Gold X2 Intersects 86.0m of 1.37 g/t Au from 314.0m at QES During Infill Drilling at the Moss Gold Project
Vancouver, British Columbia, June 2nd, 2026, FinanceWire
Gold X2 Mining Inc. (TSXV:AUXX) (OTCQB: GSHRF) (FSE: DF8) (“Gold X2” or the “Company“) is pleased to announce the latest assays from its infill drilling program targeting the QES Zone at the Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project“).
Michael Henrichsen, CEO and Director of Gold X2 commented: “These infill drill results demonstrate a meaningful expansion of the QES Zone relative to the current mineral resource estimate, through the expansion of the mineralized system by unmodelled secondary shear zones. In addition, we continue to encounter the emerging Superion Zone at shallow depths which we believe will lead to further expansion on the north side of the proposed open pit.”
Highlights
- Eighteen holes, including four extensions to holes drilled in 2025, were drilled through the QES Zone to upgrade Inferred resources to the Indicated category within the current RPEEE (“Reasonable Prospects for Eventual Economic Extraction”) open pit shell. Drilling continues to delineate a larger mineralized system than predicted by the Inferred resource with poorly mineralized wall rock zones excluded from the MRE converting to mineralized secondary shears. Best intercepts include:
- 72.65m of 0.79 g/t Au from 513.0m in MQD-25-149, including
- 34.0m of 1.14 g/t Au from 548.0m
- 118.0m of 0.78 g/t Au from 366.0m in MQD-25-163, including
- 6.8m of 4.18 g/t Au from 422.0m
- 57.0m of 0.88 g/t Au from 266.0m in MQD-26-362, including
- 24.5m of 1.41 g/t Au from 268.8m
- 86.0m of 1.37 g/t Au from 314.0m in MQD-26-366, including
- 26.0m of 2.90 g/t Au from 345.0m, including
- 3.0m of 7.67 g/t Au from 349.0m, and
- 6.0m of 5.82 g/t Au from 362.0m
- 139.05m of 1.01 g/t Au from 355.95m in MQD-26-378, including
- 39.35m of 1.78 g/t Au from 385.0m
- 142.65m of 0.93 g/t Au from 394.05m in MQD-26-383, including
- 46.0m of 1.59 g/t Au from 408.0m, including
- 7.0m of 3.31 g/t Au from 413.0m
- 90.0m of 0.96 g/t Au from 438.0m in MQD-26-390, including
- 21.9m of 1.71 g/t Au from 444.0m
- The fourteen new holes were collared north of the QES Zone and located additional mineralized Superion-style shears outside of the current mineral resource. Intercepts include:
- 18.75m of 1.02 g/t Au from 259.25m in MQD-26-332
- 27.7m of 1.85 g/t Au from 245.0m in MQD-26-366, including
- 5m of 9.19 g/t Au from 250.0m,
- 10.0m of 3.73 g/t Au from 80.0m in MQD-26-383, including
- 4m of 8.5 g/t Au from 83.0m, including
- 2.0m of 15.6 g/t Au from 85.0m
Technical Overview
The results of the holes drilled across the core shears in the upper part of the QES Zone are illustrated in the following figures and tables. Figure 1 shows the location map of the drill holes reported in this release. Figure 2 provides a typical cross-section through drill holes MQD-25-149, MQD-26-362 and MQD-26-366. The results are summarized in Tables 1 to 3, which include significant intercepts (Table 1), drill hole locations (Table 2) and the reconciliation between actual drill intercepts and those predicted by the current resource model (Table 3).
Figure 1: Shows the location of the drill holes across the core and marginal shears in the QES and Superion Zones
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Figure 2: Shows a typical section through drill holes MQD-25-149, MQD-26-362 and MQD-26-366 with reported intersections relative to the current resource block model
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Gold X2 has embarked on a deposit wide infill drilling program designed to upgrade Inferred resource blocks to Indicated within the RPEEE pit shell and further de-risk the Moss Gold Project. The initial program has focused on targeting the QES Zone, as this is best accessed in winter from muskeg-dominated areas north of the QES Zone. In addition, Gold X2 identified nine holes from its 2025 Superion exploration program to be extended through the core shears of the QES Zone to infill the drill spacing near the bottom of the RPEEE pit shell.
All fourteen new holes collared through overburden and encountered the expected wide epidote-chlorite altered diorite body north of the QES Zone with localized sericite-silica altered shearing, which increased in intensity and width downhole. These localised shears range from lower grade shears, such as 8.6m of 0.54 g/t from 63.45m in MQD-26-382, to high-grade Superion-style mineralization, such as 10.0m of 3.73 g/t Au from 80.0m, including 2.0m of 15.6 g/t Au from 85.0m in MQD-26-383.
Each hole, including the four extension holes, intersected the expected wide sericite-silica-hematite and sericite-chlorite altered sheared granodiorite in the QES Zone, with six holes being terminated within the granodiorite to avoid intersecting mineralization already tested from the south side. The remaining eight holes and four extension holes were extended through the granodiorite into the southern dacitic volcanic package.
This news release also includes a nineteenth hole drilled to test the eastern extension of the QES Zone that has been offset by the Sloane Fault. MQD-25-244 intersected low-grade shears typical of this area, including 21.0m @ 0.43 g/t Au from 258.0m.
