Onyx Gold Reports: Maiden Drill Program Confirms Widespread Gold Mineralization at King Tut Project, Yukon Territory 0.30 g/t Gold over 32.50 Meters Returned at the Golden Mask Anomaly
Onyx Gold Reports: Maiden Drill Program
Confirms Widespread Gold Mineralization at
King Tut Project, Yukon Territory
0.30 g/t Gold over 32.50 Meters Returned at the Golden Mask
Anomaly
Vancouver, British Columbia--(Newsfile Corp. - November 15, 2023) -
Onyx Gold Corp.
(
TSXV:
ONYX
) ("
Onyx
" or the "
Company
") is pleased to announce the final assay and exploration results from
its summer drilling and exploration program (the "
Program
") at the King Tut Property ("
King Tut
" or
"
Property
") located in Yukon, Canada. (
Figure 1
).
Previous fieldwork on the Project had identified
large-scale undrilled gold-in-soil anomalies in a comparable geological setting situated 50 kilometers
from Snowline Gold's Rogue/Valley Discovery, one of Canada's most significant new gold discoveries.
Results from the inaugural nine-hole drill program confirm widespread gold mineralization across the
Main Tut and Golden Mask anomalies, validating the existence of potential bulk-tonnage reduced
intrusion-related gold systems ("
RIRGS
") on the Property.
In addition, new airborne magnetic surveying
and soil sampling have also significantly expanded the size of the mapped intrusions at both targets.
"Our field program at King Tut has been a real success," said Brock Colterjohn, President & CEO. "The
drilling has validated that these anomalies have potential as large, bulk tonnage targets with the
opportunity to vector in on a higher-grade zone, and the geophysical and geochemical surveys have also
significantly expanded the extents of the Golden Mask intrusive by 7x relative to previously mapped
outlines. The increase in scale of the intrusion at Golden Mask, especially below cover on the valley floor,
provides more room to expand the mineralized footprint, potentially including a higher-grade core."
"The results at Golden Mask, in particular, have demonstrated gold grades and widths consistent with
what is known about Snowline Gold's Valley intrusion outside of the Valley target high-grade core.
We
look forward to interpreting this data as the "smoke" to the high-grade "fire", and we are anxious to get
back on the ground at King Tut again next year."
The goal of the 2023 program was to determine the potential for RIRGS on the known gold-in-soil
anomalies with a Phase 1 ~2,100-meter drill program.
This year's results will be analyzed to inform next
year's program to vector towards potential high-grade cores in these intrusions.
Highlight 2023 Drill Hole Results
Main Tut Anomaly
0.12 g/t Au over 122.0 meters
in hole KT23-001, including
0.20 g/t Au over 18.1 meters
0.13 g/t Au over 187.0 meters
in hole KT23-002, including
0.36 g/t Au over 21.0 meters, including
2.93 g/t Au over 1.0 meter
Golden Mask Anomaly
0.13 g/t Au over 53.0 meters
in hole KT23-003B
0.30 g/t Au over 32.5 meters
in hole KT23-005, including
0.56 g/t Au over 8.0 meters
0.21 g/t Au over 20.0 meters in hole KT23-006
2.14 g/t Au over 0.7 meters in hole KT23-008
0.24 g/t Au over 10.9 meters in hole KT23-008
0.24 g/t Au over 14.7 meters in hole KT23-009, including
1.16 g/t Au over 0.7 meters
1.30 g/t Au over 4.0 meters
in hole KT23-009
6.31 g/t Au over 1.0 meters
in hole KT23-009
2023 Program Summary
The 2023 Yukon exploration program focused on Phase 1 drill testing of the promising Main Tut and
Golden Mask gold-in-soil anomalies, which are associated with two separate intrusion-related gold
systems, and also the execution of property-wide geophysical surveys, geochemical surveys, and
mapping and prospecting programs to refine drill targets and identify prospective area for future
exploration.
The Program included 2,123 meters of diamond drilling in two (2) completed holes at the
Main Tut target and seven (7) completed holes and one (1) lost hole on the Golden Mask target, 1,353
soil samples, 1,692-line-kilometer of property-wide drone-based magnetic geophysical surveying,
property-wide high-resolution LiDAR topographic surveying, and geological mapping, prospecting, and
geochemical sampling.
Discussion of Golden Mask and Main Tut Drill Results
Golden Mask Anomaly
The Golden Mask anomaly occurs within and adjacent to a granitic stock that is interpreted to be the
upper carapace of a reduced intrusion.
The Golden Mask soil anomaly is roughly 1,400 meters by 1,400
meters in size and hosts coincident strongly anomalous gold and RIRGS pathfinder geochemical
signature (Bi, Te, W, As).
