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Onyx Gold intersects High-Grade at Munro-Croesus Project near Timmins

Apr 17, 2024

"These results are a great start to our ongoing Spring Drill Program," said Brock Colterjohn, President & CEO. "Our first follow-up drill program at the GM Vein since its discovery in the Fall of 2023 was designed to constrain the geometry and plunge to the visible gold-bearing quartz vein and demonstrate the size potential of the vein at shallow depths. It was successful on all fronts. Additionally, we believe there is an opportunity for a broader high-grade zone within this emerging mineralized structure, and our intention is to use ongoing results to vector larger step-outs in the future on this exciting new vein system that is wide open to expansion. We have several more holes to report from the GM Vein that will be released over the coming weeks." 

Onyx Gold Corp. has announced gold results for the initial six drill holes from its ongoing, fully funded 3,000-meter ("m") Spring Drill Program at its Munro-Croesus Project in the Timmins gold camp.

All six drill holes were completed at the recently discovered GM Vein, located 350 m from the past-producing Croesus Gold Mine, which yielded some of Ontario's highest-grade gold ever mined. Drill results are provided in Table 1 and include:

  • At the GM Vein, the first six drill holes have returned very encouraging results at an average vertical depth of 55 m, with visible gold observed in four of the six holes reported today (MC24-143/144/147/148). The GM Vein remains open for expansion. 
  • MC24-147, a follow-up hole completed down-dip from Hole MC23-132 (121.8 grams per tonne ("g/t") gold ("Au") over 0.9 m - See Company press release dated December 6, 2023), returned 26.09 g/t Au over 1.0 m, including 51.27 g/t Au over 0.5 m.
  • MC24-143, a follow-up hole completed up-dip from Hole MC23-132, returned 7.39 g/t Au over 1.6 m in hole MC24-143, including 19.46 g/t Au over 0.4 m.
  • A total of 16 short holes have now been completed across three 10m step-out fences on the near-surface GM Vein discovery. Assay results for the remaining 10 drillholes will be released on an ongoing basis pending review and compliance with Company QA/QC protocols. 
  • The diamond drill rig has been moved to the bulk-tonnage Argus Zone located three kilometers west of the GM Vein. Approximately half of the program's meterage will be dedicated to expanding the Argus Zone beyond its current strike length of 525 m and 200-m thickness.

"The diamond drill rig has now moved to the Argus Zone, located three kilometers west of the GM Vein. Argus is a bulk-tonnage target similar to Mayfair Gold's 3.5 Moz Au Fenn-Gib project that remains open for expansion, especially towards the west, where the Argus Zone and the regional Pipestone Fault likely converge. The high-grade GM Vein and bulk-tonnage Argus targets demonstrate the continuing prospectivity and discovery potential of the long-lived Timmins Gold Camp. We believe our projects represent excellent opportunities to provide either standalone projects or future mill feed for the Camp's hungry mills."

Highlighted Assay Results for GM Vein

  • 26.09 g/t Au over 1.0 m in hole MC24-147, including
    • 51.27 g/t Au over 0.5 m
  • 7.39 g/t Au over 1.6 meters in hole MC24-143, including
    • 19.46 g/t Au over 0.4 m
  • 5.00 g/t Au over 1.3 meters in hole MC24-144, including
    • 11.98 g/t Au over 0.3 m

Discussion of GM Vein Results 

The GM Vein was discovered in the 2023 fall drill program when drill hole MC23-132 intersected a 30-centimeter 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 flow. 

Results reported today are from the first six holes (MC24-143 to 148) drilled on 5-to-10-m spaced centres along 320 Azimuth on the same cross-section as hole MC24-132. All six holes intersected the quartz-carbonate vein, which was anticipated as either a discrete vein or a broader vein zone over 0.3-to-2.0-m widths. Visible gold was observed in four of six holes and appears to be associated with thin black wavy stylolites within the vein. Highlights include 26.09 g/t Au over 1.0 m, in hole MC24-147, including 51.27 g/t Au over 0.5 m, 7.39 g/t Au over 1.6 m, in hole MC24-143, including 19.46 g/t Au over 0.4 m, and 5.00 g/t Au over 1.3 m, in hole MC24-144, including 11.98 g/t Au over 0.3 m. Figures 3, 4, and 5 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 will see approximately 50% of the drilling allocated to the GM Vein to: 

  • expand the known high-grade gold mineralization around drill hole MC23-132 by determining a potential plunge control on the gold "shoots"; 
  • identify new, repeated "shoots" by targeting the GM Vein along strike; and 
  • test for a carbonaceous, sulfidic "flow top" breccia at the stratigraphic top of the unique Croesus Flow along strike from the GM Vein discovery. This distinctive breccia hosts the higher-grade portion of the Croesus Vein and represents an attractive reducing environment for gold deposition. 

The remaining 50% of the meterage will be dedicated to the Argus Zone, three kilometers west-northwest of the past-producing Croesus Gold Mine and immediately north of the Pipestone Fault. It is a broad zone of near-surface gold mineralization within the influence of the regional gold-bearing Pipestone Fault. The objective of planned drilling in the Argus Zone 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; 
  • expand the Argus Zone beyond the current strike length of 525 m and 200-m thickness through a series of 100-m step-out holes to the west towards the convergence of the Argus Zone with the regional Pipestone Fault; and
  • test the continuity of the Argus Zone to the west in an area of structural complexity with a coincident airborne magnetic low and define the interpreted late cross-faulting that is expected to offset the Argus Zone and Pipestone Fault towards the south. 

The Program is estimated to take six weeks to complete. To maximize sample sizes, all drilling in the GM Vein target will be 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 exploration potential of the Project. 

The Project covers 70 km2 (27 mi2) 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.

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Figure 1 - Onyx Gold's Land Position In Timmins, Ontario

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