G2 Goldfields Announces Year-End Financial Results
G2 Goldfields Inc. (TSX:GTWO, OTCQX:GUYGF) has recently shared its financial results for the fourth quarter and the entire year ending May 31, 2024. The company has made its audited consolidated financial statements along with management’s discussion and analysis available for public review.
2024 Achievements
Dan Noone, President and CEO of G2 Goldfields, highlighted the company’s notable achievements throughout 2024. In January, G2 successfully raised around $22 million, followed by an additional $42 million through a private placement later in the year. This significant capital influx strengthens G2's financial position and enables the company to further develop its high-grade OKO project and pursue complementary exploration initiatives.
Overview of the Revised Technical Report
Alongside its financial results, G2 Goldfields has filed a revised independent technical report, which replaces the previous report dated May 17, 2024. This updated report, titled "NI 43-101 Technical Report and Mineral Resource Estimate for the Oko Gold Property in the Co-operative Republic of Guyana, South America," retains the effective date of March 27, 2024, even though it is dated June 20, 2024. Importantly, the mineral resource estimates remain unchanged from the announcement made on April 3, 2024.
Insights on the Revised Report
The Revised Technical Report was necessary to amend inaccuracies found in Figures 1.4, 14.14, and 25.4. These figures incorrectly displayed the grade-tonnage curve for the Ghanie zone underground, mistakenly replicating open pit data instead.
About G2 Goldfields Inc.
The G2 Goldfields team comprises seasoned professionals with a proven history of gold discovery in Guyana, including the financing and development of the region's largest gold mine, the Aurora Gold Mine. Their updated mineral resource estimate (MRE) for the Oko property includes:
Mineral Resource Estimates
The MRE encompasses a total combined open pit and underground resource for the Oko Main Zone (OMZ) of:
- 495,000 oz. Au – Inferred, contained in 2,413,000 tonnes @ 6.38 g/t Au
- 686,000 oz. Au – Indicated, contained in 2,368,000 tonnes @ 9.03 g/t Au
For the Ghanie Zone, the MRE indicates:
- 604,000 oz. Au – Inferred, contained in 12,216,000 tonnes @ 1.54 g/t Au
- 236,000 oz. Au – Indicated, contained in 3,344,000 tonnes @ 2.20 g/t Au
Micon International Limited prepared the MRE, which shows that the updated resources are located within 500 meters of the surface. The Oko district remains a significant alluvial goldfield, reflecting ongoing exploration success since the 1870s.
Validation of Findings by Experts
All scientific and technical findings presented in the news release have been reviewed and approved by Dan Noone, the CEO of G2 Goldfields Inc., who is recognized as a “qualified person” in accordance with National Instrument 43-101 regulations. Mr. Noone holds a B.Sc. in Geology and an MBA and is a member of the Australian Institute of Geoscientists.
Contact Information
For any further inquiries, please contact:
Dan Noone
CEO
+1.416.628.5904
Email: news@g2goldfields.com
Frequently Asked Questions
1. What are the key financial highlights for G2 Goldfields in 2024?
G2 Goldfields raised approximately $22 million in January and completed a $42 million private placement in August, marking significant financial growth.
2. What does the revised technical report entail?
The revised technical report provides updates to earlier figures and maintains the previous mineral resource estimates, enhancing data accuracy.
3. Who prepared the mineral resource estimate for the OKO project?
The mineral resource estimate was prepared by Micon International Limited, presenting significant potential in the Oko district.
4. How does G2 Goldfields validate its scientific findings?
Scientific and technical information is validated and approved by Dan Noone, the company's CEO, ensuring compliance with regulatory standards.
5. What is the best way to contact G2 Goldfields for inquiries?
Inquiries can be sent to Dan Noone via email at news@g2goldfields.com or by calling +1.416.628.5904.
