Onyx Gold (TSXV:ONYX) has announced additional gold results from its ongoing 3,000-meter Spring Drill Program at the Munro-Croesus Project in the Timmins gold camp, Ontario. The 14 drill holes reported were completed at the new GM Vein, located 350 meters from the past-producing Croesus Gold Mine, known for yielding some of Ontario’s highest-grade gold.

The 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 (MC24-152/154/156/162). The drilling has now defined a higher-grade shoot plunging to the southwest, and the GM Vein remains open for expansion in all directions.

Brock Colterjohn, President & CEO of Onyx Gold, commented in a press release: “We are very encouraged with the results from this year’s spring program so far. 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.”

Significant assay intersections include:

• MC24-154, a follow-up hole completed 10 m southwest from Hole MC23-132 (121.8 g/t Au over 0.9 m), 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 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.

Approximately 84% of drill holes (16 of 19 holes drilled to date) intersected mineralization greater than 0.5 g/t Au, with ten drill holes intersecting 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 Spring Drill Program has been upsized by 10% to 3,300 m and is expected to conclude shortly. Assay results will be released on an ongoing basis pending review and compliance with the Company’s QA/QC protocols.

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, representing 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.

The Munro-Croesus Project covers 70 km2 of highly prospective geology within the influence of major gold-bearing structural breaks. The Project is located along Highway 101 in the heart of the Abitibi greenstone belt, Canada’s premier gold mining jurisdiction. 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, enhancing the project’s exploration potential.

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 Au.

Highlights from the results are as follows: 

• 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

Table 1 – Significant Assay Results from Next 14 Holes Completed at The GM Vein

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.