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.

Onyx Gold (TSXV:ONYX) recently released gold results from the first six drill holes of its ongoing 3,000-meter Spring Drill Program at the Munro-Croesus Project in Timmins Gold Camp, Ontario. This program focuses on the newly discovered GM Vein, which is situated 350 meters away from the historic Croesus Gold Mine, known for some of the highest-grade gold mined in Ontario.

The GM Vein was first identified in fall of 2023 when a drill hole (MC23-132) hit a 30-centimeter wide quartz vein containing visible gold, yielding an extraordinarily high grade of 363 grams per ton (g/t) of gold over a 0.3-meter section. This find is considered the highest assay result for the project so far. The vein is part of a broader mineralization zone that averages 121.8 g/t gold over 0.9 meters and was discovered around 60 meters below the surface. The vein’s geological setting is similar to the high-grade Croesus vein, which was previously mined out.

Brock Colterjohn, President & CEO of Onyx Gold, commented in a press release: “These results are a great start to our ongoing Spring Drill Program. 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. 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.”

The results from the six initial holes (MC24-143 to 148) of the 2024 drilling campaign show consistent intersections of the quartz-carbonate vein, either as discrete veins or as broader zones ranging from 0.3 to 2.0 meters in width. Visible gold was noted in four of the six holes, with notable high grades such as 26.09 g/t gold over 1 meter in one of the holes, including a segment with 51.27 g/t over 0.5 meters. The drilling was focused along the same section and direction as the discovery hole and was spaced at intervals of 5 to 10 meters.

The 2024 Spring Drill Program, totaling 3,000 meters, is split evenly with 50% dedicated to further exploring the GM Vein. The aim here is to expand the area around the high-grade discovery at drill hole MC23-132, explore for new gold shoots, and test a specific geologic feature that could indicate more gold deposits. The other half of the drilling effort is allocated to the Argus Zone, located three kilometers west-northwest of the Croesus Gold Mine. This area shows potential for significant gold presence near the surface, influenced by the regional Pipestone Fault. The plan includes follow-up drilling to expand the known mineralization and to test the geological and structural setting further west.

The Program, expected to run for six weeks, utilizes different drilling core sizes depending on the target area, with larger HQ-sized cores for the GM Vein and smaller NQ-sized cores for the Argus Zone. Results from these drills will be released progressively, following rigorous quality assurance protocols.

The Munro-Croesus Project, under the stewardship of Onyx Gold Corp., spans 70 square kilometers along Highway 101 in the prolific Abitibi greenstone belt. This area is a major gold mining region with several significant gold deposits nearby, such as the Fenn-Gib gold project and the Tower Gold Project. The strategic consolidation of land around the Croesus Gold Mine has significantly enhanced the project’s potential for further gold discoveries.

Highlights from the results are as follows:

• 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.

Onyx Gold (TSXV: ONYX) has initiated drilling at its King Tut Gold Project, situated in the Tombstone Gold Belt in east-central Yukon, Canada. The King Tut project, the most developed of the four properties owned by Onyx Gold in Yukon, displays high-grade gold-in-soil anomalies associated with reduced intrusions. This mineralization pattern is similar to the one found at Snowline Gold Corp’s recent Valley discovery at their Rogue project, located 50 km away.

Project crews have been working at the King Tut site since the beginning of July, conducting preliminary operations to refine targets. Drilling is currently underway at the first hole at the Main Tut gold-in-soil anomaly.

Brock Colterjohn, President & CEO of Onyx Gold, commented in a press release: “We’re very excited to launch the first-ever drill program at King Tut. Our first drill program will target two highly prospective gold anomalies at Golden Mask and Main Tut, which we believe are some of the best undrilled intrusive-related gold-in-soil anomalies in this emerging new gold district. In addition, our planned mapping, sampling, and drone-magnetic survey work programs represent a significant and extensive regional exploration program on a district-scale property that has seen no significant work completed in more than a decade. We look forward to communicating our progress to the market over the coming months.”

For the 2023 exploration program, the company aims to examine several extensive, undrilled gold-in-soil anomalies connected to identified felsic intrusive rocks and their contact with metamorphic ‘hornfelsed’ aureoles, as mapped by a previous company during the 2010 and 2011 field seasons. The exploration includes approximately 2,500 meters of helicopter-supported diamond drilling with one rig, primarily focusing on the Golden Mask and Main Tut anomalies.

The Golden Mask area, having several crucial characteristics of RIRGS deposits, will be the focus of about 75% of the drilling operations. The remaining 25% will be assigned to the Main Tut anomaly, targeting gold mineralization associated with thick (35-50 meter), tabular aplite with quartz-arsenopyrite vein material. This operation will be accompanied by extensive geological mapping, a planned 1,200 sample soil program, prospecting, rock sampling, airborne drone-magnetic surveying, and LIDAR imagery over the main anomalies to enhance drill targeting and property-wide evaluation to identify other potential areas for follow-up.

The Golden Mask anomaly is located within and adjacent to the upper carapace of an elongated granitic stock. The anomaly is almost entirely composed of samples that returned > 20 ppb gold, with most samples exceeding 50 ppb gold to a maximum of 1,423 ppb gold-in-soil. The anomaly is open for expansion to the southwest, south, and north.

The Main Tut anomaly, located 9 km east of Golden Mask and near the center of the property, has an arcuate shape over six kilometers in length and 200 to 1,500 m in width. It is defined by a broad zone of moderately to strongly anomalous gold-in-soil values to a maximum of 13,390 ppb gold.

Highlights from the program are as follows: 

• Plans for 2,500 meters (8-12 drill holes) of diamond drilling with one drill rig;
  • 100% allocated towards discovery drilling at two untested intrusive-related gold-in-soil anomalies, Golden Mask and Main Tut;
• Detailed airborne drone-magnetic surveying and LiDAR imagery to refine drill targeting and delineate new targets in prospective geological and structural corridors;
• Geological and alteration mapping to contextualize historical work and generate new targets in prospective areas for follow-up, and;
• Sizeable soil and rock grab sampling programs to generate new target areas (1,200 soil samples planned)