Onyx Gold Bolsters Munro-Croesus Land Position with Large New Acquisition in
Onyx Gold Bolsters Munro-Croesus Land
Position with Large New Acquisition in
Timmins, Ontario
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2024) -
Onyx Gold Corp.
(
TSXV:
ONYX
) (
OTCQX: ONXGF
) ("
Onyx
" or the "
Company
") is pleased to announce that it has completed
the acquisition of a portfolio of Properties (the "
Property
") from an arm's length party (the "
Vendor
")
located in the Matheson area, east of Timmins, Ontario.
The Matheson portfolio, consisting of four (4) properties (Highway, Tax, Hewitt, and Munro), increases
the Munro-Croesus Property ("
Munro-Croesus
" or the "
Project
") to 10,411 ha (104 km
2
), a 12%
increase (
Figure 1
). This adds substantial exploration potential across this relatively underexplored yet
highly prospective section of the Timmins Gold Camp. The Properties are contiguous or proximal with
Munro-Croesus and are host to multiple high-grade and bulk-tonnage gold occurrences.
"Acquiring this portfolio of properties is another strategic addition to our Munro-Croesus Project," said
Brock Colterjohn, President & CEO. "It offers excellent potential for additional mineral discoveries
adjacent to our emerging Argus Zone and GM discoveries, including key ground on trend to the west
along the Pipestone Fault. We believe that there is significant untapped opportunity for both high-grade
and bulk-tonnage discoveries on these properties that have seen little to no work in a very long time. In
our view, the work completed to date has only scratched the surface of the Properties' potential, and we
look forward to designing and implementing a drill program in the near future."
Highlights of the Properties:
A large (1,150 ha) portfolio of properties (Highway, Tax, Hewitt, and Munro) (
Figure 2)
contiguous
and proximal to Munro-Croesus, McEwen Mining's Black Fox Mine Complex, Mayfair Gold's 3.5
Moz Au Fenn-Gib Deposit and STLLR Gold's >12.0 Moz Au Golden Highway project
1
.
The Highway property includes two known gold-bearing structures: the 50-140m wide and 1,400m
long east-west striking Flipper Zone; and the L15 Zone (the NE-SW trending faulted extension of
the Flipper Zone). Historic drilling at the Flipper Zone returned
1.0 grams/tonne gold (
"
g/t Au
")
over
42.6m
and
1.3 g/t Au over 28.8m
, including
10.8 g/t Au over 1.5m,
while drilling at the L15
Zone returned
6.0 g/t Au over 1.0m
2
.
At the Stewart-Abate zone on the Highway Property, an old, inclined shaft (37m deep) was sunk
during 1915-1941 era and returned a 52 tonne bulk sample grading
24 g/t Au
. Historical drilling
returned
9.6 g/t Au over 1.2m
, along with grab samples of up to
13.5 g/t Au
2
. Drifting at the 20m
level followed the main quartz-carbonate-pyrite-chalcopyrite vein (with rare visible gold and
molybdenite) within a sheared diorite body for
67m at an
average width of 1.8m and grade of
10.6 g/t Au
2
. The prospect has not been explored for at least 25 years.
The Hewitt property is situated on a northeast-trending secondary fault splay to the Painkiller Fault
and contains gold-bearing mineralization with grab samples yielding
15.7 g/t Au, 5.6 g/t Au, 4.8
g/t Au, and 2.5 g/t Au
2
.
Year-round access to the properties is provided via the paved Highway 101 and secondary roads.
Transaction Details
The consideration to be paid by the Company to the Vendor for the Property is $150,000 cash and
750,000 common shares of Onyx. The Vendor will also retain a 2.0% NSR royalty on the Property, which
includes a buydown of half of the NSR royalty (1% NSR) for $1,000,000 and a right of first refusal to
purchase the residual royalty.
In addition, for a period of 15-years from the closing date of the
agreement, if a cumulative mineral resource exceeding 1,000,000 ounces of gold in the Measured and
Indicated categories is defined on the Property the Company shall make a one-time bonus payment of
$1,000,000 to the Vendors.
Figure 1 - Munro-Croesus Property Location With Newly Acquired Properties
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/222772_ad05001064dc4a87_002full.jpg
Figure 2 - Munro-Croesus Property Top Gold Targets (New Targets are Highlighted in Yellow)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/222772_ad05001064dc4a87_003full.jpg
About the Munro-Croesus Project
The Munro-Croesus Project is located along Highway 101 in the heart of the Abitibi greenstone belt,
Canada's premier gold mining jurisdiction. This large, 100% owned land package includes the past-
producing Croesus Gold Mine, which yielded some of the highest-grade gold ever mined in Ontario.
Extensive land consolidation from 2020-2024 has unified the patchwork of patented and unpatented
mining claims surrounding the Croesus Gold Mine into one coherent package (
Figure 1
) and enhanced
the exploration potential of the Project.
The Project covers 104 km
2
of highly prospective geology within the influence of major gold-bearing
structural breaks. Bulk-tonnage gold deposits located in the immediate region include the Fenn-Gib gold
project being developed by Mayfair Gold Corp. that contains an Indicated Resource of 3.38 Moz at 0.93
g/t Au and an Inferred Resource of 157 koz at 0.85 g/t Au, and the Tower Gold Project being developed
by Moneta Gold Inc. that contains an open pit Indicated Resource of 4.46 Moz at 0.92 g/t Au and an
Inferred Resource of 8.29 Moz at 1.09 g/t Au
1
.
About the Timmins Area Gold Properties
Onyx owns 100% of each of its three Timmins properties. The Munro-Croesus Gold Project is located
approximately 75 km east of Timmins, proximal to the Porcupine-Destor and Pipestone Faults, and
approximately 2 km northwest and along trend of Mayfair Gold Corp.'s multi-million-ounce Fenn-Gib gold
deposit. Mining occurred intermittently at Munro-Croesus between 1915 and 1936. The Golden Mile 140
km2 property is located 9 km northeast of Newmont's multi-million-ounce Hoyle Pond deposit in
Timmins. The Timmins South 187 km2 property is located to the south and southeast of Timmins and
surrounds the Shaw dome structure.
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.
Qualified Person and Quality Assurance
Ian Cunningham-Dunlop, P.Eng., Executive Vice President for Onyx Gold Corp. and a qualified person
("
QP
") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical
information contained in this release.
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
LinkedIn:
https://www.linkedin.com/company/onyx-gold-corp/?viewAsMember=true
Twitter:
https://twitter.com/OnyxGoldCorp
1
.
Fenn-Gib Gold Project and Tower Gold Project mineral resources compiled from public sources
and are provided for general information purposes. Readers are cautioned that the Company
has no interest in or right to acquire any interest in adjacent properties and they are not
indicative of mineral deposits on the Company's properties or any potential exploration thereof.
2
.
The Company cautions that none of the historical results from the Property, including drill
results and underground sampling results from the 1915-1941 era, have been verified. Assay
methods and sampling techniques are not disclosed in the historic reports and the QP has been
unable to verify any of the historical technical information in this release. Historical results
discussed herein are presented more generally as an indication of the potential of the Property
to host gold-bearing systems and this information is not necessarily indicative of additional
mineralization occurring on the Property.
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 including the new high-
grade vein structure at the Munro Croesus property described above, 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/222772