Multiple High-Grade Intersections at Oko including 32.9 g/t Au over 8.6 m & 19.1 g/t Au over 6.8m

TORONTO, July 22, 2021 - G2 Goldfields Inc. (TSXV: GTWO; OTCQX: GUYGF) (the "Company" or "G2") is pleased to report additional assay results from the Company's ongoing drilling program at the Oko project, Guyana. High-grade gold mineralization at Oko presents as visible gold within sheared quartz veins in carbonaceous sediments. The mineralized shears strike north to south, dip steeply to the east, and are continuous for hundreds of meters along strike, down dip and down plunge. Six parallel mineralized shears have been encountered to date.

G2 has completed 86 diamond drill holes at Oko totalling 20,362 metres. Assay results for holes 70 to 75 are reported hereunder and highlights include the following:

• Hole OKD - 74 targeted the up-dip mineralization of the recently reported deep intercept of 9.2 g/t Au over 11.3 m (hole OKD - 67 from 392 downhole) (see press release dated June 10, 2021) and intercepted 32.9 g/t Au over 8.6 m (5.4 m estimated true width) (from 192.8 m) approximately 150 m vertically above the hole OKD - 67 intercept.
  
• Hole OKD - 73 returned core intercepts of 19.1 g/t Au over 6.8 m as well as 5.9 g/t Au over 2.2 m. The former intercept represents the up-dip extension of previously reported Hole OKD - 27 (19.5 g/t Au over 4m, see press release dated April 15, 2020).
  
• Hole OKD - 75 intercepted multiple high-grade zones including 23.1 g/t Au over 1.2 m, 9.7 g/t
  

Au over 3.2 m and 177 g/t Au over 0.4 m. Notably, all intercepts lie within relatively shallow

mineralized zones between 118 m and 219 m downhole.

• Hole OKD - 72 returned 10 g/t Au over 3.2 m (from 96 m), successfully intersecting shear zone #4 at relatively shallow depths.
  
• Holes OKD - 70 and OKD - 71 intercepted broader zones of lower grade mineralization
  

including 2.0 g/t Au over 16.9 m (OKD - 70) and 1.1 g/t Au over 13.3 m (OKD - 71).

True widths of the mineralized zones in holes 70 to 72 and hole 74 are estimated to be between 54% and 63% of the reported down hole widths. True widths to the mineralized zones in holes 73 and 75 are estimated to be between 74% to 81% of the reported down hole widths.

A full table of results is available at the following link https://g2goldfields.com/wp-content/uploads/2021/07/TableOfResults_G2_JULY22.pdf.

Current diamond drill results demonstrate the considerable exploration potential of the Oko project.

Dan Noone, G2 CEO, stated, "These latest holes demonstrate the exceptional prospectivity of our Oko project, as we continue to intersect high-grade gold with considerable frequency. These are some of our best holes to date which reflect our growing knowledge of the area."

A plan view of the current drilling and conceptual geological model is available at the following link https://g2goldfields.com/wp-content/uploads/2021/07/G2_OkoDrillingModel_FIN.pdf.

POSSIBLE NEW PARALLEL ZONE TO EAST

Additionally, G2 reports a new area for future drilling, which includes:

• Quartz vein containing visible gold exposed in Carbonaceous sediments, similar to Oko.
  
• Two high-grade grab samples of quartz vein floats.
  
• Early-stage prospect which has excellent growth potential
  

Boaz Wade, G2 Goldfields Exploration Manager, comments, "The Oko East prospect is a new discovery which is located 500 m east of the Oko Main target. Exposures of quartz boulder float and an outcropping quartz vein, hosting visible gold mineralization were observed in carbonaceous sediments similar to the Oko Main area. Two grab samples on cobble-sized floats of the quartz vein returned 31.4 g/t Au and 9.4 g/t Au close to an area with extensive artisanal workings. We believe that Oko East is an early-stage target which has excellent upside potential for the discovery of additional economic mineralization in the Oko district".

QA/QC

Drill core is logged and sampled in a secure core storage facility located on the Oko project site, Guyana. Core samples from the program are cut in half, using a diamond cutting saw, and are sent to MSALABS Guyana, in Georgetown, Guyana, which is an accredited mineral analysis laboratory, for analysis. Samples from sections of core with obvious gold mineralization are analyzed for total gold using an industry-standard 500g metallic screen fire assay (MSALABS method MSC 550). All other samples are analyzed for gold using standard Fire Assay-AA with atomic absorption finish (MSALABS method; FAS-121). Samples returning over 10.0 g/t gold are analyzed utilizing standard fire assay gravimetric methods (MSALABS method; FAS-425). Certified gold reference standards, blanks, and field duplicates are routinely inserted into the sample stream, as part of G2 Goldfield's quality control/quality assurance program (QAQC). No QA/QC issues were noted with the results reported herein.

About G2 Goldfields Inc.

G2 Goldfields Inc. is focused on the discovery of large gold deposits in the Guiana Shield. The Company owns a 100% interest in two past gold-producing mines, as well as a regional portfolio of highly prospective projects.

All scientific and technical information in this press release has been prepared under the supervision of Dan Noone (CEO 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.

For further information please contact:

Dan Noone
CEO
+1.416.628.5904
Email: d.noone@g2goldfields.com

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 G2 Goldfields 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: 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 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 Goldfields public disclosure documents (including, without limitation, those risks identified in this news release and G2 Goldfields 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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