Onyx Gold Intersects 3.4 g/t Gold Over 69.6 Meters Including 5.4 g/t Gold over 34.5 Meters at Munro-Croesus Project and Announces Option Agreement Includes High-Grade Subintervals of 13.9 g/t Gold over 9.5 Meters and 38.5 g/t Gold over 3.0 Meters
April 10th, 2025 NR# 019-2025
NEWS RELEASE
Onyx Gold Intersects 3.4 g/t Gold Over 69.6 Meters
Including 5.4 g/t Gold over 34.5 Meters at Munro-Croesus Project
and Announces Option Agreement
Includes High-Grade Subintervals of 13.9 g/t Gold over 9.5 Meters and
38.5 g/t Gold over 3.0 Meters
Vancouver, BC – April 10th, 2025 – Onyx Gold Corp. (“Onyx Gold” or the "Company") (TSX-
V: ONYX, OTCQX: ONXGF) is pleased to announce new high-grade drill results from hole MC24-
163, at the Argus North Zone, a newly identified gold zone located 100 meters (“m”) north of the
main Argus Zone trend at its 100% owned Munro-Croesus Project (“Munro-Croesus” or the
“Project”), 75 km east of Timmins, Ontario. In addition, the Company has signed an option
agreement (the “Option Agreement”) to acquire a 100% interest in a key 21-hectare inholding
(the “Property”), contiguous with the Argus North discovery. This acquisition strengthens Onyx
Gold’s land position and enhances its ability to expand this promising new zone.
The extension of drill hole MC24-163 onto the newly optioned property has significantly expanded
and improved upon the previously reported intersection (1.9 grams per tonne gold (“g/t Au”) over
48.1 meters (“m”) in drill hole MC24-163; see Company news release dated September 10, 2024).
The new results now define a broad, continuous zone of strong gold mineralization, grading 3.4
g/t Au over 69.6 m , including a high-grade subzone of 13.9 g/t Au over 9.5 m (see Table 1).
This new zone has been tested by only a single drill hole to date, and it remains open in all
directions, offering substantial potential for further expansion.
Table 1 – Assay Highlights for MC24-163 Extension
Drill Hole From (m) To (m) Width* (m) Gold g/t
MC24-163 230.4 300.0 69.6 3.4
Including 241.8 246.3 4.5 7.1
And Including 265.5 300.0 34.5 5.4
Including 285.5 295.0 9.5 13.9
Including 292.0 295.0 3.0 38.5
*Intersections reported as drilled width; true width unknown
"We are highly encouraged by the drill results from Argus North," said Brock Colterjohn, President
& CEO. "These intercepts are the most impressive mineralization we've seen on the Property to
date and stand out as some of the best early -stage gold results reported in the greater Timmins
camp in recent years. These results likely suggest the presence of a large, previously untapped
gold system within the Munro-Croesus property, presenting a tremendous new exploration
opportunity for the Company."
Mr. Colterjohn continued, “The discovery at Argus North is characterized by both broad intervals
of strong gold grades and high-grade subzones, offering significant scale and exceptional quality.
With mineralization still open in all directions and closely associated with the Pipestone Fault, the
major structural corridor known to host multiple large gold deposits, we are excited to resume
drilling in the coming weeks to further define and expand this promising new gold system.”
“Onyx Gold has spent several years assembling a dominant land position in highly prospective
yet underexplored regions of the greater Timmins gold camp with the view that the camp is long
overdue for a major new gold discovery,” stated Darwin Green, Executive Chairman. “The results
released today are an early validation of our strategy and exploration approach. Argus North is
an entirely new discovery with excellent ‘grade x width’ metrics within the influence of a productive
regional-scale structure of which Onyx controls more than eight km of strike length.”
Discussion of Results
Drill hole MC24-163 intersected strong, high-grade mineralization approximately 100 m north of
the main Argus Zone trend and about 150 to 200 m vertically below the surface, leading to the
discovery of a new, previously unrecognized zone, now referred to as the Argus North Zone. To
date, only one drill hole has been completed in this area, and the mineralization remains open in
all directions. For reference, see Figures 1 and 2.
The approximately 70 m mineralized interval in hole MC24-163 occurs within strongly albite- and
silica-altered mafic variolitic volcanics, hosting 3-10% fine pyrite stringers. Visible gold was
observed in a narrow quartz veinlet between 293.0 m and 294.0 m ( Plate 2). Notably, the zone
returned consistent gold values throughout (see Table 2), highlighting both the continuity and
strength of the mineralization in this newly identified area. Representative core photos
showcasing these features can be found in Plate 1.
Available data suggests the new zone is near-vertical and sub-parallel to the east-west trending
main Argus Zone, which is a separate 750 m x 200 m near-surface bulk tonnage target (e.g. 1.0
g/t Au over 63.3 m in drill hole MC24-166 and 0.5 g/t Au over 136 m in drill hole MC22 -110)
situated along the Pipestone Fault, a major structural corridor known to host significant gold
deposits, including Mayfair Gold’s 4.4-million-ounce Fenn-Gib deposit 1, located just 6 km away.
