Vancouver, British Columbia — January 12, 2026 — Leads & Copy — Gold X2 Mining Inc. (TSXV: AUXX) (OTCQB: GSHRF) (FSE: DF8) has signed a definitive agreement with Sky Gold Corp. to acquire, in stages, Sky Gold’s interest in an option agreement for the Star Lake claims. 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 acquisition of the Star Lake Property would bring the Company’s total land package in the emerging Shebandowan Greenstone Belt to 40,456 hectares.
According to Michael Henrichsen, CEO of Gold X2, the company is excited about the opportunity to explore the Star Lake property, calling it consistent with the company’s plan to create an exploration pipeline as it builds and consolidates its district-scale land position.
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.
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 four clusters of anomalous gold-in-till samples surround the already discovered Moss Gold Project and the historical 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 local 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 favorable 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.
Under the terms of 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 between Sky Gold and a local prospector.
The Definitive Agreement, including all share issuances thereunder, remains subject to the approval of the TSX Venture Exchange.
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.
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.
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.
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.
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 royalty from the Local Prospector in full 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.
The Company also announced that Michael Kanevsky, Gold X2’s Chief Financial Officer, has been appointed as Corporate Secretary of the Company.
Peter Flindell, PGeo, MAusIMM, MAIG, Chief Operating Officer of the Company, and a qualified person under National Instrument 43-101, has approved the scientific and technical information contained in this news release.
Michael Henrichsen
President, Chief Executive Officer and Director
Gold X2 Mining Inc.
E: mhenrichsen@goldx2.com
T: 1-604-404-4335
Source: Gold X2 Mining
