Gold X2 Mining Announces Agreement to Assume Option for Greenfields Target at Star Lake
Gold X2 Mining Announces Agreement to Assume Option for Greenfields Target
at Star Lake
VANCOUVER, B.C., January 12, 2026: Gold X2 Mining Inc. (TSXV: AUXX / OTCQB: GSHRF /
FWB: DF8) (“Gold X2” or the “Company”), is pleased to announce that it has signed a definitive
agreement (the "Definitive Agreement") with Sky Gold Corp. ("Sky Gold") to acquire, in stages,
Sky Gold’s interest in an option agreement (the "Option Agreement") for the Star Lake claims
(the "Star Lake Property"). The Star Lake Property covers 10 ,540 ha and is approximately 23
kilometers to the east of the Company’s Moss Gold Project in Northwest Ontario, Canada (the
“Moss Gold Project”). Acquisition of the Star Lake Property would bring the Company’s total land
package in the emerging Shebandowan Greenstone Belt to 40,456 hectares.
Michael Henrichsen, CEO of Gold X2 commented, "We are very excited to have assumed the
option to explore the highly prospective undrilled Star Lake property. It represents the opportunity
to make another major discovery in the emerging Shebandowan Greenstone Belt and is
consistent with our plan to create an exploration pipeline as we build and consolidate our district
scale land position.”
Highlights
• The acquisition of the Star Lake Property would give Gold X2 control of three of the four
significant gold-in-till anomalies defined by the Ontario Geological Survey’s regional till
database across the Shebandowan Greenstone Belt.
• The other three gold- in-till anomalies are all associated with significant bedrock gold
mineralization, including the Moss Gold Deposit, the historical Ardeen mine now owned
by Gold X2, and the recent “Eureka Zone” discovery at Delta-1 owned by Delta Resources.
Figure 1: Illustrates the gold-in-till anomalies in the Shebandowan Greenstone Belt and the location of the Star Lake
Property relative to the Moss Gold Deposit.
Project Description
The execution of the Definitive Agreement for the option to acquire the Star Lake Property,
covering 10,540 ha, demonstrates Gold X2’s focus on creating a highly prospective exploration
pipeline within the emerging Shebandowan Greenstone Belt.
Star Lake hosts one of only four significant gold-in-till anomalies evident in the Ontario Geological
Survey’s regional till geochemistry data for the entire Shebandowan greenstone belt . This was
initially outlined in the Quetico Reconnaissance Project conducted by Mingold Resources in 1990
and augmented by subsequent explorers. The se four clusters of anomalous gold-in-till samples
surround the already discovered Moss Gold Project and the historic al Ardeen mine, both
controlled by Gold X2, the “Eureka Zone” at Delta-1 held by Delta Resources, and the undrilled
gold-in-till anomaly at Star Lake held by Sky Gold. There is a fifth single sample anomaly at Kekek,
but explorers have not been able to reproduce this anomaly.
The Star Lake till anomaly lies within the till train that lies to the southwest in the direction of glacial
flow of the historical Shebandowan Nickel Mine, creating a large area of base metal anomalism.
This directed historical exploration to focus on magmatic Ni -Cu-Co-PGE deposits. Sky Gold
recognized the underlying gold potential as noted in their press release of April 10, 2024:
“Heavy mineral concentrates from the historic Mingold sampling at Star Lake yielded gold values
as high as 5,250 ppb, 1,580 ppb, 1,370 ppb and 1,050 ppb over an area of approximately 3 X 3
kilometres. Delicate, pristine gold grains were also reported at several sample sites, strongly
suggesting a loc al bedrock source for the gold. The high gold values in these samples, also
include strongly anomalous pathfinder elements including arsenic, antimony, bismuth, as well as
copper, lead and zinc.”
Additional till sampling by Sky Gold helped to define two distinct gold and pathfinder trains,
associated with favourable geology and structural features which provide favorable settings for
orogenic gold deposits:
• one mineralized trend runs parallel to an unnamed ENE -trending fault along the contact
between intermediate volcanics and the Greenwater granodiorite stock; and
• a second trend runs parallel to the ENE -trending Tinto Fault along the contact of
intermediate volcanics and a gabbroic intrusive body.
Surface prospecting and stripping have yet to discover the source of the gold anomaly. This will
be the focus of the Company’s exploration programs in late 2026, which will start with a gradient
array geophysical survey.
Deal Terms
Pursuant to the Definitive Agreement, signed on January 9th, 2026, Gold X2 has the right to earn
50%, 75% and 100% of Sky Gold's interests in the Option Agreement (the "Option Interest")
between Sky Gold and a local prospector (the "Local Prospector") on the terms outlined below.
The Definitive Agreement, including all share issuances thereunder, remains subject to the
approval of the TSX Venture Exchange ("TSXV"). Upon acquisition of 100% of the Option Interest
Gold X2 will have the exclusive right to purchase a 100% interest in the mineral rights forming the
Star Lake Property. Commencing from today, Gold X2 will be the operator of the Star Lake
Property and will have the exclusive right to control all exploration work conducted on the property.
Stage 1 – Acquisition of 50% of the Option Interest: In order to acquire 50% of the Option
Interest Gold X2 must: (i) provide $395,200 of assessment credits for the Stare Lake Property,
which has been provided as of today; (ii) issue Sky Gold shares of Gold X2 having a total value
of $75,000; (iii) pay the Local Prospector $200,000 in either cash or Gold X2 shares, at Gold X2’s
election and issue the Local Prospector shares of Gold X2 having a total value of $25,000, in
each case, by March 14, 2026; and (iv) complete Sky Gold’s exploration spend obligation under
the Option Agreement totaling $1,000,000 on or before March 14, 2028.
