Mining company reaches agreement on more potential gold-bearing property in northwestern Ontario

Gold X2 Mining is adding more mining claims to its portfolio.

It is acquiring claims held by Sky Gold Corp. at Star Lake, located about 30 kilometres northwest of Shebandowan.

The area is believed to be rich in gold-bearing ore and is in proximity to Gold X2’s Moss Lake gold project.

“We are very excited to have assumed the option to explore the highly prospective undrilled Star Lake property,” states Michael Henrichsen, Chief Executive Officer for Gold X2 Mining, in a release.

“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.”

The agreement allows Gold X2 to acquire the property in stages.

It is providing Sky Gold with $395,200 of assessment credits and $75,000 in shares for the first 50% interest.

A local, unnamed prospector will also receive $25,000 in shares.

Gold X2 is also agreeing to fulfill a previous commitment by Sky Gold to spend $1 million on exploration activities by March 2028.

Gold X2 would increase spending and commit additional shares in subsequent phases that have no deadline for the obligations.

It plans work in the area this year.