G2 Goldfields Completes $22 Million Investment from AngloGold Ashanti

 G2 Goldfields Inc. announced on Friday the successful completion of a previously disclosed $22 million strategic investment from AngloGold Ashanti Ltd. In this deal, AngloGold acquired 24.5 million common shares of G2 Goldfields at 90 cents per share, resulting in a substantial 11.7% stake in G2.

The net proceeds from this investment are earmarked for advancing exploration activities at G2's Oko project in Guyana, as well as for general working capital purposes.

G2 Goldfields, led by a team with a track record of significant gold discoveries in Guyana, including the funding and development of the Aurora Gold mine, the country's largest gold mine, is focusing on its Oko project.

Situated in the southeastern part of the Guyuni Mining District, approximately 120 kilometers west-southwest of Guyana's capital city, Georgetown, and directly north of Reunion Gold Corp.’s Oko West project, the Oko project is accessible by a combination of boat and truck, utilizing rivers and logging roads.

G2 has identified five distinct, multi-kilometer long zones of gold mineralization through soil sampling and mapping of historical and current artisanal mining operations.

In a press release on April 26, 2022, G2 disclosed a maiden underground resource estimate for the OKO Main Zone. This estimate suggests an inferred resource of 3.3 million tonnes of 9.25 g/t gold or 974,000 ounces, along with an indicated resource of 793,000 tonnes at a grade of 8.63 g/t gold, equivalent to 220,000 ounces.

The resource study indicates that the gold is hosted by three primary shear zones (S3, S4, and S5), ranging in length between 350 and 750 meters and explored to a maximum depth of approximately 350 meters, remaining open-ended. Shear zones four and five are also open along strike to the north.

The Oko district, known for alluvial gold since the 1870s, continues to show considerable potential through modern exploration techniques.

Following the strategic investment, G2 and AngloGold entered into an investor rights agreement, granting AngloGold pre-emptive and top-up rights for future security issuances by G2.

G2 CEO Dan Noone expressed confidence in the company's assets and exploration team, stating, "Anglo Ashanti’s investment will allow us to continue to advance our high-grade OKO project whilst aggressively exploring our district scale land package." On Friday, G2 shares experienced a modest 1.4% decline, settling at 68 cents, within their 52-week trading range of 96 cents to 57 cents.

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