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Onyx Gold Bolsters Munro-Croesus Land Package with the Strategic Acquisition of the Lalonde Property
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2024) - Onyx Gold Corp. (TSXV: ONYX...
About this update from Onyx Gold Corp.
[{"type":"text","content":"Onyx Gold Bolsters Munro-Croesus Land Package with the Strategic Acquisition of the Lalonde PropertyVancouver, British Columbia--(Newsfile Corp. - January 30, 2024) - Onyx Gold Corp. (TSXV: ONYX) (OTCQX: ONXGF) (\"Onyx\" or the \"Company\") is pleased to announce that it has completed a purchase agreement (the \"Agreement\") with a Private Vendor pursuant to which Onyx will acquire the Lalonde Property (the \"Property\") located approximately 85 km east of Timmins, Ontario. The Lalonde Property acquisition expands the Munro-Croesus Property (\"Munro-Croesus\" or the \"Project\") to 9,235 ha, a 32% increase, adding substantial exploration potential across this relatively underexplored yet highly prospective section of the Timmins Gold Camp.Highlights of the Lalonde Property and the Agreement:Large (2,235 ha) land package contiguous and on strike to the Munro-Croesus project and directly north of Mayfair Gold's 3.5 Moz Au Fenn-Gib Deposit 1.+10 near-surface gold prospects and occurrences with gold values ranging from 1.03 grams per tonne (\"g/t\") gold (\"Au\") to 41.1 g/t Au, 57.8 g/t Au, and 2,500 g/t Au2.The C Zone, the most advanced prospect on the Property, returned spectacular coarse-grain gold in quartz veins from a blasted trench grading up to 2,500 g/t Au. This high-grade vein has characteristics similar to the nearby historic Croesus Mine, indicating the potential for more 'Croesus-like' veins on the Property. There has been limited work done on the Property since the 1980s, with the last work done in 2011.Excellent access to the Property with paved Highway 101 passing near the southern boundary.Acquisition cost of 400,000 shares and C$20,000 (approximately $93,000 under the 20 Day Volume Weighted Average Price).\"Since 2019, a concerted effort has been made to unify the land package around the historic, high-grade Croesus mine. Over this time, Onyx's landholdings have increased 26-fold to 9,235 ha, underscoring the Company's commitment to maximizing its presence and potential in the Timmins Gold Camp,\" said Brock Colterjohn, President & CEO. \"We see excellent potential for additional mineral discoveries in this area, which has seen little work due to highly fragmented ownership dating back to the early 1900s. We believe that taking a holistic exploration approach across this newly consolidated land package, i...