Onyx intersects 1.0 g/t gold over 63.3m at Argus Zone at Munro-Croesus, Timmins

Onyx Gold Corp. has announced results from four drill holes completed during its 2024 Spring Drill Program at its Munro-Croesus Project in the Timmins gold camp.

The four drill holes reported today were completed at the Argus Zone, a near-surface bulk tonnage target located three kilometers ("km") northwest of the past-producing Croesus Gold Mine. The Croesus Mine yielded some of Ontario's highest-grade gold ever mined and is where Onyx discovered the new near-surface, high-grade GM Vein earlier this year. Significant 2024 Argus drill results to date are reported in Table 1.

The latest drilling continues to show improved grade and width as the Argus Zone is tracked west toward its convergence with the Pipestone fault. The Pipestone fault is a key regional structure known to host material gold deposits, including Mayfair Gold's 3.5 million-ounce Fenn-Gibb deposit located 6.1 km to the southeast of the Argus Zone (Figure 2). 

2024 Argus Drilling Highlights:

• Highlight Assay Results for Argus Zone:

• • 0.99 grams per tonne gold ("g/t Au") over 63.3 meters ("m"), including 2.18 g/t Au over 17.4 m, and 0.83 g/t Au over 29.0 m, including 2.42 g/t Au over 8.2 m, in hole MC24-166

  • 0.84 g/t Au over 22.9 m, including 2.23 g/t Au over 4.4 m, in hole MC24-164

  • 0.44 g/t Au over 32.5 m, including 1.01 g/t Au over 7.5 m, in hole MC24-165

• The Argus Zone has now been defined over a strike length of 750 m and a width of 200 m and remains open in all directions.

• Drilling at the Argus Zone has focused on 50-meter step-outs from the previously reported intercept in hole MC23-140, which returned 0.96 g/t Au over 27.6 m") (See Company press release from January 23, 2024). 

• Hole MC24-166 intersected two significant zones, returning 0.99 g/t Au over 63.3 m, including 2.18 g/t Au over 17.8 m,and 0.83 g/t Au over 29.0 m, including 2.42 g/t Au over 8.2 m. These intersections more than double the width observed in hole MC23-140 and highlight the increasing potential of expanding the Argus Zone to the west. 

• Hole MC24-165, a further 150-meter western step-out along trend from hole MC24-166, returned 0.44 g/t Au over 32.5 m, including 1.01 g/t Au over 7.5 m, within the Porcupine sediments, south of the Pipestone fault with the characteristic fine quartz veining and specular hematite typically associated with the Argus Zone. This intercept has significant implications for continued exploration within this rock type, as all other intersections of Argus Zone mineralization are hosted in mafic volcanics north of the Pipestone fault. 

• Assay results for a final fifth hole, MC24-163, are undergoing further check assays at the ALS Canada laboratory in North Vancouver, BC. and will be reported when results are received and reviewed to meet the Company's quality assurance and quality control protocols. 

"MC24-166 is a great hole," said Brock Colterjohn, President & CEO. "We are very pleased with all the results we've received to date at our Timmins programs. The Argus results, along with the GM Vein results earlier this year, confirm that there is still ample opportunity for new discoveries in this historic camp. It has been our thesis that the Argus Zone could get stronger and thicker as we stepped out west towards the Pipestone Fault. Not only did our results from 2023 validate this by doubling the strike length of the zone, but this year's drilling further confirms our approach, increasing the zone by more than 250 meters within an area of considerably higher grade and width. We are excited about the potential for the Argus Zone to expand and are looking forward to going back in to continue drilling this impressive new zone further to the west." 

Discussion of Results for the Argus Zone

The bulk-tonnage style Argus Zone is located three km west-northwest of the past-producing Croesus Mine (Figure 2). It is a broad zone of near-surface gold mineralization within the influence of the regional gold-bearing Pipestone Fault. The Argus Zone is characterized by silicified mafic variolitic volcanics cut by northeast-trending pyritic veinlets (with trace to minor arsenopyrite) within a broader halo of carbonate alteration and local development of specular hematite. 

All four drill holes released today continued to intersect promising gold mineralization over encouraging widths. The results from hole MC24-166 highlight the continuation of the Argus mineralization system to the west with apparent improving gold grades and intersected widths as the zone approaches the northwest-trending Pipestone Fault and a prominent northeast-trending Barton Creek Fault. The Company is developing a follow-up drill plan with further holes planned to the west across the northeast-trending fault to follow the continuation of the Argus Zone.

Discussion of the 2024 Spring Drill Program

A total of 25 holes (MC24-143 to 167) totaling 3,311 m were drilled on the Munro-Croesus Project in March and April, including 20 holes totaling 1,731 m on the GM Vein and five (5) holes totaling 1,580 m on the Argus Zone. The remaining hole, MC24-163, will be released once the final assays results are received and reviewed to meet the Company's 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 93 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 STLLR 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. 

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

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Figure 2 - Location of Munro-Croesus Gold Project, Ontario

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Figure 3 - Plan Map of Showing Location of 2024 Drill Holes on the Argus Zone

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