G2 Goldfields Inc., a Canadian company listed on the Toronto Stock Exchange (TSX), who announced last month new gold finds on property already owned in Guyana, is buying more property in the country.
On December 3, G2 announced that they have entered into an option agreement to acquire a 100 per cent interest in the historic Jubilee Creek Goldfield, Puruni District, Guyana.
The property is comprised of contiguous claims totalling 7,900 acres and is located approximately 4.5 miles south-east of the company’s Peters Mine Property (8,800 acres).
The company intends to secure the 100 per cent interest in the property by making payments totalling $US475,000.00 over a 4-year period, with the vendor retaining a two per cent Net Smelter Return (NSR). G2 has the option to acquire the NSR for $US2 million.
G2, in a related release, indicates that despite a long history of production dating back to at least 1907, the property has never been drilled or subject to a modern exploration campaign.
Historical workings include a vertical shaft, two open pits and numerous adits spread out over 1000 feet. This historical data referred to is based upon data and records prepared by the Guyana Geological Survey.
G2 Goldfields made it clear that it is planning a full sequence exploration program for the Jubilee Creek Property.
Patrick Sheridan, G2 Goldfields Chairman and CEO commented that the company was looking forward to launching an aggressive exploration plan in Q1 of 2020.
G2 Goldfields Inc. is a Toronto-based mineral exploration company focused on exploration and development.