (2018-2021), Mr. Michalsen led the design optimisation of Saramacca, Rosebel Gold Mines.

Stephen Stow, Director

Bruce E. Rosenberg, Director

News Update

On October 24, 2023, G2 Goldfields Inc. has mobilized two additional drill rigs to the company's high-grade Oko-Aremu project, bringing the operational capacity to five rigs. The Company has drilled 325 holes totalling 73,980 metres to date, primarily in the Oko Main Zone (OMZ) and the Ghanie district. The expanded drill program will give the Company the capacity to drill approximately 6000 metres per month encompassing the following objectives:

the continued expansion and delineation of the OMZ to vertical depths of 700m

further exploration of the Ghanie district where recent results include 37.9 g/t over 11m from a vertical depth of approximately 148 metres [see press release dated October 10, 2023]

initial drilling at the OKO Northwest target where recent trenching has returned highly encouraging values

On October 10, 2023, G2 Goldfields Inc. has discovered the high-grade Ghanie South zone, located within G2's 19,200-acre Oko project, Guyana.

GDD-68A intercepted 11 metres at 37.9 grams per tonne gold from 148 metres down hole. This hole is a follow-up to the previous high-grade GDD-06 intercept (three m at 17 g/t from 58 metres; see press release dated April 12, 2023).

Situated approximately 300 metres to the south of Ghanie Main zone, Ghanie South is the site of continuing drilling targeting extensions to this exciting high-grade discovery.

Boaz Wade, vice-president, exploration, stated: "We are leveraging our understanding of the Ghanie Central zone to target high grade on other sections of the 1.2-kilometre-long Ghanie trend. These results demonstrate the presence of multiple high-grade zones along trend and the potential for more discoveries throughout the Oko district."

Drilling continues at the Oko Main zone and Ghanie Central, with two drill rigs targeting down-plunge extensions of the high-grade mineralization.

G2 continues to target near-surface anomalous zones adjacent to the OMZ and Ghanie trends with shallow drilling. An aggressive program is continuing to explore and generate new targets along the complete 20 kilometres of the Oko to Aremu trend.

On September 11, 2023, G2 Goldfields Inc. has released results from the continuing drill programs at Oko Main zone (OMZ) and the Ghanie zone, located within G2's 19,200-acre Oko project in Guyana. Following up on work that modelled the controls on high-grade domains at the OMZ, G2 Goldfields has intercepted exceptional intervals of high-grade gold mineralization, and current drilling is tracing these high-grade corridors to depth.

OKD-178 intercepted shear 5 at a depth of 450 metres below surface and returned 6.7 metres of 32 grams per tonne gold (from 477 metres downhole). OKD-178 intercepted shear 5 40 metres to the north of OKD-121 (3.7 metres of 58 grams per tonne gold) (see press release dated Sept. 19, 2022) and 40 metres south of OKD-126a (three metres of 27.8 grams per tonne gold).

On May 25, 2023, G2 Goldfields Inc. has released additional assay results from the company's continuing drill program at the Ghanie zone located within the 19,200-acre Oko project in Guyana.

The Ghanie Zone is the second significant discovery on the project and lies between the Company's OKO Main Zone (OMZ) (974,000 oz Au Inferred, and 220,000 oz Au Indicated; see press release dated April 25, 2022) and Reunion Gold's Block 4 discovery. G2 intends to release an updated resource estimate for the OKO Project (which will include the OMZ, Ghanie and Shear 1 zones) in the second half of 2023.

Diamond drilling has continued to intersect significant mineralization at Ghanie which now has a strike length in excess of 1 km. The most recent drill holes include the following:

Ghanie Central : 27m @ 6.5 g/t Au ( including 6.6m @ 24.7 g/t Au )

Hole GDD-55 is the deepest drill intercept to date in the central portion of the Ghanie area where multiple intercepts of high-grade gold have been previously reported. 19.1m @ 2.8 g/t Au

Hole GDD-32 was collared approximately 100m south of GDD-55 and targeted down plunge mineralization encountered in GDD-18 (25m @ 2.2 g/t Au), GDD-20 (30.4m @ 1.8 g/t Au), and GDD-10 (26.6m @ 5.1 g/t Au).

On April 12, 2023, G2 Goldfields Inc. has released further exploration results from the company's continuing exploration program at the 19,200-acre Oko project, Guyana. Drilling and trenching have expanded the Ghanie zone (see press release dated Feb. 7, 2023) to a strike length of one kilometre as shallow drilling has consistently intercepted near-surface gold mineralization. Additionally, recent assay results from mechanical trenching in the northern end of the target area demonstrate the zone remains open to the north and follow-up drilling is currently continuing.

