Onyx Gold Intersects Additional High-Grade Gold at the GM Vein on the Munro-Croesus Project, Ontario Visible Gold Observed in Four More Holes; 52.1 g/t Au over 0.5 M in MC24-154
Onyx Gold Intersects Additional High-Grade
Gold at the GM Vein on the Munro-Croesus
Project, Ontario
Visible Gold Observed in Four More Holes; 52.1 g/t Au over 0.5
M in MC24-154
Vancouver, British Columbia--(Newsfile Corp. - May 1, 2024) -
Onyx Gold Corp.
(TSXV:
ONYX)
("
Onyx
" or the "
Company
") is pleased to announce additional gold results for the next 14 drill
holes from its ongoing, fully funded 3,000-meter Spring Drill Program (the "
Program
") at its Munro-
Croesus Project ("
Munro-Croesus
" or the "
Project
") in the Timmins gold camp, Ontario.
The 14 drill holes reported today were completed at the new GM Vein, located 350 meters ("
m
") from
the past-producing Croesus Gold Mine, which yielded some of Ontario's highest-grade gold ever mined.
Highlights are provided below, with key drill results in
Table 1
.
Drilling continues to intersect encouraging results from the GM Vein at an average vertical depth of
50-60 m with visible gold observed in four of the 14 holes reported today (MC24-
152/154/156/162).
Drilling has now defined a higher-grade shoot plunging to the southwest and the GM Vein remains
open for expansion in all directions.
Significant assay intersections include:
MC24-154, a follow-up hole completed 10 m southwest from Hole MC23-132 (
121.8 grams
per tonne ("
g/t
") gold ("
Au
") 0.9 m -
See Company press release dated December 6,
2023)
, returned
52.06 g/t Au over 0.5
m
within a broader zone of
26.52 g/t Au over 1.0 m
.
MC24-151, a follow-up hole completed 10 m northeast from Hole MC23-132, returned
20.44
g/t Au over 0.4 m
within a broader zone of
10.97 g/t Au over 0.8 m
.
MC24-152, a follow-up hole completed 20 m up-dip from Hole MC24-151, returned
32.31 g/t
Au over 0.3 m
within a broader zone of
7.68 g/t Au over 1.4 m
.
MC24-156, a follow-up hole completed 5 m up-dip from Hole MC24-154, returned
15.52 g/t
Au over 0.4 m.
A total of 20 holes totaling 1,713 m were drilled on the GM Vein in March and April 2024.
Seventeen (17) short drill holes (MC24-143 to MC24-159) were completed across the GM Vein on
three 10 meter-spaced drill fences. Two additional holes (MC24-160 and MC24-162) were
completed 30 m down-plunge and 30 m up-plunge from the three main fences of holes. One hole,
MC24-161, was drilled to the northeast to test for the prospective carbonaceous, sulfidic "flow top"
breccia, which hosts the higher-grade portion of the Croesus Vein, 350 m to the southeast.
~84% of drill holes (16 of 19 holes drilled to date) intersected mineralization greater than 0.5 g/t
Au.
Ten drill holes intersected mineralization over 10 g/t Au.
The diamond drill rig is now testing the bulk-tonnage Argus Zone located three kilometers west of
the GM Vein. The remaining program meterage will be dedicated to expanding the Argus Zone
beyond its current strike length of 525 m and 200 m thickness.
Given the encouraging results, the
Program has been upsized by 10% to 3,300 m
and will wind
up shortly. Assay results will be released on an ongoing basis pending review and compliance with
Company QA/QC protocols.
"We are very encouraged with the results from this year's spring program so far," said Brock Colterjohn,
President & CEO. "Our drilling efforts have successfully defined a higher-grade shoot, and the GM Vein
remains open for expansion in all directions. We look forward to further expanding this high-grade lens
and exploring for similarly plunging zones with future drill programs."
"We are now drilling over at the bulk-tonnage Argus zone target, with the objective of extending the zone
further to the west. We've expanded the program by 10% to 3,300 meters, reflecting the positive results
and our confidence in the project's prospects. Our commanding land position and wealth of opportunities
for new discoveries provides the potential for Onyx to become the go-to explorer in the Timmins Camp.
