Onyx Gold Announces Trading Debut and Introduces Executive Team and Exploration Plans
Onyx Gold Announces Trading Debut and
Introduces Executive Team and Exploration
Plans
Vancouver, British Columbia--(Newsfile Corp. - July 24, 2023) -
Onyx Gold Corp.
(
TSXV: ONYX
)
("
Onyx Gold
" or the "
Company
") is pleased to announce that the Company commences trading today
on the TSX Venture Exchange under the symbol
TSX-V: ONYX
. Onyx Gold is also pleased to introduce
the Company's executive team and upcoming exploration plans.
Onyx Gold is a new gold-focused exploration company, highlighted by:
An exceptional portfolio of Canadian gold assets consisting of a commanding 335 sq km land
package in Canada's most prolific gold jurisdiction, Timmins, Ontario, and a 200 sq km land
package in the heart of a high-grade intrusion-related gold district that is rapidly emerging in the
eastern Tombstone Gold Belt, Yukon Territory
A well-financed balance sheet following an initial raise of C$8.4 million
A catalyst-rich year ahead with:
an exploration program well underway in the Yukon on the King Tut intrusion-related gold
project in preparation for first drill testing,
followed by a fall-winter drill program at the Munro-Croesus gold project, Timmins, Ontario
A high-quality shareholder registry including a balance of institutional shareholders (22%),
consisting of US, Canadian, and European precious metal funds, high-net-worth mining
entrepreneurs (24%), a senior gold producer (5%), HighGold Mining (12%) and broad retail
distribution (37%)
A talented, discovery-driven, and capital market savvy management team led by Executive
Chairman Darwin Green and President & CEO Brock Colterjohn, supported by highly
accomplished Board members and strategic advisors.
Assets
Yukon Properties:
Onyx controls
100% interest in four separate properties in the Selwyn Basin, totaling
1075 claims and 21,000 ha (210 km
2
). These properties are in the same region as Snowline Gold's
emerging discovery at its Valley Zone (see map below), which appears to be one of the most significant
Canadian gold discoveries in recent history. The most compelling of the Yukon properties is King Tut,
which is in the heart of this emerging reduced intrusive-related gold district. Past exploration work at the
King Tut property has outlined multi-km-long gold-in-soil anomalies with no prior drilling (see map
below). Onyx is preparing for the first-ever drill program on King Tut in the coming weeks.
Figure 1 - Tombstone Belt Gold Belt
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/174610_picture1.jpg
Yukon Territory
Ontario Properties:
Onyx owns 100% of three Timmins properties: Munro-Croesus, the Golden Mile,
and Timmins South (34,300 ha total, see map below). The Munro-Croesus property hosts the historic
Croesus Mine (in production from 1915 to 1936), which reported an average production grade of 95.3
g/t gold. At the Munro-Croesus property, early-stage drilling led to the discovery of new bulk-tonnage
style gold mineralization at the Argus Zone, in addition to high-grade vein-style mineralization at other
targets. We like these properties and believe they could be highly strategic to camp consolidators
looking for additional resource growth in a world-class mining camp.
Figure 2 - Regional Map Ontario
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/174610_picture2.jpg
Timmins Gold Camp
"We are very excited to see Onyx Gold launched and to hit the ground running in the Yukon, in the heart of
what we believe is one of the most exciting new gold districts in North America," commented Darwin
Green, Executive Chairman. "We have laid the foundation for Onyx Gold to be a leading explorer in the
junior gold space with an enviable portfolio of high-quality gold properties in two of Canada's top gold
jurisdictions led by a seasoned management team with demonstrated successes in all areas of the
sector. On behalf of the Board, we would like to welcome Brock Colterjohn as President and CEO and to
thank the strong support of those who participated in the Company's initial C$8.4M financing."
"Onyx Gold has achieved a significant milestone with our successful listing and the company's
commencement of trading on the TSX-V," said Brock Colterjohn, President & CEO. "This achievement
would not have been possible without the tireless dedication of our exceptional Board of Directors,
management team, and our valued agents and counsel. We are also very appreciative and recognize
the invaluable support of our new and existing shareholders.
We eagerly look forward to creating value
for all stakeholders as we advance our exploration plans within our portfolio of exciting gold projects in
Canada."
Senior Management and Advisory Team
Onyx Gold has assembled a senior management and advisory team that brings a wealth of experience,
drive, and proven track records of success. Onyx Gold is led by Brock Colterjohn, President, CEO, and
Director, with significant expertise in equity capital markets, mineral exploration, and production geology.
Previously, Brock worked as a Mining Research Analyst at Cormark Securities, as a Mining Equity
Sales Specialist at Canaccord Genuity, and with various mining companies throughout Canada and
Mexico. Mr. Colterjohn holds an MBA in Global Mining Management from the Schulich School of
Business and a B.Sc. in Geology from Dalhousie University.
The accomplished Technical Team at Onyx Gold is led by Ian Cunningham-Dunlop, Executive Vice
President with over 35 years of experience, and Conor McKinley, Vice President of Exploration with 15
years of industry experience. Both have extensive gold exploration history in the regions of Onyx Gold's
projects. Mr. Cunningham-Dunlop will divide his time equally between Onyx Gold and HighGold Mining
(where he is Sr. VP Exploration), whereas Conor McKinley is dedicated 100% to Onyx Gold.
Nicole Hoeller, Vice President, Corporate Communications, joins the company following the successful
sale of Sabina Gold & Silver Corp. to B2Gold Corp., where she held the position of VP Communications
and Corporate Secretary. In addition to her 26-year career in investor relations and communications, Ms.
Hoeller has spent extensive time traveling in the Canadian North, liaising and consulting with
communities, indigenous organizations, and all levels of government about the benefits and impacts of
mining.
