If the sensor is not smaller than the G1X original, so the lens is 12.5 mm ultra wide angle. That would be unlikely. I bet the sensor is 4/3 as Olympus and Panasonic.The sensor is smaller than the original G1X, ....I don't think so.
The original sensor was 1.85 crop as specified by Canon. If this one is the same, that's about 23mm at the wide end. The S120 is 24mm, as are many other compacts. I agree with what was said above - Canon will probably call this 24-120, just like the S120.