Gold X2 Discovers Two Mineralized Shears on the Deaty Trend
Gold X2 Discovers Two Mineralized Shears on the Deaty Trend
Including 17.0m @ 1.23 g/t Au
VANCOUVER, B.C., February 05, 2026: Gold X2 Mining Inc. (TSXV: AUXX / OTCQB: GSHRF
/ FWB: DF8) (“Gold X2” or the “Company”), is pleased to announce the 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 (the “Moss Gold Project”).
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 (press release dated October 16, 2025) . The drilling
identified two new parallel mineralized structures – the Sand Shear and the Wedge Shear
– approximately 250 meters apart. Drill intercepts include:
Sand Shear
o 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
o 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
o 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.
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Technical Overview
The results of the Bunker scout drilling program 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
cross-section through drill holes DBD-25-001 and DBD-25-003. The results are summarized in
Tables 1 and 2, which include significant intercepts (Table 1) and drill hole locations (Table 2).
Figure 1: Illustrates the Bunker scout drill program. Drill holes being reported are highlighted in gold.
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Figure 2: Shows the section across the Bunker Target.
Holes DBD- 25-001, 002, and 003 targeted a wide anomalous zone outlined by systematic
bedrock geochemistry and gradient array geophysics (press release dated October 16, 2025)
concealed beneath glacial cover that is 10 to 50 meters thick.
Hole DBD-25-001 was drilled towards the northwest and intersected a sequence of andesitic
lavas and tuffs with localized meter -scale metasedimentary beds, which frequently contain
exhalative pyrite and strongly sheared graphitic argillite beds. The sequence is intruded by several
10-20m wide gabbroic bodies and remains in a wide gabbro-diorite intrusion beneath 172 meters
depth. The entirety of the hole has experienced moderate to strong shearing, believed to be
related to the nearby crustal-scale Knife Lake Fault, and is pervasively chloritized.
DBD-25-001 intersected two mineralized zones. The first – the Sand Shear – is hosted within an
exhalative sulphide bearing graphitic argillite horizon along the contact of the sizeable gabbro-
diorite (Figure 3). The Sand Shear returned a mineralized interc ept of 5.6m of 2.24 g/t Au from
163.4m. The second mineralized zone, 19.0m of 0.43 g/t Au from 192.0m, is hosted within a more
strongly sheared zone of the gabbro- diorite. Both zones contain elevated deformed quartz -
carbonate veining.
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Figure 3: Hole DBD-25-001: Sheared metasedimentary rock horizon containing exhalative pyrite and strongly
sheared graphitic argillite beds with deformed quartz-carbonate veins returning an intersection of 5.6m of 2.24 g/t Au
from 163.4m, including 3.7m of 3.28 g/t Au from 163.4m.
Hole DBD-25-002 was drilled from a nearby setup towards the southeast and the nearby Hood
Lake granitoid stock. The hole intersected a wide gabbro-diorite intrusion, locally porphyritic, until
approximately 140m after which it intersected a similar andesitic volcanic package as
encountered in DBD -25-001 until 215m, where it encountered a series of sheeted diorite
intrusions, likely related to the stock. No mineralized zones were intersected.
Hole DBD-25-003 was drilled approximately 400 meters northwest of DBD-25-001 and 002 and
drilled southeast towards them. The hole intersected a complex sequence of dacite volcanics
intruded by strongly sheared gabbroic dykes and late syenite dykes until approximately 108
meters depth. Below this, it intersected a wide diorite intrusion, likely the same intrusion
encountered at the end of DBD-25-001. The sheared gabbroic dykes are strongly chloritized and
contain abundant pyrite-bearing quartz and quartz-carbonate veins. The late syenite dykes have
a strong hematite-silica alteration overprint, which bleeds 5-10 meters into the surrounding wall
rock, overprinting chlorite alteration, and hosts an additional non -sulphide bearing quartz -
carbonate veining event.
