News Releases

GOLD X Updates Toroparu High Grade Geologic Model

March 22, 2021

Gold X Mining Corp. (TSX-V: GLDX, OTCQX: GLDXF) Paul Matysek, CEO of Gold X, announced additional insight on the Company’s updated Toroparu geologic model following the February 23rd, 2021 announcement of drill results from its Phase 1 10,166 m diamond drill program. The geologic model is part of an ongoing project optimization that includes the discovery of continuous high-grade gold bearing structures extending for at least 3 km in strike and at least 450 m in depth at its 100% owned Toroparu Gold Project in Western Guyana. Highlights

• Modelling of 2020 drill results has identified high-grade pipe structures at the intersections of newly identified east-west oriented sub-vertical structures and the previously disclosed1 northwest – southeast oriented structures over the extent of the 3 km strike-length of the Toroparu Main and NW Zones.

• These high-grade structural pipes occur in a repetitive pattern across the gold mineralized Toroparu Trend significantly increasing the possibility that Toroparu is amenable to shallow bulk and selective underground mining methods. The updated Toroparu geologic model has been developed by Nordmin Engineering Ltd., a division of Nordmin Group of Companies, together with High Powered Exploration of Vancouver, BC, Canada.

• The high-grade mineralized pipes, range in grade from ~5 g/t to more than 20 g/t of gold over potentially mineable widths, often surrounded by a lower grade (~0.5-5.0 gpt Au) halo of mineralized material. Drilling to date has shown the higher-grade structures demonstrate continuity up to 100 meters vertically. Paul Matysek, CEO notes, “The updated geologic modelling presented by our partners at High Power Exploration and Nordmin greatly expand our understanding of the structural controls of highgrade gold mineralization at Toroparu. The identification of high grade zones (“jewelry boxes”) at the intersection of repeating subvertical structures solidifies our belief that significant additional gold mineralization exists outside of the historical open pit boundaries and that the resource may be amenable to underground mining methods. We continue to expand upon these results with our on-going 10,000- meter Phase 2 diamond drill program and intend to update the mineral resource estimate for the project in due course.”

Please see Gold X’s news release for complete details and figures.

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