Onyx Gold announces trading debut and exploration plans for Timmins camp

Onyx Gold Corp. has announced that the company commences trading today on the TSX Venture Exchange under the symbol TSX-V: ONYX. Onyx Gold is a new gold-focused exploration company, highlighted by:

• An exceptional portfolio of Canadian gold assets consisting of a commanding 335 sq km land package in Canada's most prolific gold jurisdiction, Timmins, Ontario, and a 200 sq km land package in the heart of a high-grade intrusion-related gold district that is rapidly emerging in the eastern Tombstone Gold Belt, Yukon Territory
• A well-financed balance sheet following an initial raise of C$8.4 million
• A catalyst-rich year ahead with:
  • an exploration program well underway in the Yukon on the King Tut intrusion-related gold project in preparation for first drill testing, 
  • followed by a fall-winter drill program at the Munro-Croesus gold project, Timmins, Ontario 
• A high-quality shareholder registry including a balance of institutional shareholders (22%), consisting of US, Canadian, and European precious metal funds, high-net-worth mining entrepreneurs (24%), a senior gold producer (5%), HighGold Mining (12%) and broad retail distribution (37%)
• A talented, discovery-driven, and capital market savvy management team led by Executive Chairman Darwin Green and President & CEO Brock Colterjohn, supported by highly accomplished Board members and strategic advisors.

Ontario Properties: Onyx owns 100% of three Timmins properties: Munro-Croesus, the Golden Mile, and Timmins South (34,300 ha total, see map below). The Munro-Croesus property hosts the historic Croesus Mine (in production from 1915 to 1936), which reported an average production grade of 95.3 g/t gold. At the Munro-Croesus property, early-stage drilling led to the discovery of new bulk-tonnage style gold mineralization at the Argus Zone, in addition to high-grade vein-style mineralization at other targets. We like these properties and believe they could be highly strategic to camp consolidators looking for additional resource growth in a world-class mining camp.

 

Figure 2 - Regional Map Ontario

Timmins Gold Camp

"We are very excited to see Onyx Gold launched and to hit the ground running in the Yukon, in the heart of what we believe is one of the most exciting new gold districts in North America," commented Darwin Green, Executive Chairman. "We have laid the foundation for Onyx Gold to be a leading explorer in the junior gold space with an enviable portfolio of high-quality gold properties in two of Canada's top gold jurisdictions led by a seasoned management team with demonstrated successes in all areas of the sector. On behalf of the Board, we would like to welcome Brock Colterjohn as President and CEO and to thank the strong support of those who participated in the Company's initial C$8.4M financing."

"Onyx Gold has achieved a significant milestone with our successful listing and the company's commencement of trading on the TSX-V," said Brock Colterjohn, President & CEO. "This achievement would not have been possible without the tireless dedication of our exceptional Board of Directors, management team, and our valued agents and counsel. We are also very appreciative and recognize the invaluable support of our new and existing shareholders. We eagerly look forward to creating value for all stakeholders as we advance our exploration plans within our portfolio of exciting gold projects in Canada."

 

Tags: Northern Ontario / Operational Updates / Gold / All Articles