The mineralized zone in DBD-25-003 is related to the sheared gabbro dykes – the Wedge Shear
– near the boundary of the chlorite and hematite alteration systems (Figure 4). The Wedge Shear
returned a mineralized intercept of 17.0m of 1.23 g/t Au from 21.0m, including 8.0m of 2.50 g/t Au
from 30.0m based around an interval of 1.45m of 12.0 g/t Au from 30.0m.
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Figure 4: Hole DBD-25-003: Strongly chloritized and sheared gabbro intrusion overprinted by silica-hematite
alteration returning an intersection of 17.0m of 1.23 g/t Au from 21.0m, including 8.0m of 2.50 g/t Au from 30.0m,
including 1.45m of 12.0g/t Au from 30.0m.
Hole DBD- 25-004 was drilled approximately 850 m eters west, targeting a second, weaker
anomalous zone outlined by the systematic bedrock geochemistry pattern, along strike from the
first. The hole collared in 13 meters of till before intersecting a wide dioritic intrusive package until
190 meters depth. Below this, the hole intersected a dominantly clastic sedimentary sequence,
containing exhalative pyrite and strongly sheared graphitic argillite beds with 5-10m scale diorite
intrusions and tuffaceous andesites. Overall, the hole has notably weaker shear intensity and
lacks the pervasive chlorite overprint. A minor mineralized zone, intersecting 2.0m of 1.29 g/t Au
from 236m, is hosted within a graphitic argillite, like that in DBD-25-001 but with less shearing
and veining.
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 program s 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.
Table 1: Significant intercepts
HOLE ID FROM TO LENGTH (m) TRUE WIDTH
(m)
CUT GRADE
(g/t Au)
UNCUT GRADE
(g/t Au)
DBD-25-001 163.40 169.00 5.60 2.7 2.24 2.24
DBD-25-001 163.40 167.10 3.70 1.8 3.28 3.28
DBD-25-001 192.00 211.00 19.00 9.2 0.43 0.43
DBD-25-001 193.00 195.00 2.00 1.0 1.59 1.59
DBD-25-003 21.00 38.00 17.00 8.3 1.23 1.23
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DBD-25-003 30.00 38.00 8.00 3.9 2.50 2.50
DBD-25-004 236.00 238.00 2.00 1.1 0.65 0.65
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 10 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.
Table 2: Drill Collars
HOLE EAST NORTH RL AZIMUTH DIP EOH
DBD-25-001 670,189 5,376,722 444 330.0 -45.1 252.00
DBD-25-002 670,159 5,376,764 444 150.0 -46.3 273.00
DBD-25-003 669,983 5,377,057 429 149.9 -44.5 312.00
DBD-25-004 669,354 5,376,522 434 151.0 -45.5 411.00
Equity Grant to Management and Consultants
The Company also wishes to announce that, pursuant to the Company’s omnibus incentive plan,
it granted a total of 2,100,000 incentive stock options (“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 (a “ Common Share”) at an exercise price of
$1.19 for a period of five (5) 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.
Analytical and QA/QC Procedures
The NQ diameter drill core has been oriented using ACTIII or equivalent tools and validated in
the core shack. All core has been sawed in half cut just off the core orientation line (bottom of
hole) 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 ALS Geochemistry in Thunder Bay for preparation and analysis was
performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of
Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN -P-4E
ISO/IEC 17025. Samples were analysed for gold via fire assay with an AA finish (“Au-AA23”) and
48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed
over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).
In addition to ALS 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 -
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going analytical quality control program are evaluated and reported to Gold X2 by Orix
Geoscience Inc.
Qualified Person
Peter Flindell, PGeo, MAusIMM, MAIG, Vice- President, Exploration, 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 $100
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 mill ion 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 which will be filed on SEDAR+
(www.sedarplus.ca) and the Company’s website by March 12, 2026. 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.
W: www.goldx2.com
T: 1-604-404-4335
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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 l iabilities 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.