Drill hole MC24 -163 was completed during the Spring 2024 Drill Program (see Company news
releases dated June 17, 2024 and September 10, 2024 for details) on the Company’s 108 km²
Munro-Croesus property, with the results reported today coming from an extension of the drill hole
onto an adjoining claim not previously controlled by Onyx Gold.
Next Steps
Immediate follow-up plans include step-out drilling along strike, and up-dip to extend the new
zone to surface, and down-dip to trace high-grade zones to depth. Plans also include re-entering
and extending drill holes MC23-140 and MC24-164, both of which stopped short of the down-dip
projection of the zone.
At a larger scale, historical and recent trenching and sampling within the same key prospective
mafic variolitic volcanic units and along the Pipestone Fault to both the west and east suggests
multi-kilometer scale potential along trend completely untested by any drilling to date. The
Company intends to present its near-term exploration plans for its Timmins properties in the
coming weeks.
Terms of the Option Agreement
Onyx Gold has signed a three-year Option Agreement with arm’s length private vendor s (the
“Optionors”) through its wholly -owned subsidiary to acquire a 100% interest in a strategically
located 21-hectare inholding (the “Property”) within the Munro-Croesus Property.
This patented claim, held by the Optionors for over a century, has never been drilled or
systematically explored, despite its prime geological location near the highly prospective
Pipestone Fault and other known gold targets. The recent discovery of the Argus North Zone
underscores the untapped potential of the Property and its surrounding area, making it a key focus
for future exploration. This acquisition not only enhances Onyx Gold’s land position but also
provides unrestricted access for follow -up drilling and the expansion of this exciting new gold
discovery.
The Company has the option to acquire 100% of the Property from the Optionors (the “Option”)
by making staged cash and share payments totalling C $1,515,000 and 3,300,000 Shares over
three years, as follows:
• C$165,000 upon signing of the Option Agreement and 825,000 shares following TSX
Venture Exchange (the “TSXV”) approval of the Option Agreement;
• C$375,000 and 825,000 shares on or before the 1st anniversary;
• C$375,000 and 825,000 shares on or before the 2nd anniversary; and
• C$600,000 and 825,000 shares on or before the 3rd anniversary.
In addition, the Company must incur a total of C $1,250,000 in exploration expenditures on the
property over the three years.
Upon the exercise of the Option, the Optionors will be granted a 3% net smelter returns royalty
(the “NSR R oyalty) on the Property with the Company retaining the right to buyback one-half
(1.5%) of the NSR R oyalty at any time following exercise of the Option for an aggregate cash
payment of C$1,500,000.
A bonus payment of C $1,000,000 is payable to the Optionors if a mineral resource exceeding
500,000 ounces of gold in the Measured and Indicated categories is disclosed on the Property in
compliance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects on
the Property or if commercial production commences on the property based on a feasibility study
with reserves of at least 500,000 ounces of gold.
The agreement is subject to the approval of the TSXV. The agreement will be effective three
business days following approval of the TSXV.
Figure 1 – Cross-Section Showing Highlighting Drill Hole MC24-163
Figure 2 – Plan Map of Showing Location of 2024 Drill Holes on the Argus Zone
Figure 3 – Location of Munro-Croesus Gold Project, Ontario
Plate 1 – Core Photos of 5.4 g/t Au over 34.5 m Interval in Drill Hole MC24-163
Plate 2 – Photo of Visible Gold in Drill Hole MC24-163
Table 2 – Detailed Sample Results of 5.4 g/t Au over 34.5 m Interval in Drill Hole MC24-163
Drill Hole From To Length Au
(meters) (meters) (meters) (g/t)
MC24-163 265.5 267.0 1.5 4.2
MC24-163 267.0 268.5 1.5 3.9
MC24-163 268.5 269.3 0.8 0.9
MC24-163 269.3 270.0 0.7 11.2
MC24-163 270.0 271.0 1.0 3.8
MC24-163 271.0 272.0 1.0 3.3
MC24-163 272.0 273.0 1.0 4.5
MC24-163 273.0 274.0 1.0 3.7
MC24-163 274.0 275.5 1.5 3.1
MC24-163 275.5 277.0 1.5 0.5
MC24-163 277.0 278.5 1.5 1.2
MC24-163 278.5 280.0 1.5 2.9
MC24-163 280.0 281.5 1.5 0.1
MC24-163 281.5 283.0 1.5 0.2
MC24-163 283.0 284.5 1.5 0.7
MC24-163 284.5 285.5 1.0 0.3
MC24-163 285.5 286.5 1.0 6.7
MC24-163 286.5 287.5 1.0 5.4
MC24-163 287.5 288.5 1.0 0.5
MC24-163 288.5 289.5 1.0 1.8
MC24-163 289.5 291.0 1.5 0.1
MC24-163 291.0 292.0 1.0 2.1
MC24-163 292.0 293.0 1.0 10.9
MC24-163 293.0 294.0 1.0 76.4
MC24-163 294.0 295.0 1.0 28.1
MC24-163 295.0 296.0 1.0 1.8
MC24-163 296.0 297.0 1.0 0.6
MC24-163 297.0 298.5 1.5 0.2
MC24-163 298.5 300.0 1.5 2.1