ONYX GOLD CORP RECAPS 2024 EXPLORATION WORK Onyx Also Congratulates Fireweed Metals On Strategic Funding And Highlights The Funding Benefits To The Regional Infrastructure In Eastern Yukon
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December 19th, 2024 NR# 18-2024
NEWS RELEASE
ONYX GOLD CORP RECAPS 2024 EXPLORATION WORK
Onyx Also Congratulates Fireweed Metals On Strategic Funding And Highlights
The Funding Benefits To The Regional Infrastructure In Eastern Yukon
Vancouver, BC –December 19th, 2024 – Onyx Gold Corp. (TSXV: ONYX | OTCQX:
ONXGF) is pleased to reflect on a year of new gold discoveries, strategic acquisitions,
and exploration milestones. 2024 marked a period of remarkable growth for Onyx Gold,
solidifying its position as one of the leading explorers in the Timmins Gold Camp in
Ontario and the Eastern Tombstone Gold Belt in t he Yukon. With a clear focus on
advancing key assets, the Company expanded its footprint, increased its knowledge
base, and laid a solid foundation for 2025.
“From the discovery of the Argus North Zone to the high-grade expansion of the GM Vein,
our exploration team worked tirelessly to unlock the potential of our Munro -Croesus
Property in Timmins, Ontario ,” said Brock Colterjohn, President & CEO . “Strategic
property acquisitions bolstered our land holdings, positioning us for further exploration
success, while active field programs in both Timmins and the Yukon enhanced our
understanding of high -priority targets. These results provide a solid foundation for our
upcoming winter program in Timmins, where we will build on this momentum with targeted
follow-up drilling and field work. Our team is committed to unlocking the potential of these
high-priority projects to drive value for our shareholders.”
“In 2024, senior management demonstrated their strong confidence in the company's
vision and growth potential by personally acquiring 1.71 million shares, representing 2.4%
of the total shares outstanding, on the open market. This significant investment
underscores their commitment to aligning with shareholders and driving long-term value."
Mr. Colterjohn continued, “We congratulate Fireweed for their leadership for securing
funding for critical infrastructure projects within eastern Yukon that not only benefit their
operations but also enhance the broader mineral district, including our own projects.
Shared infrastructure initiatives like these will serve to amplify economic benefits while
reducing environmental impact, enabling collaborative success for all parties involved.”
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Completed 2024 Exploration Work
Timmins Gold Camp – Munro-Croesus Project
Timmins remains the cornerstone of Onyx Gold’s exploration strategy and 2024 delivered
highly encouraging results. Our work at the Munro -Croesus Project — renowned for its
historic high-grade production — showcased the potential for both high -grade vein and
bulk-tonnage gold systems.
Emerging Gold Discovery and Additional Drilling Success
In the spring of 2024, Onyx completed a 25-hole (3,311 m) drill program at the Munro -
Croesus Property that returned the following highlights:
• Argus North Discovery: Drilling at the Argus Zone delivered a standout intercept
in hole MC24-163, which returned 1.87 grams per tonne (“g/t”) gold (“Au”) over
48.1 meters (“m”), including higher-grade zones of 7.14 g/t Au over 4.5 m and
4.05 g/t Au over 10.0 m. This new higher-grade zone of mineralization is located
immediately north of the main Argus Zone and is completely open in all directions.
The Argus North discovery demonstrates that the limited drilling to date at the
Argus Zone has only scratched the surface of the true potential of this emerging
bulk-tonnage gold system.
• Argus Zone Expansion: Step-out drilling in the western section of the Argus Zone
continued to show improved grade and width as the zone is tracked west toward
its convergence with the Pipestone fault. Results include 0.99 g/t Au over 63.3m,
incl. 2.18 g/t over Au 17.4 m in hole MC24-166. The Argus Zone has now been
defined over a strike length of 750 m and a width of 200 m and remains open in all
directions.
• GM Vein Expansion : Drilling extended the high -grade GM Vein, located 350
meters northwest of the historic Croesus Mine, with exceptional intercepts such
as: 26.52 g/t Au over 1.0 m (including 52.06 g/t Au over 0.5 m) in hole MC24 -
154 and 26.09 g/t Au over 1.0 m in hole MC24 -147. These results suggest the
potential for a broader high-grade zone within this emerging structure, setting the
stage for focused follow-up drilling in 2025.
Extensive Fieldwork and Target Generation
Our 2024 Timmins fieldwork was designed to support and expand these discoveries. Key
activities included:
• Overburden stripping to expose mineralized zones for detailed mapping.
• Channel sampling of newly exposed veins and structures, with over 220 channel
samples collected.
• Grab sampling across multiple prospects, yielding over 300 grab samples to
identify new targets.
• Boots-on-the-ground prospecting and traversing over 300 kilometers (“km”) of
terrain to refine our exploration targets.
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• Completion of a LiDAR survey covering over 200 square kilometers (“ km²"),
providing high -resolution data to aid in structural interpretation and target
generation.
Strategic Land Consolidation
In 2024, Onyx Gold significantly expanded its Munro-Croesus Property footprint to 108
km² through key acquisitions, enhancing our exploration pipeline with over 35 near -
surface gold prospects:
• Lalonde Property : A 2,235 -hectare (“ha”) package contiguous with Munro -
Croesus, featuring high-grade values up to 2,500 g/t Au.
• Matheson Portfolio of Properties: A 1,986-ha portfolio of properties contiguous
to Munro-Croesus and proximal to major deposits like McEwen Mining’s Black Fox
Mine and Mayfair Gold’s Fenn-Gib Deposit.
