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Home > News > ONYX hits more high grade...

ONYX hits more high grade at Timmins Muncro-Croesus Project

May 1, 2024


Onyx Gold Corp. has announced additional gold results for the next 14 drill holes from its ongoing, fully funded 3,000-meter Spring Drill Program at its Munro-Croesus Project in the Timmins gold camp.

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. 

  • 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 km2 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 Au1.



Tags: Northern Ontario / Exploration / Gold / All Articles