Onyx Gold Provides Exploration Update at King Tut Property in Yukon
Onyx Gold Provides Exploration Update at
King Tut Property in Yukon
Vancouver, British Columbia--(Newsfile Corp. - September 11, 2023) -
Onyx Gold Corp.
(
TSXV:
ONYX
) ("
Onyx
" or the "
Company
") is pleased to provide an update on its ongoing exploration program
at the King Tut Property located in Yukon, Canada (Figure 1).
A fully funded drill program consisting of 8-10 diamond drill holes for a planned 2,500 meters is
underway and is expected to continue until mid to late September. Results are expected in mid-to-late
October and will be issued regularly throughout the remainder of the year.
Exploration Update:
Completion of Seven diamond drill holes (1,661 m) at the Main Tut and Golden Mask targets, with
drilling ongoing;
Collection of Over 1,350 soil samples looking to expand known gold-in-soil anomalies to identify
new targets for follow-up;
Completion of High-resolution LiDAR topographic surveying of the entire property;
Completion of 1,500 line-km of drone-based magnetic geophysical surveying, with preliminary
data generating several prospective targets to help guide current drilling; and
Mapping, prospecting, and geochemical sampling is ongoing.
"We are excited to be the first team drilling this prospective property," said Brock Colterjohn, President
& CEO. "We believe we are on the ground floor in this emerging Canadian gold district in the eastern
Tombstone belt, as well as being part of the larger Tintina Gold Province hosting many large bulk
tonnage gold systems with predictable exploration models (Figure 2).
This year's work is progressing
well, with our first core delivered for assaying with results expected in mid to late October."
Yukon Properties
Onyx controls a portfolio of greenfield gold properties in eastern Yukon, totaling 210 km
2
. The King Tut
Property is Onyx's most advanced and compelling property, located in the heart of an emerging reduced
intrusive-related gold district in Yukon's Selwyn Basin. Previous fieldwork identified large-scale undrilled
gold-in-soil anomalies in a comparable geological setting 50 km from Snowline Gold's Rogue/Valley
Discovery, one of Canada's most significant new gold discoveries.
Onyx commenced the first-ever drill program on the King Tut Property in late July of this year. Phase 1
drilling focused on testing the Main Tut and Golden Mask gold-in-soil anomalies which are associated
with two separate intrusion-related gold systems. Two drill holes were completed at the Main Tut target
(639 m), and five drill holes (1,022 m) have been completed at the Golden Mask target. Results are
pending.
In addition to drilling, Onyx has undertaken extensive geophysical and geochemistry surveys and
mapping and prospecting programs that have generated prospective targets for future drilling and other
exploration work. Preliminary data from the drone-based magnetic geophysical survey has been
processed and interpreted, and the results are helping guide current drilling and future exploration plans,
highlighting the significant upside potential of the King Tut Property.
Figure 1 - Tombstone Belt Gold Belt
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/180176_33d014fae4268854_002full.jpg
Figure 2 - Reduced Intrusive Related Gold Systems (Red Dots) Within The Tombstone Gold Belt (Pink)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/180176_33d014fae4268854_003full.jpg
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 Corporate Communications
Phone:
1-604-629-1165
or North American toll-free
1-855-629-1165
Email:
or
.
Website:
www.onyxgold.com
Twitter:
@OnyxGoldCorp
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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