Onyx Gold Intersects 1.0 g/t Gold over 63.3 Meters in 50 m Step-Out on the Argus Zone at Its Munro-Croesus Project, Timmins, Ontario Including 2.2 g/t Gold over 17.4 Meters
Onyx Gold Intersects 1.0 g/t Gold over 63.3
Meters in 50 m Step-Out on the Argus Zone at
Its Munro-Croesus Project, Timmins, Ontario
Including 2.2 g/t Gold over 17.4 Meters
Vancouver, British Columbia--(Newsfile Corp. - June 17, 2024) -
Onyx Gold Corp.
(
TSXV: ONYX
)
(
OTCQX: ONXGF
) ("
Onyx
" or the "
Company
") is pleased to announce results from four drill holes
completed during its 2024 Spring Drill Program (the "
Program
") at its Munro-Croesus Project ("
Munro-
Croesus
" or the "
Project
") in the Timmins gold camp, Ontario (
Figure 1
).
The four drill holes reported today were completed at the Argus Zone, a near-surface bulk tonnage target
located three kilometers ("
km
") northwest of the past-producing Croesus Gold Mine. The Croesus Mine
yielded some of Ontario's highest-grade gold ever mined and is where Onyx discovered the new near-
surface, high-grade GM Vein earlier this year. Significant 2024 Argus drill results to date are reported in
Table 1
.
The latest drilling continues to show improved grade and width as the Argus Zone is tracked west toward
its convergence with the Pipestone fault. The Pipestone fault is a key regional structure known to host
material gold deposits, including Mayfair Gold's 3.5 million-ounce Fenn-Gibb deposit located 6.1 km to
the southeast of the Argus Zone (
Figure 2
).
2024 Argus Drilling Highlights:
Highlight Assay Results for Argus Zone:
0.99 grams per tonne gold
("
g/t Au
")
over 63.3 meters
("
m
"), including
2.18 g/t Au over
17.4 m
, and
0.83 g/t Au over 29.0 m,
including
2.42 g/t Au over 8.2 m
, in hole MC24-166
0.84 g/t Au over 22.9 m
, including
2.23 g/t Au over 4.4 m
, in hole MC24-164
0.44 g/t Au over 32.5 m,
including
1.01 g/t Au over 7.5 m
, in hole MC24-165
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.
Drilling at the Argus Zone has focused on 50-meter step-outs from the previously reported
intercept in hole MC23-140, which returned 0.96 g/t Au over 27.6 m") (
See Company press
release from January 23, 2024).
Hole MC24-166 intersected two significant zones, returning
0.99 g/t Au over 63.3 m
, including
2.18 g/t Au over 17.8 m,
and
0.83 g/t Au over 29.0 m
, including
2.42 g/t Au over 8.2 m
. These
intersections more than double the width observed in hole MC23-140 and highlight the increasing
potential of expanding the Argus Zone to the west.
Hole MC24-165, a further 150-meter western step-out along trend from hole MC24-166, returned
0.44 g/t Au over 32.5 m
, including
1.01 g/t Au over 7.5 m
, within the Porcupine sediments, south
of the Pipestone fault with the characteristic fine quartz veining and specular hematite typically
associated with the Argus Zone. This intercept has significant implications for continued
exploration within this rock type, as all other intersections of Argus Zone mineralization are hosted
in mafic volcanics north of the Pipestone fault.
Assay results for a final fifth hole, MC24-163, are undergoing further check assays at the ALS
Canada laboratory in North Vancouver, BC. and will be reported when results are received and
reviewed to meet the Company's quality assurance and quality control protocols.
"MC24-166 is a great hole," said Brock Colterjohn, President & CEO. "We are very pleased with all the
results we've received to date at our Timmins programs. The Argus results, along with the GM Vein
results earlier this year, confirm that there is still ample opportunity for new discoveries in this historic
camp. It has been our thesis that the Argus Zone could get stronger and thicker as we stepped out west
towards the Pipestone Fault. Not only did our results from 2023 validate this by doubling the strike length
of the zone, but this year's drilling further confirms our approach, increasing the zone by more than 250
meters within an area of considerably higher grade and width. We are excited about the potential for the
Argus Zone to expand and are looking forward to going back in to continue drilling this impressive new
zone further to the west."
Discussion of Results for the Argus Zone
The bulk-tonnage style Argus Zone is located three km west-northwest of the past-producing Croesus
Mine (
Figure 2
). It is a broad zone of near-surface gold mineralization within the influence of the regional
gold-bearing Pipestone Fault. The Argus Zone is characterized by silicified mafic variolitic volcanics cut
by northeast-trending pyritic veinlets (with trace to minor arsenopyrite) within a broader halo of carbonate
alteration and local development of specular hematite.
All four drill holes released today continued to intersect promising gold mineralization over encouraging
widths. The results from hole MC24-166 highlight the continuation of the Argus mineralization system to
the west with apparent improving gold grades and intersected widths as the zone approaches the
northwest-trending Pipestone Fault and a prominent northeast-trending Barton Creek Fault. The
Company is developing a follow-up drill plan with further holes planned to the west across the northeast-
trending fault to follow the continuation of the Argus Zone.