John Robins, Strategic Advisor, is an award-winning prospector and professional geologist and has
been involved in several major discoveries. John is a steward of the junior mining industry and the co-
founder and principal of Discovery Group. His entrepreneurship has created over $2.6 billion in M&A
activity and generated over $1 billion in direct and indirect mineral expenditures. The advisory team is
also complimented by J. Garfield MacVeigh, Technical Advisor, who brings decades of Archean gold
experience, having participated in several major discoveries, including the Hoyle Pond gold mine in
Timmins, Ontario.
We invite readers to visit the company's site (
www.onyxgold.com
) to learn about Onyx Gold's
management team and projects.
Board of Directors
Darwin Green, Executive Chairman and a founder of Onyx Gold was also a founder of HighGold Mining
Inc., from which Onyx Gold was recently spun out. Mr. Green is an entrepreneurial geologist combining
strong technical and capital markets skill sets, with 25 years of experience in the mineral deposit industry
in the USA, Canada, and Latin America.
Onyx Gold's Independent Board of Directors is composed of talented and well-respected industry
leaders, including Michael Cinnamond, currently CFO of B2Gold Corp. and former partner at
PricewaterhouseCoopers LLP, Gwen Preston, a leading writer, commentator, and analyst of the junior
mining sector, and Kiran Patankar, currently CFO of Maple Gold Mines Ltd. who brings over 15 years of
investment banking, capital markets, and public company leadership experience.
Exploration Plans
With a balance sheet of over C$8 million, Onyx Gold is well capitalized to carry out its exploration plans.
Near continuous exploration activity is planned throughout 2023 and 2024, with initial exploration work
programs now underway in the Yukon. Work programs in the Yukon are anticipated to carry through
September and will be followed by work programs in Timmins, Ontario, that will extend from October into
December.
At the Company's Yukon properties, crews arrived in early July for initial camp setup and have
commenced an initial program of geological mapping, prospecting, soil and rock sampling, and airborne
drone-magnetic and LiDAR topographic surveying. This initial work is designed to refine drill targets at
King Tut in anticipation of drilling in the coming weeks. King Tut is the most advanced of Onyx Gold's four
Yukon properties and includes kilometer-scale, high-tenor gold-in-soil anomalies associated with
reduced intrusions.
The work is being managed by Onyx Gold technical staff with support from Archer Cathro & Associates
(1981) Limited of Whitehorse, Yukon and is being conducted under a Class 1 exploration permit issued
by the Yukon Government Department of Energy, Mines and Resources, which includes up to 2500
meters of drilling this year. Additional updates with details on exploration plans and exploration progress
are expected in the near future.
In Timmins, Ontario, the Company is planning for a 4000 to 5000-meter fall-winter drill program at its
Munro-Croesus property.
The program is designed to follow up on the new Argus Zone discovery, which
displays bulk tonnage style mineralization with geological similarities to nearby multi-million-ounce
deposits, as well as to test for ultra-high-grade gold mineralization at new targets surrounding the former
Croesus mine.
Additional updates and details will be provided in the coming months.
About Onyx Gold
Onyx Gold is an exploration company focused on well-established Canadian mining jurisdictions, with
assets in Timmins, Ontario, and Yukon Territory. The Company's extensive portfolio of quality gold
projects in the greater Timmins gold camp includes the Munro-Croesus Gold property, renowned for its
high-grade mineralization, plus two additional earlier-stage large exploration properties, Golden Mile
and Timmins South. Onyx Gold also controls four properties in the Selwyn Basin area of Yukon Territory,
which is currently gaining significance due to recent discoveries in the area. Onyx Gold's experienced
board and senior management team are committed to creating shareholder value through the discovery
process, careful allocation of capital, and environmentally/socially responsible mineral exploration.
On Behalf of Onyx Gold Corp.
"
Brock Colterjohn
"
President & CEO
For further information, please visit the Onyx Gold Corp. website at
www.onyxgold.com
or contact:
Brock Colterjohn, President & CEO
or
Nicole Hoeller, VP of Corporate Communications
Phone:
1-604-629-1165
or North American toll-free
1-855-629-1165
Email:
or
.
Website:
www.onyxgold.com
Twitter :
@OnyxGoldCorp
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Forward-looking information: This news release includes certain "forward-looking information" within
the meaning of Canadian securities legislation and "forward-looking statements" within the meaning
of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward-looking
statements").
Forward-looking statements include predictions, projections, and forecasts and are often, but not
always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate",
"forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements
that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar
expressions and includes the negatives thereof. All statements other than statements of historical fact
included in this release, including, without limitation, statements regarding the Company's planned
exploration programs and drill programs and potential significance of results are forward-looking
statements that involve various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events could differ materially from
those anticipated in such statements. Forward-looking statements are based on a number of material
factors and assumptions. Important factors that could cause actual results to differ materially from
Company's expectations include actual exploration results, changes in project parameters as plans
continue to be refined, results of future resource estimates, future metal prices, availability of capital,
and financing on acceptable terms, general economic, market or business conditions, uninsured
risks, regulatory changes, defects in title, availability of personnel, materials, and equipment on a
timely basis, accidents or equipment breakdowns, delays in receiving government approvals,
unanticipated environmental impacts on operations and costs to remedy same, and other exploration
or other risks detailed herein and from time to time in the filings made by the Company with securities
regulators. Although the Company has attempted to identify important factors that could cause actual
actions, events, or results to differ from those described in forward-looking statements, there may be
other factors that cause such actions, events, or results to differ materially from those anticipated.
There can be no assurance that forward-looking statements will prove to be accurate, and accordingly
readers are cautioned not to place undue reliance on forward-looking statements.
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