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Onyx Gold adds Lalonde Property to Timmins land package

Apr 18, 2024

"The Lalonde Property is a great addition to our Munro-Croesus Project," said Brock Colterjohn, President & CEO. "It significantly increases Onyx's landholdings in the district, underscoring the Company's commitment to maximizing its presence and potential in the Timmins Gold Camp. We see excellent potential for additional mineral discoveries on the Property, which has seen no exploration work since 2011. In our view, the work completed to date has only scratched the surface of the Property's potential, and we look forward to starting work there this summer." 

Onyx Gold Corp. has completed the previously announced acquisition of the Lalonde Property located east of Timmins.

The property expands the Munro-Croesus Property to 9,235 hectares ("ha"), a 32% increase. This adds substantial exploration potential across this relatively underexplored yet highly prospective section of the Timmins Gold Camp. The Property is contiguous and on strike with Munro-Croesus and is host to multiple high-grade gold occurrences. 

The Acquisition cost for 100% ownership was 400,000 shares and C$20,000 (a total value of $93,000 based on the Company's 20-day volume-weighted average price at the time the agreement was announced). The Property is subject to underlying NSR royalties of 2.0% owned by a third party.

Highlights of the Lalonde Property and the Agreement:

  • Large (2,235 ha) land package (Figure 2) contiguous and on strike to Munro-Croesus and directly north of Mayfair Gold's 3.5 Moz Au Fenn-Gib Deposit 1.

  • +10 near-surface gold prospects and occurrences with gold values ranging from 1.03 grams per tonne ("g/t") gold ("Au") to 41.1 g/t Au, 57.8 g/t Au, and 2,500 g/t Au2.

  • The C Zone, the most advanced prospect on the Property, returned spectacular coarse-grain gold in quartz veins from a blasted trench grading up to 2,500 g/t Au (Plate 1). This high-grade vein has characteristics similar to the nearby historic Croesus Mine, indicating the potential for more 'Croesus-like' veins on the Property.

  • There has been limited work done on the Property since the 1980s, with the last work done in 2011.

  • Excellent access to the Property with paved Highway 101 passing near the southern boundary

2024 Summer Work Program

Onyx is planning a maiden summer field program consisting of mechanized stripping, sampling, field mapping, and prospecting to validate the +10 known gold prospects and generate new prospective targets. The information generated from this program will help prioritize drill targets ahead of a potential drill program later this year. 

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