Discussion of the 2024 Spring Drill Program
A total of 25 holes (MC24-143 to 167) totaling 3,311 m were drilled on the Munro-Croesus Project in
March and April, including 20 holes totaling 1,731 m on the GM Vein and five (5) holes totaling 1,580 m
on the Argus Zone. The remaining hole, MC24-163, will be released once the final assays results are
received and reviewed to meet the Company's quality assurance and quality control protocols.
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 (
Figure 1
). 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 2020-2023 has unified the patchwork of patented and
unpatented mining claims surrounding the Croesus Gold Mine into one coherent package (
Figure 2
)
and enhanced the project's exploration potential.
The Project covers 93 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 STLLR 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
.
Figure 1 - Onyx Gold's Land Position in Timmins, Ontario
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/213255_2d853ee3845f3a6a_002full.jpg
Figure 2 - Location of Munro-Croesus Gold Project, Ontario
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/213255_2d853ee3845f3a6a_003full.jpg
Figure 3 - Plan Map of Showing Location of 2024 Drill Holes on the Argus Zone
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/213255_2d853ee3845f3a6a_004full.jpg
Table 1 - Significant Assay Results from the Four Holes Completed at the Argus Zone
Drill Hole
From (m)
To (m)
Length* (m)
Au (g/t)
Argus Zone
MC24-164
175.0
197.9
22.9
0.84
Incl.
176.8
178.0
1.2
4.16
And Incl.
193.5
197.9
4.4
2.23
And
238.8
240.0
1.2
2.00
And
256.4
257.1
0.7
3.00
MC24-165
55.4
56.9
1.5
1.14
And
360.0
392.5
32.5
0.44
Incl.
383.5
391.0
7.5
1.01
MC24-166
50.2
113.5
63.3
0.99
Incl.
61.2
72.6
11.4
1.53
And Incl.
69.5
71.0
1.5
3.53
Incl.
95.1
112.5
17.4
2.18
And
131.5
160.5
29.0
0.83
Incl.
150.0
158.2
8.2
2.42
MC24-167
171.7
172.5
0.8
2.30
And
195.8
197.8
2.0
1.54
And
230.0
232.5
2.5
0.79
Incl.
231.0
231.8
0.8
1.68
*Note - Drill intercepts reported as core lengths are estimated to be 70-100% true width.
Averages are length weighted using a 0.2 g/t cut-off and
maximum of 10m of internal dilution.
Ian Cunningham-Dunlop, P.Eng., Executive VP for Onyx Gold and a qualified person as defined by Canadian
National Instrument 43-101, has reviewed and verified the information within this table
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
km
2
property is located 9 km northeast of Newmont's multi-million-ounce Hoyle Pond deposit in
Timmins. The Timmins South 187 km
2
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.
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 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.
Additional Notes:
Starting azimuth, dip and final length (Azimuth/-Dip/Length) for the four drill holes reported today are
noted as follows: MC24-164 (000/45/347), MC24-165 (315/45/450), MC24-166 (325/45/225), and
MC24-167 (000/45/249).
Samples of drill core were cut by a diamond blade rock saw, with half of the cut core placed in individual
sealed polyurethane bags and half placed back in the original core box for permanent storage. Sample
lengths typically vary from a minimum 0.2-meter interval to a maximum 1.5-meter interval, with an
average 0.5 to 1.0-meter sample length.
Drill core samples were delivered by truck in sealed woven
plastic bags to ALS Geochemistry laboratory facility in Timmins, Ontario for sample preparation with
final analysis at ALS Geochemistry Analytical Lab facility in North Vancouver, BC.
ALS Geochemistry
operate meeting all requirements of International Standards ISO/IEC 17025:2017 and ISO 9001:2015.
Gold is determined by fire-assay fusion of a 50-gram sub-sample with atomic absorption spectroscopy
(AAS).
Samples that return values >10 ppm gold from fire assay and AAS are determined by using fire
assay and a gravimetric finish. Various metals including silver, gold, copper, lead and zinc are analyzed
by inductively-coupled plasma (ICP) atomic emission spectroscopy, following multi-acid digestion.
The
elements copper, lead and zinc are determined by ore grade assay for samples that return values
>10,000 ppm by ICP analysis.
Silver is determined by ore-grade assay for samples that return >100
ppm. All ALS Geochemistry sites operate under a single Global Geochemistry Quality Manual that
complies with ISO/IEC 17025:2017. ALS Geochemistry follows the quality management and operational
guidelines set out in the international standards ISO/IEC 17025 - "General Requirement for the
Competence of Testing and Calibration Laboratories" and ISO 9001 - "Quality Management Systems".
The Company maintains a robust QA/QC program that includes the collection and analysis of duplicate
samples and the insertion of blanks and standards (certified reference material).
Ian Cunningham-Dunlop, P.Eng., Senior VP Exploration for HighGold Mining Inc. and a qualified person
("
QP
") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical
information contained in this release.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/213255