To date, G2 has completed 55 diamond drill holes totalling 7,867 metres at the Ghanie discovery. Assay results are currently available for holes 21 through 30. Highlights of the current round of results include:

• Hole GDD-21 returned 2.3 grams per tonne Au over 44.5 m (25.5 to 70 m);
• This hole is a 33 m stepout to the north of GDD-18, which intercepted 2.2 g/t Au over 25 m.
• Hole GDD-26 intercepted 4.1 g/t Au over 26.5 m (84.5 to 111 m);
• This hole targeted the down-dip extension 31 m below hole GDD-19 (two g/t over 28.6 m).
• Hole GDD-30 returned 7.3 g/t Au over 16.5 m (105.5 to 125 m);
• GDD-30 is one of the deepest holes drilled to date at Ghanie and demonstrates the down-plunge continuity of high grade intercepted in GDD-10 (5.1 g/t over 26.6 m).

Significantly, all the mineralized intercepts lie within 100 metres of surface with all areas remaining open to depth, as well as to the north. Within the broader zone of near-surface mineralization, several areas show potential for higher-grade gold at depth.

On March 29, 2023, The exchange has been advised that closing occurred on March 24, 2023, for aggregate gross proceeds of $13.8-million.

Offering: 17.25 million common shares (including overallotment option)

Offering price: 80 cents per common share

Agents: Cormark Securities Inc., Sprott Capital Partners LP, Roth Canada Inc. and BMO Nesbitt Burns Inc.

Agents' commissions: $822,000 in cash

On March 24, 2023, G2 Goldfields Inc. has closed its previously announced bought deal public offering of common shares of the company for aggregate gross proceeds of $13.8-million. Pursuant to the offering, the company issued 17.25 million shares at a price of 80 cents per share, which included the full exercise of the overallotment option by the underwriters.

The net proceeds from the offering are expected to be used to advance exploration activities at the company's Oko project in Guyana and for general corporate purposes, as more fully described in the company's prospectus supplement dated March 20, 2023, to the base shelf prospectus dated Dec. 15, 2022.

On March 16, 2023, G2 Goldfields Inc. has entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc. pursuant to which the underwriters have agreed to purchase on a bought deal basis 15 million common shares of the company at a price of 80 cents per share for aggregate gross proceeds of approximately $12-million.

The net proceeds from the offering will be used to advance exploration activities at the company's Oko project in Guyana and for general corporate purposes. The offering is expected to close on or about March 23, 2023, and is conditional on the satisfaction of customary conditions, including approval of the TSX Venture Exchange and other necessary regulatory approvals.

On February 14, 2023, G2 Goldfields Inc. has released additional assay results from drilling at the Oko Main zone on the company's 19,200-acre Oko project, Guyana. G2 published a maiden resource estimate (MRE) on the OMZ in April, 2022, (see the press release dated April 25, 2022) and has since completed an additional 36 diamond drill holes totalling 13,279 metres. Drilling has focused on expanding the MRE by targeting:

1. Expansion to the strike of mineralization of Shears 3, 4 and 5 together, which formed the MRE;
2. Down-plunge mineralization of the three shears;
3. Near-surface gold mineralization above 100 (m) vertical which was largely omitted from the MRE due to lack of data.

Additionally, G2's OMZ drilling program has provided further confidence in the continuity of gold mineralization outlined in the MRE. Results from the most recent assays can be found below.

Exemplary results from the current release include hole OKD-132 which intercepted all three shears:

• 4.7 metres at 8.7 g/t Au (shear 3);
• 3.7 m at 45.4 g/t Au (shear 4);
• 7.1 m at 5.1 g/t Au (shear 5).

In addition, hole OKD-145 successfully extended gold mineralization in shear 3 within 75 metres of surface.

• 16.3 m at 6.8 g/t Au (shear 3).

On February 07, 2023, G2 Goldfields Inc. has released additional assay results from the continuing drill program at the company's newly discovered Ghanie zone, located within G2's 19,200-acre Oko project in Guyana.

The Ghanie area is the second significant discovery made by G2 and lies between the company's Oko Main zone (OMZ) (974,000 ounces inferred and 220,000 ounces indicated; see press release dated April 25, 2022) and Reunion Gold's Block 4 discovery. Diamond drilling has continued to intersect significant near-surface disseminated gold mineralization, with the new zone now defined over a strike length of 800 metres. G2 will be aggressively drilling this discovery with multiple drill rigs whilst continuing to advance additional regional targets to the drill-ready stage.

It drilled 26.6M of 5.1G/T Au and 32.1M of 2.2G/T Au at new discovery.

