The total combined open pit and underground Resource reported in the MRE for the OMZ includes 686,000 ounces (oz) of gold (Au) in Indicated Resource contained within 2.36 million tonnes (Mt) grading 9.03 grams per tonne (g/t) Au, with an additional 495,000 oz of gold in Inferred Resources, contained within 2.41 Mt grading 6.38 g/t Au.
The total combined open pit and underground Resource reported in the MRE for the
The MRE was prepared by
Ghanie Zone Maiden MRE
This Maiden Mineral Resource Estimate at Ghanie signifies a major shift towards realising the district-scale nature of the OKO gold system.
Ghanie South (GS), Central (GC), and North (GN) all remain open with substantial depth potential. A recent high-grade discovery at Ghanie North (GDD-93) returned 24.5m @ 5.3 g/t Au from 124 metres downhole (including 4.5m @ 25.2 g/t Au from 134.5m). This intercept is indicative of additional near surface mineralization and there is much evidence to suggest the potential for further zones to be discovered along the 1.75-kilometre strike.
OMZ Updated MRE
Since
Exploration Update
The Company’s geological model is evolving and becoming more predictive, leading to regular discoveries along the 20-kilometre-long Oko-Aremu trend. Approximately 500 metres to the North-West of the OMZ lies the recent NW OKO discovery where NWOD-22 intercepted 15.0m @ 6.3 g/t [See Press Release dated
The Company’s mandate is to add value through additional discoveries to complement the continuing expansion of the OMZ and Ghanie resource with a focused on exploring near surface mineralization. In
Table 1 – Summary of Mineral Resource Estimate
Deposit | Category | Zone | Tonnage | Gold Avg. Grade | Contained Gold | |
t | g/t | oz | ||||
Oko (OMZ) | Surface (OP) | Indicated | S1 | 110,000 | 1.04 | 4,000 |
S2S | 7,000 | 0.78 | 200 | |||
S3 | 225,000 | 1.84 | 13,000 | |||
S4 | 75,000 | 4.71 | 11,000 | |||
Total Indicated | 417,000 | 2.12 | 28,000 | |||
Inferred | S1 | 19,000 | 1.42 | 1,000 | ||
S3 | 40,000 | 0.68 | 1,000 | |||
S4 | 66,000 | 0.89 | 2,000 | |||
S5 | 282,000 | 1.07 | 10,000 | |||
Total Inferred | 406,000 | 1.02 | 14,000 | |||
Underground (UG) | Indicated | S1 | 124,000 | 2.29 | 9,000 | |
S3 | 1,043,000 | 8.64 | 290,000 | |||
S4 | 348,000 | 12.52 | 140,000 | |||
S5 | 432,000 | 15.78 | 219,000 | |||
Total Indicated | 1,947,000 | 10.51 | 658,000 | |||
Inferred | S1 | 309,000 | 2.26 | 22,000 | ||
S3 | 923,000 | 5.17 | 153,000 | |||
S4 | 18,000 | 10.93 | 6,000 | |||
S5 | 758,000 | 12.28 | 299,000 | |||
Total Inferred | 2,007,000 | 7.46 | 480,000 | |||
OP + UG | Total Indicated | 2,364,000 | 9.03 | 686,000 | ||
Total Inferred | 2,413,000 | 6.38 | 495,000 | |||
Ghanie | Surface (OP) | Indicated | GC | 2,633,000 | 2.17 | 183,000 |
GS | 711,000 | 2.34 | 53,000 | |||
Total Indicated | 3,344,000 | 2.20 | 236,000 | |||
Inferred | GN | 4,886,000 | 0.89 | 140,000 | ||
GC | 4,612,000 | 1.49 | 222,000 | |||
GS | 1,318,000 | 2.69 | 114,000 | |||
Total Inferred | 10,816,000 | 1.37 | 476,000 | |||
Underground (UG) | Inferred | GC | 1,384,000 | 2.85 | 127,000 | |
GS | 15,000 | 2.93 | 1,000 | |||
Total Inferred | 1,400,000 | 2.86 | 128,000 | |||
OP + UG | Total Indicated | 3,344,000 | 2.20 | 236,000 | ||
Total Inferred | 12,216,000 | 1.54 | 604,000 | |||
Notes:
- The effective date of this Mineral Resource Estimate is
March 27, 2024 . - The MRE presented above uses economic assumptions for both, surface mining in saprolite and fresh rock and underground mining on fresh rock only.