We are looking forward to reporting further assays as they become available."
Highlight Assay Results for GM Vein
26.52 g/t Au over 1.0 m
, including
52.06 g/t Au over 0.5 m
in hole MC24-154
7.68 g/t Au over 1.4 m
, including
32.31 g/t Au over 0.3 m
in hole MC24-152
10.97 g/t Au over 0.8 m
, including
20.44 g/t Au over 0.4 m
in hole MC24-151
15.52 g/t Au over 0.4 m
in hole MC24-156
4.40 g/t Au over 0.8 m in hole MC24-162
2.62 g/t Au over 0.8 m in hole MC24-155
2.45 g/t Au over 0.3 m in hole MC24-153
1.77 g/t Au over 1.2 m in hole MC24-150
1.75 g/t Au over 2.0 m in hole MC24-158
Discussion of GM Vein Results
The GM Vein was first discovered in the 2023 fall drill program when drill hole MC23-132 intersected a
30 cm wide quartz vein with abundant visible gold that returned
363 g/t Au over 0.3 m
. This intersection
represents the single highest assay in the Company's drill hole database for the Project. The high-grade
vein occurs within a broader zone of mineralization averaging
121.8 g/t Au
over 0.9 m
and was
intersected approximately 60 m vertically below surface. This discovery represents an entirely new
bonanza-grade quartz vein in a geological setting comparable to the mined-out, very high-grade
Croesus vein, located 350 m to the southeast, along the prospective Croesus pillowed mafic volcanic
flow.
A total of 20 holes totaling 1,713 m were drilled on the GM Vein in March and April 2024. Seventeen (17)
short drill holes (MC24-143 to MC24-159) were completed on three 10 meter-spaced drill fences around
hole MC23-132, two holes (MC24-160 and MC24-162) were drilled 30 m down-plunge and 30 m up-
plunge respectively, and one hole, MC24-161, was drilled to the northeast to test for the prospective
carbonaceous, sulfidic "flow top" breccia, which hosts the higher-grade portion of the Croesus Vein, 350
m to the southeast.
Results for the first six holes on the GM Vein were reported in mid-April and included
51.27 g/t Au over
0.5m
in hole MC24-147 (
See Company press release dated April 17, 2024).
Results reported today
are from the next 14 holes (MC24-149 to 162) and the drilling continues to intersect encouraging results
from the GM Vein over widths of 0.3 m to 2.0 m and at an average vertical depth of 50 to 60 m. Visible
gold was observed in four of the 14 holes reported today (MC24-152/154/156/162) and continues to be
associated with thin black wavy stylolites within the quartz-carbonate vein. Drilling has now defined a
higher-grade shoot plunging to the southwest and the GM Vein remains open for expansion in all
directions.
Highlights today include: 26.52 g/t Au over 1.0 m including
52.06 g/t Au over 0.5
m
in hole MC24-154,
10.97 g/t Au over 0.8 m including
20.44 g/t Au over 0.4 m
in hole MC24-151, 7.68 g/t Au over 1.4 m
including
32.31 g/t Au over 0.3 m
in hole MC24-152
,
and
15.52 g/t Au over 0.4 m
in hole MC24-156.
Figure 3
and
Figure 4
show drill hole locations for the holes reported herein, and
Table 1
shows
significant assay intersections.
Discussion of the 2024 Spring Drill Program
The 3,000 m Program initially focused on the
GM Vein
with 50% of the planned meters dedicated to
expanding the known high-grade gold mineralization around drill hole MC23-132 by determining a
potential plunge control on the gold "shoots" and identifying new, repeated "shoots" by targeting the GM
Vein along strike. A total of 20 holes totaling 1,713 m have been drilled on the GM Vein and the
remainder of the meterage has now been allocated to the
Argus Zone
, a broad zone of near-surface
gold mineralization situated three kilometers west-northwest of the past-producing Croesus Gold Mine
and immediately north of the Pipestone Fault. The objective of planned drilling is to follow up with 50 m
step-out holes on the best intersection from the fall 2023 drilling (
0.96 g/t Au over 27.6 m
in drill hole
MC23-140) and expand the Argus Zone beyond the current strike length of 525 m and 200 m thickness.
