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G2 Goldfields Announces New Gold Discovery at the W3 Zone, Sandy Lake, Ontario

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G2 Goldfields Inc., (TSX: GTWO) is pleased to announce the discovery of a new high-grade gold zone at the Company’s Sandy Lake Project, Northwest, Ontario.  The new discovery is located approximately 1.8 km west of the Company’s initial W1/W2 discovery area. (see press release dated May 13, 2019)

 

The W3 Zone was initially tested by seven drill holes of which the Company has received assay results for six holes, three of which intersected significant gold mineralization.

 

Widths are drill indicated core lengths, as insufficient drilling has been undertaken to determine true widths at this time.

 

 

Hole From (m) To (m) Length (m) Gold (g/t)
         
19-12 24.00 25.40 1.40 11.85
19-12 32.00 34.51 2.50 1.10
         
19-14 69.64 70.37 0.73 450.04
         
19-16 29.4 32.76 3.36 5.29

 

Drill Hole 19-16 is approximately 230 meters west of holes 19-12 and 19–4.  Mineralization in the W3 area is hosted within a tightly folded Banded Iron Formation (BIF), which initial drilling has demonstrated to be up to 60 meters in width.  Gold mineralization in the sulphurised  (pyrrhotite, pyrite, and chalcopyrite)  BIF; which is coincident with chargeability anomalies defined by a VTEM geophysical airborne survey flown by G2 Goldfields in 2015.  Importantly, geophysical studies by G2 Goldfields, as well as new geophysical data from the Government of Ontario, has outlined numerous VTEM anomalies throughout the 60km long BIF within the Company’s holdings.

 

For a summary of the detailed geology, drilling and geophysics of the W series of drill targets click here.

 

For a summary of greater Sandy Lake project geology and target areas click here.

 

The Company also has completed an additional five holes in the W1/W2 areas.

 

Widths are drill indicated core lengths, as insufficient drilling has been undertaken to determine true widths at this time.

 

Significant intercepts include:

 

 

Hole From (m) To (m) Length (m) Gold g/t
         
19-07 7.24 13.47 6.23 4.85
         
19-09 12.00 17.21 5.21 5.02
including 14.00 15.00 1.00 12.26
and 44.00 47.00 3.00 1.51
and 64.00 66.00 2.00 3.26
and 143.00 146.00 3.00 1.69
and 148.00 153.00 5.00 2.42
         
19-10 40.00 45.00 5.00 2.92
         
19-11 43.06 45.00 1.94 7.05
and 116.00 117.56 1.56 11.25

 

The W1/2 zone currently has a strike length of six hundred meters and significant gold mineralization has been encountered from surface to vertical depths in excess of one hundred meters.  For a table outlining all the holes drilled during the 2014 and 2019 drilling campaigns in the W zones, click here:

 

http://ml.globenewswire.com/Resource/Download/f6dd6ab7-77aa-4e1a-9335-4245bd166e69

 

http://ml.globenewswire.com/Resource/Download/98950686-3558-4573-bf30-b1d887f88504

 

Patrick Sheridan, Company CEO stated, “We are thrilled with our drilling results to date, especially the discovery of high-grade gold within the BIF at our W3 target area.  These results demonstrate the tremendous prospectivity of the Company’s district scale holdings.  We look forward to continuing to create value for our shareholders by systematically exploring our properties.”

 

Dan Noone, Company V.P. Exploration says, “We are obviously drilling a very large gold system, with multiple centers and various mineralised settings. The pattern of exceptional high-grade intercepts, combined with our comprehensive geophysical database and continuing surface mapping is allowing us to rapidly build a mineralisation model around what we believe is already a significant discovery.”

 

QA/QC

 

Drill core is logged and sampled in a secure core storage facility located in Sandy Lake, Ontario. Core samples from the program are cut in half, using a diamond cutting saw, and are sent to SGS Canada Inc. in Red Lake, Ontario, which is an accredited mineral analysis laboratory, for analysis. All samples are analysed for gold using standard Fire Assay-AA (atomic absorption) techniques. Samples returning over 10.0 g/t gold are analyzed utilizing standard fire assay gravimetric methods. 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 the Sandy Lake District

 

The Sandy Lake Project is comprised of approximately 125,000 acres of contiguous mineral claim units in the underexplored Sandy Lake Archean Greenstone Belt in Northwestern Ontario. G2 Goldfields Inc. has the right to earn up to 70% interest in the W series of claims (15,000 acres) and has a 100% interest in mineral claims surrounding the W Group totalling 110,000 acres. Sandy Lake is located approximately 140 miles north of Red Lake, Ontario (30 million ounces Au produced)

 

G2 Goldfields Inc. wishes to thank the Chief, Council and members of the Sandy Lake First Nation for their support and assistance as we continue to build upon a long-term beneficial relationship of economic and community development. The Company is committed to best practices in all aspects of its exploration efforts and strongly supports local employment and partnerships.

 

All scientific and technical information in this press release has been prepared under the supervision of, and approved by Dan Noone (Director 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.

 

Posted September 3, 2019

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