- The MRE has been classified in the Indicated and Inferred categories following spatial continuity analysis and geological confidence.
- The calculated gold cut-off grades to report the MRE for surface mining are 0.33 g/t Au in saprolite, 0.39 g/t Au in fresh rock and for underground mining is 1.80 g/t Au in fresh rock.
- The economic parameters used a gold price of
US$1,900 /oz with a single metallurgical recovery of 85%, a mining cost ofUS$2.5 /t in saprolite,US$2.75 /t in fresh rock andUS$75.0 /t in underground. Processing cost ofUS$12 /t for saprolite andUS$15 /t for fresh rock and a General and Administration cost ofUS$2.5 /t. - For surface mining the open pits at Oko and Ghanie use slope angles of 30° in saprolite and 50° in fresh rock.
- The MRE has been classified in the Indicated and Inferred categories following spatial continuity analysis and geological confidence.
- The block models for Oko and Ghanie are orthogonal and use a parent block size of 10 m x 3 m x 10 m with the narrow side across strike (East-West) and a minimum child block of 2 m x 0.5 m x 1 m.
- The open pit optimization uses a re-blocked size of 10 m x 9 m x 10 m and for the underground optimization uses stopes of 20 m long by 20 m high and a minimum mining width of 2 m.
- The mineral resources described above have been prepared in accordance with the
Canadian Institute of Mining , Metallurgy and Petroleum Standards and Practices. - Messrs.
Alan J. San Martin , MAusIMM(CP) andWilliam J. Lewis ,P.Geo . fromMicon International Limited are the Qualified Persons (QPs) for this Mineral Resource Estimate (MRE). - Numbers have been rounded to the nearest thousand and differences may occur in totals due to rounding.
- Mineral resources are not mineral reserves as they have not demonstrated economic viability. The quantity and grade of reported Indicated and Inferred mineral resources in this news release are uncertain in nature and there has been insufficient exploration to define any measured resource; however, it is reasonably expected that a significant portion of inferred mineral resources could be upgraded into indicated mineral resources with further exploration.
- The QPs are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issue that could materially affect the mineral resource estimate.
Figure 1. – Oko Project Long Section Looking West
Figure 2. – Oko Project Vertical Section Looking North
A plan view of the Oko and Ghanie Zones is available here.
Data validation
The drilling database used to estimate the Mineral Resources reported in this press release was reviewed by
QA/QC
Drill core is logged and sampled in a secure core storage facility located on the OKO project site,
Technical Report and Qualified Person
The Company intends to file a technical report to support the updated MRE on sedarplus.ca within 45 days of this news release in accordance with National Instrument 43-101 – Standard of Disclosure of Mineral projects (“NI 43-101”).
All scientific and technical information in this news release has been reviewed and approved by
About Micon
Micon’s Qualifications and QPs
Qualified Persons for the Technical Report
Mineral Resources are estimated by
About
The
Additional information about the Company is available on SEDAR (www.sedar.com) and the Company's website (www.g2goldfields.com).
For further information, please contact:
CEO
+1 416.628.5904
news@g2goldfields.com
Forward-Looking Statements
This news release contains certain forward-looking statements, including, but not limited to, statements about the
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Cautionary Note on Mineral Resources
This press release contains the terms “Inferred” and “Indicated” mineral resources. Investors are cautioned not to assume that any part or all of the Inferred and Indicated Mineral Resources reported in this press release are or will be economically or legally mineable. Investors are also cautioned not to assume that all or any part of mineral deposits in the Inferred and Indicated Resource categories will ever be converted into a higher category of Mineral Resources or into Mineral Reserves. Under Canadian rules, estimates of inferred Mineral Resources may not form the basis of feasibility studies.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Photo accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ab06df2e-7700-4d29-a6b9-7c1189e4e46b
https://www.globenewswire.com/NewsRoom/AttachmentNg/f84279a8-82ff-4b53-a45c-3607b2bfa72e
Figure 1.
Oko Project Long Section Looking West
Figure 2.
Oko Project Vertical Section Looking North
2024 GlobeNewswire, Inc., source