A northwestern Ontario exploration outfit with a budding gold project has a new name on the marquee.
Gold X2 Mining Inc. is the new moniker of the former Goldshore Resources. The junior miner's board of directors approved the name change on Aug. 26.
Common shares of the renamed Vancouver company went live on the TSX Venture Exchange — under the ticker symbol AUXX — on Sept. 4. Common shares of the old company name are not affected.
In a statement, company CEO Michael Henrichsen calls the rebranding a “pivotal moment” leading up to a new mineral resource estimate and a preliminary economic assessment (PEA) of what a mine could look like at its Moss Gold Project, 100 kilometres west of Thunder Bay.
“As we embark on this new chapter, we're sharpening our focus on holistic de-risking, driving value creation, and positioning Gold X2 for long-term success.”
Gold X2 Mining has been drilling to gradually expand the size of its deposit in the Shebandowan area. The project looks to have the grades and scale to be an open-pit mine operation, maybe even a top-tier producing mine in Canada, the company said.
The property contains 1.54 million ounces of gold in the indicated category at 1.23 grams per tonne (g/t) and 5.20 million ounces of inferred gold resources at 1.11 g/t.
Gold X2 Mining is sufficiently cashed up to do more work at Moss Lake thanks to a $36-million raise in June.
Over the summer, the company has been releasing a steady flow of results from a 21,000-metre drill program that began last winter and wrapped up in May.
Consistent grades of between one and two grams per tonne are being recorded across the deposit, including some higher grade values near surface at the northeast corner. An unexplored area between two conceptual open pits has been drilled off with some promising results. The belief is these two pits will merge into one.
All that data will be folded into the new gold resource estimate due out by the end of October or early November.
A new 50,000-metre drill program has kicked off to further probe those northeast extensions of the deposit and explore new targets in and around the Moss deposit.