The Golden Mask anomaly is almost entirely comprised of soil samples that
returned > 20 ppb gold, with a majority of samples over 50 ppb gold to a peak of 1,423 ppb gold. The
anomaly is open for expansion to the west and south.
The Company completed seven (7) drill holes totaling 1,483.5 meters at Golden Mask (
Figure 2)
as two
northwest-southeast fences of holes across the known mapped intrusion to cut the observed northeast-
trending fracture/vein sets and one drill hole located at the valley bottom to test the newly interpreted
intrusive outline based on the summer magnetic survey results.
The holes intersected broad zones of
gold mineralization within Golden Mask granitic intrusion and hornfels aureole including
0.13 g/t Au over
53.0 meters
in hole KT23-003b,
0.30 g/t Au over 32.5 meters
in hole KT23-005 (including 0.56 g/t Au
over 8.0 meters) and
0.21 g/t Au over 20.0 meters
in hole KT23-006,
0.24 g/t Au over 10.9 meters
in
hole KT23-008, and
0.24 g/t Au over 14.7 meters
,
1.30 g/t Au over 4.0 meters,
and
6.31 g/t Au over
1.0 meter
in hole KT23-009.
The gold is associated with fracture-controlled and locally pervasive, strong
iron oxidation associated with fine-grained disseminated and quartz vein-hosted pyrite and arsenopyrite
(+/- bismuthinite, stibnite, sulfosalts).
The highest gold values were returned in KT23-009, the last drill hole completed in the Program at
Golden Mask, setting the Company up for a strong start to its 2024 exploration plans.
Main Tut Anomaly
The Main Tut anomaly is located nine kilometers east of Golden Mask, near the center of the Property
and within the hornfelsed aureole and aplite dykes surrounding the northern side of the large quartz
monzonite/granite stock.
It has an arcuate shape that is over six kilometers in length and 200 to 1,500
meters in width.
It is defined by a broad zone of moderately to strongly anomalous gold-in-soil values to a
peak of 13,390 ppb gold, with coincident strongly anomalous RIRGS pathfinder geochemical signature
(Bi, Te, W, As).
The Company completed two (2) drillholes totaling 639.3 meters at the Main Tut anomaly (
Figure 3
)
targeting two large east-west trending aplite dykes with elevated gold surface geochemistry.
The holes
intersected widespread gold mineralization with the intrusion including
0.12 g/t Au over 122.0 meters
in
hole KT23-001 (including 0.20 g/t Au over 18.1 meters) and
0.13 g/t Au over 187.0 meters
in hole
KT23-002 (including 0.36 g/t Au over 21.0 meters).
The gold is associated with fine-grained
disseminated and quartz vein-hosted pyrite and arsenopyrite (+/- bismuthinite, stibnite, sulfosalts), but
especially in units where fractures and vein margins are coated by muscovite.
A summary of significant assay intercepts can be found in
Table 1
.
Airborne Geophysical Survey Results
Pioneer Exploration Consultants Ltd. completed a 1,692-line-kilometer property-wide drone-based
magnetic geophysical survey over the King Tut project in August and September.
Final results have been
received and have
dramatically increased the projected size of the granite body
at Golden Mask from
600 by 400 meters to approximately 1,300 by 1,300 meters -
a 700% increase
in size
(
Figure 4
).
A
large portion of the new Golden Mask geophysical feature projects beneath the broad valley floor,
downslope of the area drilled, and is masked by glacial overburden.
Drill hole KT23-008 was drilled to test the southwestern lobe of the newly acquired horizontal gradient
magnetic anomaly and successfully confirmed that the geophysical signature was caused by a large
granite body overlain by hornfelsed country rock (
Figure 4
).
Additional analysis of various geophysical
products has identified numerous lineaments internal to the intrusion that may represent key target
structures and mineralizing fluid pathways.
Surface Mapping and Geochemical Results
The Company collected 1,353 contour and grid soil samples to expand on existing data collected by a
previous operator.
The results from the survey were very encouraging and expanded the size of the
Golden Mask anomaly to the northwest
by 400 meters
with high values
up to 1,070 ppb gold
, which is
above the upper 99
th
percentile of gold-in-soil values on the Property (
Figure 4
).
Q4-2023 Ontario Drill Program
The Company has now shifted its attention to its Timmins, Ontario portfolio where a 4,000 meter drill
program is now underway at our flagship Munro-Croesus Gold Project.
The program is focusing on
follow-up holes at new targets proximal to the historic high-grade Croesus Gold Mine and on the new
bulk-tonnage-style Argus Zone.
Soil sampling has also been completed and an airborne drone-magnetic geophysical survey is in
progress at the Timmins South Project.
