G2 Goldfields Showcases Strong Year-End Financial Results
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G2 Goldfields Reports Year-End Financial Results
G2 Goldfields Inc. (TSX:GTWO, OTCQX:GUYGF) recently reported its financial results for the fourth quarter and year ended May 31, 2024. The company has made its audited consolidated financial statements and management’s discussion and analysis available for review.
Milestones Achieved in 2024
Dan Noone, President and CEO of G2 Goldfields, remarked on the company’s significant accomplishments in 2024. The company successfully raised approximately $22 million in January, followed by an additional $42 million through a private placement completed later in the same year. This influx of capital enhances G2's financial stability and positions the company well to advance its high-grade OKO project as well as their complementary exploration plans.
Revised Technical Report Overview
In conjunction with its financial results, G2 Goldfields filed a revised independent technical report, which supersedes the previous technical report from May 17, 2024. This revised 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," maintains the same effective date of March 27, 2024, despite being dated June 20, 2024. Importantly, the mineral resource estimates have not changed since the announcement made on April 3, 2024.
Details on the Revised Report
The Revised Technical Report was necessary to correct inaccuracies in Figures 1.4, 14.14, and 25.4. These figures displayed the grade-tonnage curve for the Ghanie zone underground but had accidentally replicated open pit data instead.
About G2 Goldfields Inc.
The G2 Goldfields team consists of professionals with a strong track record 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) on the Oko property highlights:
Mineral Resource Estimates
The MRE includes 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 the updated resources lie within 500 meters of the surface. The Oko district continues to be a significant alluvial goldfield, reflecting ongoing exploration success since the 1870s.
Expert Validation of Findings
All scientific and technical findings 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 alignment with National Instrument 43-101 regulations. Mr. Noone has a B.Sc. in Geology and an MBA, and is a member of the Australian Institute of Geoscientists.
Company Contact Information
For further inquiries, please reach out to:
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.
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