Gold X2 Intersects up to 50.85m of 2.18 g/t Au from 1.15m in Moss Main Zone Grade Control Drilling Program

Executive Summary

• Gold X2 Mining Inc. announced the first batch of assay results from its grade control drill program at the Moss Gold Project in Northwest Ontario, targeting the Main Zone.
• The results from the first 18 shallow holes confirm the continuity of high-grade mineralization within individual shear zones and indicate that gold grades are generally higher than those predicted in the current resource model.
• The close-spaced drilling (12.5m x 12.5m) is designed to investigate short-distance mineralization behavior to determine spacing required to upgrade resources from inferred to indicated, while also providing samples for upcoming feasibility-level metallurgical studies.

Key Details

• Program Scope: 61 short drill holes completed as part of a close-spaced grade control program; this release covers the first 18 holes.
• Drill Pattern: 12.5-meter diamond-shaped pattern covering an area 100 meters along strike, 80 meters across strike, and 170-190 meters deep in the Main Zone.
• Top Intercepts Reported:
  • MMD-25-201: 49.85m at 1.54 g/t Au from 0.7m, including 36.3m at 2.03 g/t Au from 0.7m, and 16m at 3.14 g/t Au from 76.0m.
  • MMD-25-203: 50.85m at 2.18 g/t Au from 1.15m.
  • MMD-25-207: 41m at 1.71 g/t Au from 5.0m.
  • MMD-25-209: 57.5m at 1.26 g/t Au from 4.6m.
  • MMD-25-211: 32m at 1.55 g/t Au from 7.0m.
  • MMD-25-214: 64.1m at 0.96 g/t Au from 35.85m.
  • MMD-25-215: 20.25m at 2.73 g/t Au from 147.0m, including 9.7m at 5.35 g/t Au from 157.55m.
  • MMD-25-217: 22.7m at 2.21 g/t Au from 168.0m.
• Geological Findings: Drilling intersected typical diorite complex units (20-30m wide) ranging from mafic diorites to felsic granodiorites, with northern holes collaring into a dacite volcanic unit. Mineralized intersections are moderately to strongly sheared with sericite-chlorite or sericite-silica-hematite alteration.
• Model Comparison: Actual intercepts show slightly narrower but higher-grade shears compared to the current resource model, attributed to the use of HQ sized drill core versus historical BQ/NQ core.
• QA/QC: Samples analyzed by ALS Geochemistry (Au-AA23 and ME-MS61); samples over 10 ppm Au re-run via gravimetric finish (Au-GRA21).
• Qualified Person: Peter Flindell, PGeo, Vice-President, Exploration, approved the technical information.
• Current Resource Estimate (as of Jan 31, 2024): 1.54 million ounces of Indicated gold resources at 1.23 g/t Au (38.96 million tonnes) and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au (146.24 million tonnes).

Notable Quotes

• "We are pleased with the initial results of the first 18 drill holes from the Moss Main grade control program. Notably, gold grades are generally higher than those predicted in our current resource model and we look forward to the potential continuation of this pattern as we receive additional results. Equally important, the observed continuity of shear zones supports our current geological model... and this alignment reinforces our confidence in the Moss Gold Project's potential." — Michael Henrichsen, CEO