Given the encouraging results, the Program has been
upsized by 10% to 3,300 m
and will be
completed by the end of April. To maximize sample sizes, all drilling in the GM Vein target was
completed with HQ-sized core. Drilling in the Argus Zone will be completed with NQ-sized core as in
previous drill programs. Assay results will be released on an ongoing basis pending review and meeting
Company 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 70 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
.
Figure 1 - Onyx Gold's Land Position in Timmins, Ontario
To view an enhanced version of this graphic, please visit:
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Figure 2 - Location of Munro-Croesus Gold Project, Ontario
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Figure 3 - Plan Map of Showing Location of 2024 Drill Holes on the GM Vein
To view an enhanced version of this graphic, please visit:
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Figure 4 - Inclined Longitudinal Section Showing Location of 2024 Drill Holes on the GM Vein
To view an enhanced version of this graphic, please visit:
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Table 1 - Significant Assay Results from Next 14 Holes Completed at The GM Vein
Drill Hole
From (m)
To (m)
Length (m)
Au (g/t)
GM Vein Discovery
MC24-149
No Significant Assays
MC24-150
59.20
60.40
1.20
1.77
Including
59.60
60.00
0.40
3.74
MC24-151
63.50
64.30
0.80
10.97
Including
63.50
63.90
0.40
20.44
MC24-152
53.80
55.20
1.40
7.68
Including
53.80
54.10
0.30
32.31
MC24-153
54.80
55.10
0.30
2.45
MC24-154
63.60
64.60
1.00
26.52
Including
63.60
64.10
0.50
52.06
MC24-155
67.20
68.00
0.80
2.62
Including
67.70
68.00
0.30
4.33
MC24-156
62.60
63.00
0.40
15.52
MC24-157
57.80
58.10
0.30
0.84
MC24-158
56.60
58.60
2.00
1.75
MC24-159
No Significant Assays
MC24-160
60.00
60.30
0.30
0.98
MC24-161
No Significant Assays
MC24-162
50.30
51.10
0.80
4.40
Including
50.30
50.60
0.30
6.92
*Note - Drill Intercepts are 70-100% of true width. Averages are length weighted using a 0.5 g/t gold cut-off and a maximum of 10m of internal dilution.
Ian Cunningham-Dunlop, P.Eng., Executive VP for Onyx Gold and 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 kilometers (47 miles) east of Timmins, proximal to the Porcupine-Destor and
Pipestone Faults, and approximately two kilometers (1.2 miles) 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 square kilometer (54 square miles) property is located
nine kilometers (5.6 miles) northeast of Newmont's multi-million-ounce Hoyle Pond deposit in Timmins.
The Timmins South (Golden Perimeter) 187 square kilometers (72 square miles) 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
Twitter :
@ HYPERLINK "https://twitter.com/highgoldmining?lang=en"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 14 drill holes reported today are noted
as follows: MC24-149 (320/63/63), MC24-150 (320/74/81), MC24-151 (320/83/81), MC24-152
(320/66/78), MC24-153 (320/56/75), MC24-154 (320/74/84), MC24-155 (320/82/84), MC24-156
(320/69/81), MC24-157 (320/60/75/0, MC24-158 (320/51/75), MC24-159 (320/45/135), MC24-160
(320/80/84), MC24-161 (313.5/45/165), and MC24-162 (320/75/78).
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 samples from the mineralized zones from each drill hole were delivered by truck in sealed woven
plastic bags to MSA Labs laboratory facility in Timmins, Ontario for sample preparation followed by the
photon assay method.
MSA Labs operate meeting all requirements of International Standards ISO/IEC
17025:2017 and ISO 9001:2015.
Drill core samples are crushed to 70% passing 2mm, then a representative split is taken and pulverized
to 85% passing 75μm.
Gold is determined by photon assay of a 500-gram sample providing a true bulk
reading.
The Chrysos PhotonAssay method utilizes high energy x-rays causing excitation of atomic
nuclei allowing enhanced analysis for gold.
Coarse rejects from MSA Labs and remaining drill core samples for each hole were then 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.
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