Gold X2 Mining Inc. (TSX-V: AUXX) (OTCQB: GSHRF) (FWB: DF8), is pleased to announce initial drilling results from two drill holes targeting high grade mineralization at depth in the QES Zone at the Moss Gold Project in Northwest Ontario, Canada.

Michael Henrichsen, CEO of Gold X2, commented, “This drilling was designed to test the system for higher-grade mineralization that could potentially support underground mining in the future and to demonstrate the open pit can be extended to depth. The discovery of higher-grade mineralization 280 meters beneath the RPEEE pit represents a transformative development in our exploration process and growth trajectory of the project. Our team has worked very hard over the past year to advance our understanding of high-grade mineralization distribution within the deposit. This effort has yielded strong results, with our first drill hole confirming higher-grade mineralized shoots at depth. The Company plans to follow up promptly on these results to reveal the true potential of the mineralized system.”

 

 

Highlights

• Two drillholes targeting shallowly plunging high-grade shoots within the core shears of the QES Zone up to 280 meters beneath the current RPEEE pit shell are illustrated in (Figure 1). The results not only confirm the continuity of the QES Zone at depth with the discovery of a new high-grade shoot, but also expand the Superion Zone near surface (Figure 2). See (Table 1) for full assays within the mineralized zone. Select higher-grade intercepts include:

• MQD-25-326:
  • Superion Zone: 23.0m of 1.01 g/t Au from 183.0m
  • QES Zone:  117.0m of 1.21 g/t Au from 816m, including
    • 19.0m of 3.33 g/t Au from 826.0 m, including
      • 10.0m of 4.37 g/t Au, including
        • 5.0m of 7.24 g/t Au

• MQD-25-330:
  • QES Zone: 28.95m of 1.18 g/t Au from 730.05m, including
    • 10.3m of 2.38 g/t Au from 746.0m

• Further exploration drilling will evaluate the continuity of broad mineralized shears that may lead to a deeper open pit, as well as the high-grade mineralization discovered in drill hole MQD-25-326 with the goal of defining a strike extensive higher-grade shoot.   Potential underground mining methods and associated economic parameters will be evaluated once sufficient drilling is completed and the continuity of higher-grades confirmed.

Technical Overview

The RPEEE pit defined in the recently released PEA was constrained by drill data that focused on the top 500 meters of the deposit.  Structural analysis within the deposit revealed a repeating pattern of higher-grade shoots in the QES Zone that are plunging approximately 10 – 15 degrees to the northeast.  Within the shallowly plunging higher-grade shoots, intersections between primary and secondary shear zones develop the highest-grade zones along steeply plunging intersection lineations, as intersected by MQD-25-171, which returned 124.35m of 1.65 g/t Au including 47m @ 3.08 g/t Au (release April 22, 2025) and MQD-22-014, which returned 128.3m @ 1.05 g/t Au including 40.6m @ 1.99 g/t Au (release May 3, 2022).

To test the concept of deeper mineralized shoots, Gold X2 drilled two holes, MQD-25-326 and MQD-25-330 which intersected the core shear zone approximately 280m and 60m, respectively, beneath the RPEEE pit shell. MQD-25-326 successfully intersected the next shallow plunging high-grade shoot. Both holes were drilled from the north side of QES so that they could also test for shallow marginal shears in Superion area.

MQD-26-326 was collared north of the Superion Zone and encountered mineralized sericite-silica altered sheared dacite volcanics, intersecting 11.4m of 0.51 g/t Au from 6.6m. The hole intersected a second sheared diorite package returning 23.0m of 1.01 g/t Au from 183.0m before encountering the main diorite complex at 300m. Both mineralized shears are not modelled in the current MRE and represent further opportunities to convert waste blocks into mineralized blocks in future MREs.

The hole intersected the QES Zone approximately 280m below the RPEEE pit shell and intersected the expected geology with mineralization hosted in sheared sericite-silica-hematite altered granodiorites and higher-grades correlating with increased shear intensity. The entire zone returned an intercept of 222m @ 0.88 g/t Au from 759m, including the headline 117.0m of 1.21 g/t Au, which suggests potential to significantly deepen the proposed open pit if further drilling confirms strike and depth continuity of the core shear zone.

Additionally, MQD-25-326 intersected a high-grade corridor returning 19.0m of 3.33 g/t Au from 826.0 meters. The interval contains two higher strain shear zones, which returned 10.0m of 4.37 g/t Au from 826.0m, including 5.0m of 7.24 g/t Au from 826.0m, and 2.0m of 7.15 g/t Au from 843.0m. The shallowly plunging high grade mineralized shoots within the Moss Gold Deposit demonstrate high grade continuity over several hundred meters that have been corroborated by recent grade control patterns and within the larger resource. Together this suggests an opportunity to define a potential higher-grade resource that may possibly be mined by underground methods. Gold X2 will conduct follow up on these initial results to demonstrate both grade and strike continuity at depth. Once the Company has a firmer understanding of the nature of the higher-grade mineralization, a study will commence to evaluate the appropriate underground mining method and economic parameters.

MQD-26-330 was collared north of QES, along the western edge of the Zone, intersecting the core shears at approximately 50 meters below the RPEEE pit shell. It collared into dacite volcanics and encountered diorite package at 300m before transitioning into the broad sheared sericite-silica-hematite altered granodiorite. The hole hit above the targeted and interpreted shallow plunging mineralization shoot into an inter-shoot zone of expected lower grade. Alteration and shear intensity were noticeably less than that seen in MQD-26-326 with intercepts of 30.0m of 0.52 g/t Au from 664.0m, 20.2m of 0.50 g/t Au from 704.8m and 28.95m of 1.18 g/t Au from 730.05m.

Further exploration drilling will continue to evaluate the continuity of broad mineralization and high-grade shears that provide an opportunity for significant resource growth. This will commence with wedged holes designed to step out in 50 – 100 meter increments from the above intercepts to more fully defined the proposed mineralization shoots and better define their geometry.

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About Gold X2 Mining

Gold X2 is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world’s largest gold company and backed by one of Canada’s pre-eminent private equity firms. The Company’s current focus is the advanced stage 100% owned Moss Gold Project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled workforce. The Company has invested over $100 million of new capital and completed approximately 100,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 300,000 meters of drilling. The 2026 updated NI 43-101 mineral resource estimate (“MRE”) for the Moss and East Coldstream Deposits has expanded to 2.458 million ounces of Indicated gold resources at 1.04 g/t Au, contained within 73.8 million tonnes and 4.209 million ounces of Inferred gold resources at 0.97 g/t Au contained within 134.7 million tonnes. The Moss Deposit also has a silver MRE of 3.160 million ounces of indicated silver resources at 1.53 g/t Ag contained within 64.3 Mt and 6.273 million ounces of inferred silver resources at 1.55 g/t Ag contained within 125.9 Mt. Results of a preliminary economic assessment (“PEA”) of the Moss Gold Project suggest the potential for the deposit to support a long-life mining operation with a strong production profile and low production costs. The MRE and PEA are supported by a NI 43-101 technical report for the Moss Gold Project which will be filed on SEDAR+ (www.sedarplus.ca) and the Company’s website by March 12, 2026. For more information, please visit SEDAR+ (www.sedarplus.ca) and the Company’s website (www.goldx2.com).

For More Information – Please Contact:

Michael Henrichsen
President, Chief Executive Officer and Director
Gold X2 Mining Inc.

E: mhenrichsen@goldx2.com
W: www.goldx2.com
T: 1-604-404-4335