On December 15, 2022, G2 Goldfields Inc. has filed a final short form base shelf prospectus with the securities regulatory authorities in each of the provinces and territories of Canada, other than Quebec. This follows the completion of a regulatory review of the preliminary base shelf prospectus, which was filed on Oct. 5, 2022.

The shelf prospectus will allow the company to make offerings of up to $50-million of any combination of common shares, warrants, subscription receipts, units and debt securities. The shelf prospectus will be effective for a 25-month period, expiring in January, 2025. The specific terms of any offering of securities, including the use of proceeds from any offering, will be set forth in a shelf prospectus supplement. The company has filed this shelf prospectus to maintain financial flexibility but has no immediate intentions to undertake an offering

On November 30, 2022, G2 Goldfields Inc. announced that the drilling at 19,200-acre Oko gold project has intersected a new surface zone of broad disseminated gold mineralization. In addition, mechanical trenching over 500m to the north of this new drill intersection has exposed wide zones of stockwork style mineralization within similar host rocks, from which considerable amounts of free gold have been observed in pan concentrates.

These discoveries have the potential to add significant additional near surface gold resources to G2's initial maiden resource estimate, announced April 25, 2022, for the OKO MAIN ZONE (OMZ). Significantly, these new discoveries are between the OMZ and Reunion Gold's OKO West discovery, and are hosted within magnetite rich metamorphic host rocks, identical to the host rocks at Reunion's Block 4 discovery.

In the current program, twelve diamond drill holes (totalling 1,356 m) and two excavator trenches (totalling 495 m) have been completed. Assays are currently available for the first four holes. These initial four holes define a zone of interest open to both the north and the south with a strike length of 400m. The intercept of 50m @ 1.71 g/t Au in GDD-04 is hosted by a high-strain zone within a magnetite rich metamorphic host rock. Multiple centimetre-scale quartz carbonate veins, that occasionally have visible gold are complementary to the selective replacement of magnetite by pyrite along vein selvages and sometimes disseminated over broad zones within the host rock.

The style of mineralization within the magnetite rich host rock is identical to Reunion Gold's Block 4 discovery which occurs within the same high-strain corridor another 1.2 km along strike from the intercept in GDD-04.

On November 24, 2022, G2 Goldfields Inc. announced that it has granted an aggregate of 750,000 options to certain directors and an officer of the Company with such options being exercisable at a price of 75 cents per share until Nov. 23, 2025, and vesting over 18 months from the date of grant.

On November 16, 2022, G2 Goldfields Inc. has released additional high-grade drilling results from the Company's Oko project in Guyana. The Company has completed 151 holes to date, with an additional 10 holes reported.

Shear 3 – high-grade intercepts:
Hole OKD-122W1: 8.7 grams per tonne (g/t) gold over 4.8 metres (m);
Hole OKD-122W2A: 5.1 g/t gold over 6.0 m;
Hole OKD-126A: 11.0 g/t gold over 3.1 m;
Hole OKD-131: 25.9 g/t gold over 3.4 m.

Shear 5 – high-grade intercepts:
Hole OKD-126A: 27.8 g/t gold over 3.0 m;
Hole OKD-130: 70.0 g/t gold over 3.8 m;
Hole OKD-131: 28.4 g/t gold over 3.3 m.

On November 9, 2022, G2 Goldfields Inc. announced that it has granted an aggregate of 3,000,000 options to officers and directors of the Company with such options being exercisable at a price of $0.75 per share until November 8, 2025 and vesting over 18 months from the date of grant.

On October 6, 2022, G2 Goldfields Inc. announced that Torben Michalsen will be joining G2 Goldfields Inc. as chief operating officer, commencing November, 2022.

On September 19, 2022, G2 Goldfields Inc. announced that it continues to expand and define high grade gold mineralization at the Company’s Oko project in Guyana.

Highlights of the current drill results include the following:

• Hole OKD-120: 9.5 g/t Au over 7.8 m
• This intercept pierced the northern part of Shear Zone 3 and adds confidence to the high-grade nature of this zone.
• Hole OKD-121: 12.7 g/t Au over 6 m & 58 g/t Au over 3.7 m
• The upper section of this hole provides further evidence of the high-grade shoots within Shear 3. The lower intercept is 397 m below surface and is the deepest intercept in Shear 5 to date, extending mineralization a further 87m down dip from previously reported OKD-115 (37.2 g/t Au over 4.2 m). Shear Zone 5 currently has inferred resources of 511,000 oz at 11.55 g/t Au.
• Hole OKD-123: 7 g/t Au over 9.6 m
• The intercept confirms the continuity of mineralization below the -180m RL in Shear 3 which remains open to depth.

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