Gold X2 Mining posts final drill results at Moss Gold Project, Ontario

Gold X2 Mining Inc. [TSXV: AUXX; OTCQB: GSHRF; FSE: DF8] reported the fourth and final batch of assay results from its Main Zone grade control drill program, with eleven shallow holes targeting the marginal to core shears within the Main Zone at the Moss Gold Project in Northwest Ontario, Canada.

Michael Henrichsen, CEO, commented, “We took the proactive step to derisk the resource model by conducting close-spaced drilling that emulates grade control drilling in a producing mine, to ensure we have a thorough understanding of the distribution of the gold mineralized shears at the mine scale. We have conducted a reconciliation exercise to understand how the resource model will perform in a potential mining scenario, and the results are very encouraging. Grade control drilling has identified additional, previously unrecognized secondary shear zones that have been assigned as waste in the current resource model. From this, we expect the upcoming infill drill program, with a tighter drill spacing, to grow the resource and significantly enhance the project’s overall economics and mine plan.“

Highlights: Assay results from the final eleven holes in the Main Zone grade control drill program continue to strengthen confidence in the continuity of wide, near-surface, high-grade shear corridors defining the center of the Moss Main Zone. Select drill intercepts include 73.8 metres of 1.30 g/t gold from 7.0 metres in MMD-25-235, including 32.0 metres of 1.29 g/t gold from 31.0 metres, and 10.8 metres of 2.50 g/t gold from 69.0 metres; 61.25 mteres of 1.53 g/t gold from 2.75 metres in MMD-25-253, including 6 metres of 3.60 g/t gold from 23 metres, and 8 metres of 4.90 g/t Au from 35 metres; 60.0 metres of 0.94 g/t gold from 118.0 metres in MMD-25-254, including 12.4 metres of 2.13 g/t gold from 119.0 metres; 48.0 metres of 1.20 g/t gold from 118.0 metres in MMD-25-257, including 6.0 metres of 4.64 g/t gold from 154.0 metres; 82.0 metes of 0.89 g/t gold from 22.0 metres in MMD-25-259, including 7.0 metres of 3.13 g/t gold from 48.0 metres; 49.0 metres of 2.13 g/t gold from 43.0 metres in MMD-25-261, including 15.0 metres of 3.43 g/t gold from 49.0 metres, and  3.0 metres of 12.4 g/t gold from 71.0 matres.

Reconciliation of all drill intercepts against those predicted by the current resource model shows 23% more and/or wider shears with an 8% drop in grade, which demonstrates the potential for positive implications for future resource models. Specifically, the reconciliation shows that there are additional low-grade secondary shears that have not been included in the resource model because of the wider spacing of the exploration drill holes.

Gold X2 designed two grade control drilling programs that have been drilled on a 12.5-metre diamond-shaped pattern: The Main Zone pattern covers a volume that is approximately 110 metres along strike, 70 metres across strike and 90-160 metres vertical depth. This program was completed with 61 drillholes (10,953m) and all assays have been received.

The QES Zone pattern covers a volume that is 100 metres along strike, 70 metres across strike and 100-170 metres vertical depth. The program was completed with 58 drillholes (11,004m) with assays pending.

Both programs aimed to investigate the short distance behaviour of gold mineralization, informing the determination of the optimal drill spacing required to upgrade Inferred Mineral Resources to Indicated Mineral Resources in preparation for the upcoming Feasibility-level infill program. Additionally, the remaining half core will supply the required volume of sample for the upcoming Feasibility-level metallurgical studies. Finally, the tight spaced drilling provides mining-level precision that will derisk the Mineral Resource Estimate through a reconciliation analysis.

Results from the Main Zone pattern have supported the transition from modelling individual shear zones to shear corridors. The wider shear corridors will also improve mine design scenarios through optimizing the mining block size, fleet selection and mine dilution expectations.

The geological model created over the Main Zone grade control pattern confirms the preference for mineralization to occur within diorite-granodiorite intrusions. Shears are parallel to sub-parallel to intrusion contacts, but do not show any measurable difference in gold mineralization where they cross intrusion contacts. Shear intensity within intrusions correlates well with gold grades with higher intensity shearing returning higher gold grades. However, there is a significant decrease in gold mineralization where marginal shears cross into a wedge of dacitic volcanic wall rocks in the northern portion of the pattern. This is despite the dacite being locally intensely sheared.

Assay results for the entire 61-hole Main Zone grade control pattern have been compared against expected intercepts from the current resource model. The total combined intercept lengths from grade control drilling are 23% larger than is expected from the resource model, while the average grade is 8% lower. This reflects additional lower-grade secondary shears that have not been well defined by drilling on the exploration spacing of 50 meters and therefore not modelled. This has the potential for an overall positive impact of reducing the volume of blocks modelled as waste, while adding potentially ore-grade blocks.

The company also reported that, under the company’s omnibus incentive plan, it granted a total of 2,925,000 stock options and 2,815,000 restricted share units to a director and consultants of the company. The options are each exercisable to buy one common share of the company at an exercise price of $1.19 for 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, 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 metres of drilling on the Moss Gold Project, which, in aggregate, has had over 300,000 metres 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.