Stage 2 – Acquisition of 75% of the Option Interest: In order to acquire 75% of the Option
Interest Gold X2 must: (i) incur an additional $250,000 exploration spend on the Star Lake
Property; (ii) issue Sky Gold shares of Gold X2 having a total value of $100,000; and (iii) issue
the Local Prospector shares of Gold X2 having a total value of $50,000. There is no time limit to
satisfy any of these obligations.
Stage 3 – Acquisition of 100% of the Option Interest: In order to acquire 100% of the Option
Interest Gold X2 must: (i) incur an additional $250,000 exploration spend on the Star Lake
Property; (ii) issue Sky Gold shares of Gold X2 having a total value of $125,000 and pay Sky Gold
$250,000 in cash; and (iii) issue the Local Prospector shares of Gold X2 having a total value of
$50,000. There is no time limit to satisfy any of these obligations.
Exercising the Option: Upon acquiring 100% of the Option Interest , Gold X2 may exercise its
option to acquire the Star Lake Property by issuing the Local Prospector that number of Gold X2
shares having an aggregate value equal to the value of 125,000 shares of Sky Gold, determined
as of the issuance date. Upon completion of the acquisition, the Local Prospector will retain a 2%
NSR royalty on the Star Lake Property and Gold X2 will retain Sky Gold’s rights under the Option
Agreement to purchase the NSR r oyalty from the Local Prospector in f ull for $3M. Additionally,
Gold X2 will be required to make minimum and advance royalty payments to the Local Prospector
of $20,000 yearly from 2030-2033.
All Gold X2 shares issued in connection with the Definitive Agreement will be subject to a hold
period of four months and one day from the date of issuance, in accordance with applicable
securities laws.
There are no finders' fees or commissions payable in connection with the Acquisition. The
Company confirms that there are no non-arm's length parties involved in the agreement.
Company Update
The Company also announces that Michael Kanevsky, Gold X2’s Chief Financial Officer, has
been appointed as Corporate Secretary of the Company. The Company is pleased to have Mr.
Kanevsky assume this additional role and looks forward to his continued contri butions to the
Company. In connection with this appointment, Juciane Gomes will be stepping down as
Corporate Secretary. The Company thanks Ms. Gomes for her dedication and valued service.
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.
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 $75
million of new capital and completed approximately 100,000 meters of drilling on the Moss Gold
Project, which, in aggregate, has had over 255,000 meters 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 kilometers of the 35+ kilometer 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. Please see NI 43 -101 technical r eport titled: “Technical Report and
Updated Mineral Resource Estimate for the Moss Gold Project, Ontario, Canada,” dated March
20, 2024 with an effective date of January 31, 2024 available under the Company’s SEDAR+
profile at www.sedarplus.ca. 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
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 that the acquisition of the Star
Lake Property would increase the total land package as disclosed; that the acquisition of the Star
Lake Property would give Gold X2 control of three of the four significant gold- in-till anomalies
defined by the Ontario Geological Survey’s regional till database across the Shebandowan
Greenstone Belt; that the mineralization systems at the Star Lake Property offer excellent
potential at discovering new high grade, low tonnage mineralization that may compliment a mining
scenario at the Moss Gold Project; that the Company will focus on discovering the source of t he
gold anomaly a t the Star Lake Property in late 2026, which will start with a gradient array
geophysical survey; that Gold X2 will be the operator of the Star Lake Property from today
onwards; that upon acquiring 100% of the Option Interest, Gold X2 will have the right to acquire
the Stare Lake Property; 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: that
the acquisition of the Star Lake Property would fail to increase the total land package as disclosed;
that the acquisition of the Star Lake Property would fail to give Gold X2 control of three of the four
significant gold-in-till anomalies defined by the Ontario Geological Survey’s regional till database
across the Shebandowan Greenstone Belt, because of title issues or other unanticipated issues;
that the mineralization systems at the Star Lake Property will fail to result in the discovery of new
high grade, low tonnage mineralization that compliment a mining scenario at the Moss Gold
Project; that the Company will fail to carry out its exploration plans on the Star Lake Property in
2026 as anticipated; the occurrence of an event or circumstance that prevents Gold X2 from
operating the Star Lake Property; that Gold X2 will fail to receive TSXV approval for the Definitive
Agreement; risks related to exploration, development, and operation activities; exploration and
development of the Star Lake Property 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 Company’s
exploration work may not deliver the results expected; the fluctuating price of gold; unknown
liabilities in connection with the acquisition of the Star Lake Property; compliance with extensive
government regulation; delays in obtaining or failure to obtain governmental permits, or non -
compliance with permits; environmental and other regulatory requirements; applicable 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; 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: that the acquisition of the Star Lake Property would increase the total land package as
disclosed; that the Company's belief that the mineralization systems at the Star Lake Property
offer excellent potential at discovering new high grade, low tonnage miner alization that may
compliment a mining scenario at the Moss Gold Project will prove to be accurate; that the
Company will carry out its exploration plans on the Star Lake Property in 2026 as anticipated; that
nothing will prevent Gold X2 from operating the Star Lake Property; that Gold X2 will receive
TSXV approval for the Definitive Agreement; 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 exploration programs; 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 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.