TORONTO, April 08, 2019 (GLOBE NEWSWIRE) -- G2 Goldfields Inc. (TSXV:GTWO) (formerly Sandy Lake Gold Inc.) (SLAU.V) (the “Company”) commences trading today under the new Company name and symbol TSXV:GTWO on a consolidated basis of one (1) new common share for every two (2) existing common shares (see press release of Sandy Lake Gold Inc. dated April 4, 2019 available at SEDAR.com).
The Company is pleased to announce the appointment of Mr. Stephen Stow as an Independent Director of the Company. Mr. Stow has been an adviser, investor, and executive engaged in various resource driven opportunities and ‘startups’ for the last 30 plus years. He has global executive experience in management of private and public companies. Mr. Stow served as the President & CEO of Odin Mining & Exploration Ltd from 1994, until it became Lumina Gold Corp. in 2015, and since 2015 has remained a director. Mr. Stow currently serves as an Independent Director of Amarillo Gold Corporation.
Patrick Sheridan, CEO of G2 Goldfields commented: "We are grateful to have Stephen join our Board of Directors, his global experience will be a valuable addition to the Company in advancing its exploration strategies in the Americas.”
Sandy Lake gold project update
The Company also reports the continuation of the diamond drilling program at the NW Arm of the Weebigee Claim package. A total of 5 diamond drill holes varying in length from 240 meters to 340 meters have been completed to date; drilling at DDH 6 is underway.
The core is currently being logged and split for assay. This orientated core logging program will enable our geological team to determine the structural and lithological controls of the mineralisation encountered in the NW Arm where the current program has been focussed.
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.
Gold mineralisation at Sandy Lake is hosted within a greenstone sequence of Volcanics, Sediments and Banded Iron Formation analogous to the Musselwhite district located 150km to the SE. This drill program in the NW Arm, where previous outcrop sampling has returned values of up to 113 g/t gold, will target zones of high chargeability within magnetic (iron rich) units around the closure of a regional scale, SE plunging fold.
About G2 Goldfields Inc.
G2 Goldfields Inc. is a Toronto based mineral exploration company focused on the exploration and development of the Sandy Lake Gold project in Canada and proposed acquisition of the Aremu - Oko and Peters Mine properties in Guyana.
The Sandy Lake gold project comprises an approximate 51,000 hectares of contiguous mineral claim units in the underexplored Sandy Lake Archean Greenstone Belt in Northwestern Ontario. In 2014, a limited drill program in the western part of the Sandy Lake claim package returned high grade gold intercepts of 12.86 Au g/t over 6.85 meters and 12.17 Au g/t over 6.2 meters (see press release of Goldeye Exploration Ltd. dated April 9, 2014 available at SEDAR.com).
The Aremu – Oko and Peters Mine properties are 2 of the 4 past producing historical mines in Guyana. The properties total approximately 25,888 acres and are located in the Cuyuni-Mazarumi Region (Region 7) of north-central Guyana in the Guiana Shield.
All scientific and technical information in this press release has been prepared under the supervision of 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.
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Executive Chairman & CEO
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 Sandy Lake 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: receipt of all applicable regulatory and shareholder approvals to complete the Acquisition; 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 (including with respect to the Private Placement) 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; aboriginal matters; 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 fulfill 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 Goldfield’s public disclosure documents (including, without limitation, those risks identified in this news release and G2 Goldfields’s 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.
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