Business
G2 Goldfields Receives $1,490,000.00 From Exercise of Warrants and Provides Exploration Update
TORONTO, Aug. 06, 2019 (GLOBE NEWSWIRE) -- G2 Goldfields Inc. Inc. ( the “ Company“) (TSXV:GTWO) is pleased to announce that is has received aggregate proceeds
About this update from G2 Goldfields, Inc.
[{"type":"text","content":" TORONTO, Aug. 06, 2019 (GLOBE NEWSWIRE) -- G2 Goldfields Inc. Inc. ( the “ Company“) (TSXV:GTWO) is pleased to announce that is has received aggregate proceeds of $1,490,000.00 as a result of the exercise of 7,490,000 series 2017-I share purchase warrants that expired July 19, 2019. G2 Goldfields CEO Patrick Sheridan subscribed for $750,000 of the share purchase warrants and G2 Goldfields Executive Director and VP Exploration Dan Noone exercised $100,000.00 of his warrants. Sandy Lake Gold Project, Exploration Update The Company has completed 18 drill holes to date, totalling 3,850 meters. Eleven holes have been completed on the W1 and W2 zones as well as seven drill holes in the W3/4 zones, located 1.8 km west from W1 and W2 zones Assay results of the first six holes, DDH 19-01 to 19-06 provided in a press release dated 13 May, 2019 (available at www.sedar.com), and included several high grade gold intersections and established an initial 500 meter strike length in the W1 and W2 zones. The Company is currently awaiting complete assay results of DDH 19-07 to 19-18, and is experiencing a delay due to assay lab back log. Additional diamond drilling at the W3/4 zone is scheduled to commence during the week of 12 August. Concurrent with the ongoing drilling program, a field work program of prospecting, mapping and sampling at the W5 zone, 10 kilometers to the east of current exploration activities will commence mid August. This program is a follow up to the Company’s ground magnetic survey conducted January 2018 and the Province of Ontario MENDM sponsored airborne VTEM survey conducted 2018. G2 Goldfields Inc. wishes to thank the Chief, Council and members of 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. The Company is committed to best practices in all aspects of its exploration efforts and strongly supports local partnerships and employment. 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 is proposed to acquire the Aremu - Oko and Peters Mine properties in Guyana. The Sandy Lake Gold Project (51,000 hectares) is located in a relatively underexplored Archean Greenstone Belt 225 kilometers ...