Gold X2 Mining discovers two mineralized shear zones on Deaty Trend, Moss Gold Project, Ontario

Gold X2 Mining Inc. [TSXV: AUXX; OTCQB: GSHRF; FSE: DF8] reported assay results from the four-hole phase one test program of the Bunker target along the prospective 5km long Deaty trend at the Moss Gold Project in Northwest Ontario, Canada.

Michael Henrichsen, CEO of Gold X2, commented, “We are very excited to have intersected two mineralized shear zones in our first pass drilling across the Deaty trend at the Bunker target. This area is completely under glacial cover, and the discovery of these mineralized zones has demonstrated that our greenfields exploration techniques are effective. We very much look forward to continuing an aggressive exploration program along the Deaty trend as we believe there is excellent potential for a meaningful discovery within 2-3 kilometers of the moss deposit.”

Highlights: Four scout holes were drilled at the Bunker Target, approximately 2km south of the Moss Gold Deposit, to test one of five highly prospective targets concealed by glacial cover along the anomalous Deaty Trend. The drilling identified two new parallel mineralized structures – the Sand Shear and the Wedge Shear – approximately 250 meters apart.

Drill intercepts include Sand Shear: 5.6m of 2.24 g/t Au from 163.4m in DBD-25-001, including 3.7m of 3.28 g/t Au from 163.4m, and 19.0m of 0.43 g/t Au from 192.0m, including 2.0m of 1.59 g/t Au from 193.0m.

Wedge Shear: 17.0m of 1.23 g/t Au from 21.0m in DBD-25-003, including 8.0m of 2.50 g/t Au from 30.0m, including 1.45m of 12.0 g/t Au from 30.0m.

The encouraging results from this first phase of scout drilling reinforce the successful approach of utilizing systematic bedrock sampling and gradient array geophysics to discern concealed bedrock mineralization. Scout drilling of additional targets along the Deaty Trend is scheduled to begin Q1 2026 with follow up drilling of the Bunker target expected in late Q2 2026.

The results of the initial scout drill program have been very encouraging and support the drill testing of the remaining four anomalies along the Deaty Trend that are outlined by the systematic bedrock geochemistry and gradient array geophysics programs that defined the Bunker Target discovery. Scout drilling of the remaining anomalies is expected to begin in Q1 2026. Follow up drilling at the Bunker Target is being planned for late Q2.

The company also announced that, under the company’s omnibus incentive plan, it granted a total of 2,100,000 incentive stock options and 1,400,000 restricted share units (RSU) to management and consultants of the Company. The options are each exercisable to purchase one common share of the company at an exercise price of $1.19 for a period of five years. Each RSU entitles the holder to be issued one common share of the company upon vesting, the RSUs will vest one year from grant.

The company’s current focus is the advanced stage 100%-owned Moss Gold Project in Ontario 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 metres 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.