Globally, the drill results from the eighteen holes infilling the MRE volume are showing 67% wider zones at an average 19% lower grade when compared to the current MRE. Intercepts of modelled mineralized shears are reconciling well. The additional volume reflects the discovery of secondary shears in zones previous modelled as wall rock and excluded from the MRE, as well as by the addition of marginal shears along the north side of QES not tested by the original southern collared drill programs. As these zones are not in the MRE, they have been modelled as low grade or waste. As such the grades intersected by these infill drill holes are higher grade than in the model despite having an overall average lower grade than the modelled shears. The net result is a significant replacement of waste with mineralization in the RPEEE pit shell.
Figure 3: Hole MQD-26-366: Strong to moderately sheared granodiorite with zones of sericite-hematite-silica dominated alteration yielding the high-grade intercept of 3.0m of 7.67 g/t Au from 349.0m and 6.0m of 5.82 g/t Au from 362.0m, part of the greater interval of 86.0m of 1.37 g/t Au from 314.0m.
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Table 1: Significant intercepts
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 5 metres. Shaded intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
* Intercepts from extended holes that have been previously reported
Analytical and QA/QC Procedures
The drill core is a mix of HQ and NQ diameter drill core has been visually validated in the core shack, rotated, and reconnected. Structural orientation data was captured by acoustical and optical televiewer operated by DGI Geosciences. All core has been sawed in half cut just off a geologist established cutline aligned 90° from the apex of the foliation, with the right half (looking down hole) of the core bagged and sent a third-party analytical laboratory. The left half of the core was returned to core boxes and is stored at Gold X2’s Kashabowie core yard facility.
All samples were sent to Paragon Geochemical in Timmins for sample preparation. Samples were analysed for gold via PhotonAssay™ (“PA-AU02”) by Paragon’s laboratory in Hamilton and then shipped to Activation Laboratories (ActLabs) Ancaster for 60 pathfinder elements via ICP-MS after four-acid digestion (“UT-6”). Paragon and ActLabs are accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025.
In addition to Paragon quality assurance / quality control (“QA/QC“) protocols, Gold X2 has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Gold X2 by Orix Geoscience Inc.
Qualified Person
Peter Flindell, PGeo, MAusIMM, MAIG, Chief Operating Officer, of the Company, and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has approved the scientific and technical information contained in this news release.
Mr. Flindell has verified the data disclosed. To verify the information related to the winter drill program at the Moss Gold Project, Mr. Flindell has visited the property several times; discussed and reviewed logging, sampling, bulk density, core cutting and sample shipping processes with responsible site staff; discussed and reviewed assay and QA/QC results with responsible personnel; and reviewed supporting documentation, including drill hole location and orientation and significant assay interval calculations. He has also overseen the Company’s health and safety policies in the field to ensure full compliance, and consulted with the Project’s host indigenous communities on the planning and implementation of the drill program, particularly with respect to its impact on the environment and the Company’s remediation protocols.
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 $150 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 available on the Company’s website and under the Company’s issuer profile on SEDAR+. 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.
T: 1-604-404-4335
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project; the potential mineralization at the Moss Gold Project based on the winter drill program, including the potential for additional mineral resources; the enhancement of the Moss Gold Project; statements regarding the Company’s future drill plans, including the expected benefits and results thereof; that the Superion target has the potential to significantly add to the current mineral resource estimate within the top 200 meters from surface with continued drilling and to reduce the overall strip ratio of the deposit; the potential for resource growth at Moss and the fact that the results have the potential to significantly impact the economic performance of the deposit moving forward; the potential for a much larger mineralized system and that it will be pursued in the near future through additional drilling; and other statements that are not historical facts.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: uncertainty and variation in the estimation of mineral resources; risks related to exploration, development, and operation activities; exploration and development of the Moss Gold Project will not be undertaken as anticipated; the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; the economic performance of the deposit may not be consistent with management’s expectations; the Company’s exploration work may not deliver the results expected; the fluctuating price of gold; unknown liabilities in connection with acquisitions; compliance with extensive government regulation; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; environmental and other regulatory requirements; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; the Company’s limited operating history; intervention by non-governmental organizations; outside contractor risks; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; the Superion target may not add to the current mineral resource; and other risks associated with executing the Company’s objectives and strategies as well as those risk factors discussed in the Company’s continuous disclosure documents filed under the Company’s SEDAR+ profile at www.sedarplus.ca.
The forward-looking information in this news release is based on management’s reasonable expectations and assumptions as of the date of this news release. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: the future price of gold; anticipated costs and the Company’s ability to fund its programs; the Company’s ability to carry on exploration, development and mining activities; prices for energy inputs, labour, materials, supplies and services; the timing and results of drilling programs; mineral resource estimates and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company’s mineral properties; the timely receipt of required approvals and permits; the costs of operating and exploration expenditures; the Company’s ability to operate in a safe, efficient, and effective manner; the Company’s ability to obtain financing as and when required and on reasonable terms; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that the Superion target will add to the current mineral resource; that the Company’s exploration work will deliver the results expected; and that there will be no material adverse change or disruptions affecting the Company or its properties.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Featured Image @ Freepik
Contact
President, Chief Executive Officer and DirectorMichael Henrichsen
Gold X2 Mining Inc.
mhenrichsen@goldx2.com
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