Figure 1 - Tombstone Gold Belt
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/187447_8a3bb960044779a3_002full.jpg
Figure 2 - Plan Map Showing Location of 2023 Drill Holes at the Golden Mask Target
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/187447_8a3bb960044779a3_003full.jpg
Figure 3 - Plan Map Showing Location of 2023 Drill Holes at the Main Tut Target
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/187447_8a3bb960044779a3_004full.jpg
Figure 4 - Plan Map Showing Results of 2023 Soil Geochemistry and Airborne Drone-Magnetic
Survey
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/187447_8a3bb960044779a3_005full.jpg
Table 1 - Significant Assay Intercepts from the 2023 Drilling Program
Drill Hole
From
To
Length
Au
Ag
Main Tut Target
(meters)
(meters)
(meters)
(g/t)
(g/t)
KT23-001
63.0
185.0
122.0
0.12
1.1
Including
65.0
74.0
9.0
0.22
2.7
And Including
94.0
98.0
4.0
0.29
12.4
Including
94.0
95.0
1.0
0.35
40.1
And Including
114.9
133.0
18.1
0.20
0.6
And Including
151.0
157.0
6.0
0.27
0.0
And Including
166.0
171.0
5.0
0.23
0.0
KT23-002
7.0
194.0
187.0
0.13
0.2
Including
7.0
18.0
11.0
0.18
0.1
And Including
27.0
35.8
8.8
0.18
0.0
And Including
109.0
125.0
16.0
0.32
0.5
Including
115.0
116.0
1.0
1.52
0.6
And Including
173.0
194.0
21.0
0.36
0.2
Including
186.0
194.0
8.0
0.56
0.2
Including
193.0
194.0
1.0
2.93
0.0
And
289.5
298.1
8.6
0.23
3.4
Including
289.5
291.0
1.5
1.07
6.8
Drill Hole
From
To
Length
Au
Ag
Golden Mask Target
(meters)
(meters)
(meters)
(g/t)
(g/t)
KT23-003B
119.0
172.0
53.0
0.13
0.3
Including
119.0
120.0
1.0
1.35
0.7
And Including
156.1
160.0
3.9
0.34
0.2
KT23-004
No Significant Results
KT23-005
62.0
94.5
32.5
0.30
0.5
Including
78.0
86.0
8.0
0.56
0.5
Including
85.0
86.0
1.0
1.06
0.8
KT23-006
113.0
133.0
20.0
0.21
0.3
And
113.0
118.5
5.5
0.32
0.4
Including
117.1
118.5
1.4
0.62
0.5
Including
171.0
172.0
1.0
0.71
0.0
And
189.0
219.0
30.0
0.11
0.3
KT23-007
68.0
69.0
1.0
0.22
0.0
KT23-008
142.5
143.2
0.7
2.14
0.0
And
172.4
173.5
1.1
0.88
1.0
And
185.0
195.9
10.9
0.24
0.0
And
215.6
233.6
18.0
0.11
0.0
And
244.9
260.0
15.1
0.14
0.9
KT23-009
16.3
31.0
14.7
0.24
0.7
Including
19.5
27.0
7.5
0.41
0.8
Including
19.5
20.2
0.7
1.16
0.0
And
44.0
51.0
7.0
0.80
0.6
Including
44.0
48.0
4.0
1.30
1.1
And
104.0
105.0
1.0
6.31
2.5
And
112.0
114.0
2.0
0.19
0.3
*True widths unknown.
About the Yukon Gold 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.
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.
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
Phone:
1-604-629-1165
or North American toll-free
1-855-629-1165
Email:
or
.
Website:
www.onyxgold.com
X :
@OnyxGoldCorp
Additional Notes:
Starting azimuth, dip and final length (Azimuth/-Dip/Length) for the drillholes reported today are noted as
follows: KT23-001 (180/45/243.3m), KT23-002 (112/45/396m), KT23-003 (292/45/91.5m), KT23-003b
(292/45/240m), KT23-004 (112/55/87m), KT23-005 (292/45/249m), KT23-006 (112/45/237m), KT23-
007 (235/45/117m), KT23-008 (165/45/267m), and KT23-009 (112/45/195m)
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 the remaining half of the cut core placed back in the original core box for
permanent on-site storage.
Sample lengths range from a minimum of 0.2-meter to a maximum of 3.0-
meter intervals, with an average sample length of 1.0 meter.
Drill core samples were delivered by truck in
sealed woven plastic bags to ALS Geochemistry laboratory facility in Whitehorse, Yukon for sample
preparation with final analysis at ALS Geochemistry in North Vancouver, BC.
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).
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