• Matheson Property: Four strategic claims in the Matheson area, directly adjoining
the Munro-Croesus property. The claims were acquired from an arm’s-length party.
Under the terms of the agreement, the company will pay a cash consideration of
$20,000 and will issue 120,000 common shares to the vendor. The property is
subject to a pre-existing 2-per-cent net smelter return (“NSR”) royalty, payable to
another arm's-length party.
These acquisitions not only consolidate a historically fragmented land package but also
provide a pipeline of drill-ready targets for future exploration.
Yukon – King Tut Project
Our summer exploration program at the King Tut Property in the Yukon’s Eastern
Tombstone Gold Belt delivered valuable insights and set the stage for continued
advancement in 2025. This 20-km-long property covers extensive gold-in-soil anomalies
and features intrusion-related gold targets similar to Snowline Gold’s nearby 7.3 Moz
Valley Discovery.
Field Program Success
Our 2024 exploration program at King Tut was comprehensive and strategically focused:
• Ra Intrusion Acquisition: The acquisition of the 627 -ha Ra claims consolidated
our holdings and provided control over the two key intrusions within the King Tut
Property — Ra and Golden Mask.
• Sampling and Mapping: The field team:
o Collected 135 channel samples and 13 grab samples from the Ra Intrusion,
including a grab sample taken from an exposed field of sheeted quartz veins
at the Ra intrusion returning 25.1 g/t Au.
o Collected 400 soil samples and 61 grab samples from the Golden Mask
Intrusion.
o Mapped and prospected over 100 km of terrain.
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• Geophysical Analysis : Completed 3D inversion modeling of magnetic survey
data to identify subsurface targets and guide 2025 drilling.
These efforts enhanced our understanding of the geology and mineralization potential at
King Tut, by refining targets for our potential 2025 summer exploration program.
Fireweed Metals Strategic Funding From The Government of Canada and The
United States Department of Defense
Onyx Gold extends its congratulations to Fireweed Metals Corp. (“Fireweed”) for securing
a total of C$35.4M in total financial support from both the Canadian and United States
governments to advance critical infrastructure and critical minerals projects in the Yukon
Territory’s Macmillan Pass area.
The Canadian government’s contribution includes up to C$12.9 million from the Critical
Minerals Infrastructure Fund (CMIF), supporting the first phase of the North Canol
Infrastructure Improvement Project (“NCIIP”). This initiative focuses on planning road and
power upgrades along the North Canol Road corridor, a public roadway maintained by
the Yukon Government.
Additionally, the United States Department of Defense awarded Fireweed a grant of up
to US$15.8 million (~C$22.5M) to advance the Mactung tungsten deposit toward a final
investment decision. The Mactung Project is the world’s largest, high -grade tungsten
deposit with sufficient mineral resources to potentially supply North America’s expected
tungsten demand for decades.
This funding has the potential to benefit multiple stakeholders within the district, including
Onyx Gold. The Company’s exploration camp is located along the North Canol Road and
all of our properties, including the King Tut Property, are located in close proximity to the
road. Upgrading the North Canol R oad will reduce future exploration logistics costs,
enabling greater investment in discovery efforts. This would enable Onyx to allocate more
of future exploration budgets to making new gold discoveries in this emerging metals
district.
Winter 2025 Work Plans
Onyx Gold’s 2024 achievements have provided a strong foundation for the year ahead.
Onyx continues to process and analyze all of the data collected in 2024 and intend to
present the company’s winter 2025 exploration plans for its Timmins properties early in
the new year.
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Figure 1: Onyx Gold’s Eastern Selwyn Basin Properties in Relation to Fireweed
Metal’s Projects and the North Canol Road
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Figure 2: Onyx Gold’s Exploration Camp is Located Adjacent to The North Canol
Road
About Onyx Gold Corp.
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
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Phone: 1-604-629-1165 or North American toll-free 1-855-629-1165
Email: [email protected] or [email protected].
Website: www.onyxgold.com
LinkedIn: https://www.linkedin.com/company/onyx-gold-corp/?viewAsMember=true
Twitter: https://twitter.com/OnyxGoldCorp
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of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary and Forward-Looking Statements
This news release includes certain statements and information that may constitute
forward-looking information within the meaning of applicable Canadian securities laws.
Forward-looking statements relate to future events or future performance and reflect the
expectations or beliefs of management of the Company regarding future events.
Generally, forward -looking statements and information can be identified by the use of
forward-looking terminology such as “intends” or “anticipates”, or variations of such words
and phrases or statements that certain actions, events or results “may”, “could”, “should”,
“would” or “occur”. This information and these statements, referred to herein as "forward‐
looking statements", are not historical facts, are made as of the date of this news release
and include without limitation, statements regarding discussions of future plans, estimates
and forecasts and statements as to management's expectations and intenti ons with
respect to, work planned for the King Tut Property in the Yukon and the Company’s future
exploration plans.
These forward‐looking statements involve numerous risks and uncertainties and actual
results might differ materially from results suggested in any forward-looking statements.
Although management of the Company has attempted to identify important factors that
could cause actual results to differ materially from those contained in forward -looking
statements or forward-looking information, there may be other factors that cause results
not to be as anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers should not
place undue reliance on forward -looking statements and forward -looking information.
Readers are cautioned that reliance on such information may not be appropriate for other
purposes. The Company does not undertake to update any forward -looking statement,
forward-looking information or financial out-look that are incorporated by reference herein,
except in accordance with applicable securities laws. We seek safe harbor.