Onyx Gold (TSXV:ONYX) Announces High-Grade Gold Results from First Six Drills at Munro-Croesus Project at GM Vein

Figure 1 – Onyx Gold’s Land Position In Timmins, Ontario. Source: Onyx Gold

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.

Figure 2 – Location of Munro-Croesus Gold Project, Ontario. Source: Onyx Gold

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.

Figure 3 – Plan Map of Showing Location of 2024 Drill Holes on the GM Vein. Source: Onyx Gold

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.

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

Table 1 – Assay Results From First 6 Holes Completed At The GM Vein

Drill Hole From
(m)
To
(m)
Length
(m)
Au
(g/t)
GM Vein Discovery
MC24-143 52.90 54.50 1.60 7.39
Including 53.20 53.60 0.40 19.46
MC24-144 50.60 51.90 1.30 5.00
Including 51.30 51.60 0.30 11.98
MC24-145 48.80 50.30 1.50 0.68
MC24-146 48.50 48.80 0.30 2.84
MC24-147 57.70 58.70 1.00 26.09
Including 58.20 58.70 0.50 51.27
MC24-148 60.40 61.10 0.70 1.59
*Note — Drill Intercepts are 70-100% of true width. Averages are length-weighted using a 0.5 g/t gold cut-off and a maximum of 10 m of internal dilution. Ian Cunningham-Dunlop, P.Eng., Executive vice president for Onyx Gold and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and verified the information within this table.

 

 

 

 

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.
Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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