Gold X2 Mining updates Environmental Baseline Studies at Moss Gold Project, Ontario
Gold X2 Mining Inc. [TSXV: AUXX; OTCQB: GSHRF] FSE: DF8] reported a significant update to the environmental baseline work which began in 2021 at the Moss Gold Project in northwest Ontario, Canada. The assessment has grown in scope through 2025 keeping pace with the company’s development plans.
The key strategy employed by Gold X2 and led by CSL Environmental & Geotechnical Ltd. (CSL) focuses on de-risking the project from an environmental permitting perspective, while simultaneously expanding the various components of the program to ensure all permitting milestones are achieved.
Key accomplishments have included advancing long-term water quantity and quality studies and expanding the overall environmental baseline with the addition of several studies required for the project’s review by the Canadian Federal Impact Assessment Agency, including:
Stage 2 Archaeological Assessment: Stage 2 Archaeological Study was performed during the 2025 field season. To date nothing of archaeological significance has been discovered. Gold X2 and the archaeological team are proposing to continue this work in 2026 to incorporate information shared by Indigenous Communities.
Waste Geochemical Assessment: In 2025, a sampling program was initiated to characterize waste rock material and assess the metal leaching and acid rock drainage risk. Geochemical analysis is ongoing and will continue into 2026, covering both waste rock and tailings material. Results to date suggest most of the waste material is non-acid generating with insignificant metal leaching.
Enhanced Fisheries Assessment: In 2025, aquatic field programs were conducted to characterize baseline conditions in lakes and streams potentially influenced by the proposed mine, as well as nearby upstream systems that may serve as future reference sites. Building on this progress, further fisheries assessment work will resume in the spring of 2026 with enhanced studies focusing on suitable habitat lakes.
Advanced Hydrogeological Field Assessment: In 2025, two key hydrogeological milestones were achieved: the completion of a deep bedrock packer hole assessment and the installation of a baseline monitoring well network. The 2026 field and technical programs planned are designed with de-risking and characterization in mind and have been developed at an EA level.
Geophysical Assessment: In 2025, the company conducted a seismic survey to map the overburden and develop a bedrock surface model in conjunction with existing drill hole data. Additional seismic work is planned for the tailings management facility area to inform hydrogeology, geotechnical and mining studies.
Advanced Hydrological Assessment: In 2025, the hydrological study expanded, adding 15 additional hydrometric stations for a total of 25 data points covering the entire project area. In 2026, work will include detailed modelling to assess inundation and stream augmentation studies, and the development of a baseline hydrological report.
Geospatial Data Acquisition: During the fall of 2025, Gold X2 commissioned an aerial lidar survey covering over 80 km2, providing the team with an ortho-imagery file and details elevation data with 40 points per square metre. This information will be used to calibrate both hydrological and bedrock models through the course of 2026. It will also facilitate detailed engineering studies in 2027-28.
Enhanced Terrestrial Biological Assessment: Terrestrial assessment work has been ongoing since 2021, focusing on Species at Risk (SAR) and other biological components. Studies conducted between 2022-2025 include ecosystem mapping, wetland evaluation, wildlife, bird, mammal, reptile, and amphibian assessments. To date, Gold X2 has not been informed of any significant SAR unique to the project area. This work will continue in 2026, culminating in a final baseline terrestrial biology report.
Looking ahead to 2026, the company will focus on completing the above ongoing studies while initiating additional studies in parallel, including:
Air Assessment: Ambient air quality monitoring of contaminants expected to be emitted from the proposed project is to be conducted in 2026.
Noise Assessment: The Environmental Noise and Vibration Assessment and Acoustic Assessment Report work will commence in 2025, with a 2026 study consisting of a 3-phase approach: assessing baseline conditions, reviewing proposed facility operations, and evaluating predicted site-wide noise and vibration impacts from equipment, haulage, and truck routes.
Socio-economic Evaluation: The project team will assess the socio-economic setting, examining cultural, social, and economic environments, and in 2026, will work with Indigenous Communities to develop strategies that enable their meaningful contribution and self-determination in the project’s impact assessment.
Mine Closure Planning: Planning will begin with developing conceptual site closure options for discussion with local and Indigenous Communities, aiming to develop a preferred mine closure plan.
Michael Henrichsen, CEO of Gold X2, commented: “Our baseline studies are crucial in informing our decision-making and enabling us to minimize environmental impacts throughout the project’s lifecycle. We’re on track to complete these studies by the end of 2026, which will position Gold X2 to enter the formal permitting process alongside a feasibility study in 2027. This work is foundational to our project’s success, and we’re committed to conducting it thoroughly and responsibly. By engaging with Indigenous Communities and incorporating their insights, we’re building a project that not only meets regulatory requirements but also aligns with the needs and values of the communities we’re working with. We’re excited to take the next steps in advancing our project and look forward to continued collaboration with all stakeholders involved.”
Chris Perusse, President of CSL, had the following statement: “The efforts to date are a strong indicator of project value and commitment to ensuring a full understanding of the environmental baseline setting. Gold X2 demonstrates that cultural values and historical land use are an important value set and continue to keep Indigenous Communities informed throughout the process. The approach employed by CSL, supported by Gold X2, has been designed and implemented such that Indigenous Communities engagement helps drive baseline data acquisition and inform key decision makers.
“Overall, the project is progressing toward submission of both Provincial and Federal Environmental Assessment during Q3 2027. This will begin the process with various government agencies leading to project approval.”
The company further reports the board of directors of the company has approved the grant of 11,770,000 incentive stock options and 3,870,000 restricted share units under to the company’s Omnibus Incentive Plan, to officers, directors and consultants of the company. The Options are exercisable at $0.51 per share for five years and vest as follows: 1/3 on May 06, 2026, 1/3 on May 06, 2027, and 1/3 on May 06, 2028. The RSU’s vest 12 months from the date of grant on November 06, 2026.
Gold X2’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 $75 million of new capital and completed approximately 100,000 metres of drilling on the Moss Gold Project, which, in aggregate, has had over 255,000 metres of drilling. The 2024 updated NI 43-101 mineral resource estimate (MRE) has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au, contained within 38.96 million tonnes and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au, contained within 146.24 million tonnes. The MRE only encompasses 3.6 km of the 35+ km mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for development in this cycle.