Gold X Confirms High-Grade Gold Structures at Toroparu - Initiates 10,000 M Phase 2 Drill Program

GEORGETOWN, Guyana, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Gold X Mining Corp. (TSX-V: GLDX, OTCQX: GLDXF) (“Gold X” or the “Company”) is pleased to announce results from its recently completed Phase 1 10,166-meter (m) diamond drill program. The focus of the drilling was to test the continuity of grade within recently discovered high grade gold bearing structures as well as upgrade and expand the current mineral resource at the Company’s 100% owned Toroparu Gold Project in Western Guyana.

Highlights

• Assay results from the 2020 High-Grade Definition Drill Program returned significant gold concentrations within multiple high-grade sub-vertical structures predictively modelled by Nordmin Engineering Ltd. (a division of Nordmin Group of Companies) and High Power Exploration (“Nordmin/HPX”) using historical drill data¹.
  
  
• The gold grades range from 3.1 g/t to 31.0 g/t, and have a length weighted average grade of 7.1 g/t (uncut) over 24 intervals highlighted in this release (Table 1). Of particular note, the primary sub-vertical mineralized structures within the Toroparu Main Zone demonstrate continuity both in width and up to 200 m in strike and dip and have not been tested to depth.
  
  
• These high-grade structures lie within and below the latest Toroparu Main Resource Pit² and extend up to 2.5 kilometers (km) along strike into the Toroparu NW Zone (Fig 2). Collectively, structures such as these are often considered favourable to shallow bulk and selective underground mining methods³.
  
  
• Upon review and recommendation by Nordmin/HPX, the Company has initiated a Phase 2 diamond drill program. The two drill, 10,000 m program commenced in early February. One core rig is specifically targeting continuity of structurally controlled gold mineralization within the modelled high-grade structures, while a second rig is targeting shallow mineralization and extensions of the high-grade structures defined in Toroparu NW Zone (Fig. 7).
  

Paul Matysek, CEO notes, “The results from drill-testing the high-grade gold structures have exceeded our expectations. We now have clear geological and structural evidence that the high-grade structures run along the total 2.5 km strike length of the Toroparu Main & NW Zones. It is our belief this drilling has identified significant additional gold mineralization potential outside of the historical open pit boundaries of our Project. We are continuing to expand upon these results with the initiation of our 10,000-meter Phase 2 diamond drill program.”