Onyx Gold Confirms High-Grade Gold at King Tut Property, Yukon Surface sampling returns 25.1 g/t Gold from the Ra vein field
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November 11th, 2024 NR# 17-2024
NEWS RELEASE
Onyx Gold Confirms High-Grade Gold at King Tut Property, Yukon
Surface sampling returns 25.1 g/t Gold from the Ra vein field
Vancouver, BC – November 11th, 2024 – Onyx Gold Corp. (“Onyx Gold” or the "Company")
(TSX-V: ONYX, OTCQX:ONXGF) is pleased to announce the final results from the 2024 summer
field program at the Company’s King Tut Property (“King Tut” or the “ Property”), in Yukon’s
Tombstone Gold Belt (Figure 1).
Highlights of the 2024 Summer Field Program
The 2024 field program included soil and rock sampling, detailed geological and vein mapping,
and reprocessing and inverting of airborne magnetic data collected during the 2023 field season
(the “Program”). Work was completed on both the Golden Mask intrusion and the Ra intrusion
(previously referred to as WEAS) at the King Tut Property.
The Company is very encouraged with the results of this work which has expanded the gold-in-
soil geochemical footprint at the Golden Mask anomaly to 2,300 by 1,500 meters. This work has
also identified an extensive field of sheeted quartz veins at the Ra vein field with a high -grade
surface rock sample of 25.1 grams per tonne gold (“g/t Au”).
Additionally, the reprocessing of 2023 airborne magnetic data and 3D inversion modeling have
provided detailed subsurface outlines of the Golden Mask and Ra targets, refining the Company’s
understanding of these intrusive bodies and supporting the development of precise drill targets
for future exploration.
“The results from this year’s program continue to reinforce our confidence in the untapped
potential of the King Tut Property”, said Brock Colterjohn, President & CEO. “At Golden Mask,
we’ve increased the gold -in-soil anomaly by more than 1,400 meters. At Ra, our first -ever field
program discovered a new outcropping vein field grading up to 25.1 g/t Au, confirming the
impressive gold potential of the property. Through airborne magnetic surveys , we have further
sharpened our understanding of the potential structures at Golden Mask and Ra. This work will
enable us to prioritize new, high-impact targets and work is underway to incorporate these results
into a refined drill program for the Yukon in 2025.”
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Details of 2024 Summer Field Program
The 2024 Yukon exploration program focused on follow-up contour and grid soil sampling and
rock sampling at the Golden Mask anomaly, and detailed geological and vein mapping and rock
sampling at the new Ra target, both of which are associated with two separate intrusion-related
gold systems . The work was carried out by a four-person field crew from Archer, Cathro &
Associates (1981) Limited, based in Whitehorse, Yukon, over a 20-day period in July 2024.
Golden Mask Target
The Golden Mask target occurs within and around a granitic stock that is interpreted to be the
upper carapace of a reduced intrusion. Here, the gold-in-soil anomaly spans approximately 1,400
by 1,400 meters in size showcasing a strong RIRGS geochemical signature (Bi, Te, W, As)
alongside consistently elevated gold values, with soil samples returning >20 ppb Au and a peak
value of 1,423 ppb Au. The anomaly is open for expansion to the west and south. In 2023, the
Company completed seven (7) drill holes at Golden Mask totaling 1,483.5 meters, intersecting
broad zones of gold mineralization within the granitic intrusion and hornfels aureole including 0.30
g/t Au over 32.5 meters in hole KT23 -005 (including 0.56 g/t Au over 8.0 meters ). Gold is
associated with fracture -controlled and locally pervasive, strong iron oxidation associated with
fine-grained disseminated and quartz vein -hosted pyrite and arsenopyrite (+/ - bismuthinite,
stibnite, sulfosalts).
During the 2024 program, the Company expanded the existing soil grid with 400 new soil samples
and also collected five-rock chip channels and 61 rock grabs (Figure 2 and Figure 3). The results
have expanded the size of the gold-in-soil anomaly to 2,300 by 1,500 meters. Geological mapping
revealed dominant SSW -NNE-oriented fractures and veins that dip steeply to the NW. A
prominent fracture set spaced roughly 10 to 50 cm apart was observed across a 10-meter-wide
outcrop with local 1cm wide vuggy quartz -arsenopyrite veins. Notably, two northeast -trending
gullies correlate with increased fracture density and they may represent key structures related to
gold mineralization.
Ra Target
The Ra target is located eight kilometers east of Golden Mask, near the center of the Property ,
and within the hornfelsed aureole on the southwest margin of a large quartz monzonite/granite
stock. The Ra target hosts multigenerational gold -bearing sheeted quartz veins within an
exposed, 3 x 2 km granitic intrusion. Prior drilling by a previous operator intersected 1.0 g/t Au
over 21 meters (true width unknown) associated with the sheeted quartz veins, along with
surface grab samples of up to 20.1 g/t Au.
During the 2024 program, the Company focused its work on the Ra sheeted vein fields, collecting
135 rock channel samples (Plate 1) and 13 rock grab samples, and conducting detailed mapping
of vein density (Plate 2) and the intrusive margins (Figure 4 and Figure 5). The area features
abundant N-S-oriented oxidized sheeted quartz veins and locally sheeted quartz -arsenopyrite
veins. Sampling returned values up to 25.1 g/t Au from sub-cropping vein material, corroborating
historical findings. This program marks the first exploration program conducted by Onyx Gold
since acquiring the property in May 2024 and the first time the target has been explored since
1996.
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Vein density mapping has defined a promising vein field approximately 1,700m x 1,000m in size
(Figure 5). Gold grades appear to be related to vein density and increase towards the west ern
margin of the intrusion.
Main Tut Target
The Main Tut target is located on the north and eastern margins of the Ra intrusion and is defined
by a broad zone of moderately to strongly anomalous gold -in-soil values up to 13,390 ppb gold,
coincident with a strong RIRGS pathfinder geochemical signature (Bi, Te, W, As). The anomaly
has an arcuate shape that is over six kilometers in length and 200 to 1,500 meters in width .
No work was completed at the Main Tut target in 2024.
Airborne Geophysical Survey Results
In 2023, 1,692-line kilometer property-wide drone-based magnetic geophysical survey was flown
over the King Tut Property. New processing of this data by the Company’s independent
geophysical consultant has generated 3D inversio n models for both magnetic susceptibility and
magnetic vector inversion (MVI) (Figure 6 and Figure 7).
The inversion effectively delineates the magnetic structures of King Tut and Golden Mask,
providing valuable insights into subsurface geology. The inversion results also indicate good
alignment between the modeled data and the actual magnetic response, suggesting the models
are reliable. Ongoing structural and geological interpretation of the inversion data is expected to
guide the next phase of exploration.
Plate 1 – Personnel collecting rock samples at the Ra Target, Main Tut anomaly
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Plate 2 – Granite outcrop displaying N-S oriented sheeted quartz veins at the Ra target
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Figure 1 - Regional Property Map
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Figure 2 – Property Map – Golden Mask, Ra, and Main Tut Targets
Note - Highlighted historical samples noted herein have not been verified by the Company, but
they provide evidence for the general gold endowment of the claims. Grab samples are selective
in nature and don’t necessarily represent bulk tonnage grades
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Figure 3 – Property Map – Golden Mask Target
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Figure 4 – Property Map - Ra Target