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Onyx Gold Bolsters Munro-Croesus Land Position with Large New Acquisition in Timmins, Ontario
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2024) - Onyx Gold Corp. ( TSXV: ONY...
About this update from Onyx Gold Corp.
[{"type":"text","content":"Onyx Gold Bolsters Munro-Croesus Land Position with Large New Acquisition in Timmins, OntarioVancouver, British Columbia--(Newsfile Corp. - September 9, 2024) - Onyx Gold Corp. (TSXV: ONYX) (OTCQX: ONXGF) (\"Onyx\" or the \"Company\") is pleased to announce that it has completed the acquisition of a portfolio of Properties (the \"Property\") from an arm's length party (the \"Vendor\") located in the Matheson area, east of Timmins, Ontario.The Matheson portfolio, consisting of four (4) properties (Highway, Tax, Hewitt, and Munro), increases the Munro-Croesus Property (\"Munro-Croesus\" or the \"Project\") to 10,411 ha (104 km2), a 12% increase (Figure 1). This adds substantial exploration potential across this relatively underexplored yet highly prospective section of the Timmins Gold Camp. The Properties are contiguous or proximal with Munro-Croesus and are host to multiple high-grade and bulk-tonnage gold occurrences.\"Acquiring this portfolio of properties is another strategic addition to our Munro-Croesus Project,\" said Brock Colterjohn, President & CEO. \"It offers excellent potential for additional mineral discoveries adjacent to our emerging Argus Zone and GM discoveries, including key ground on trend to the west along the Pipestone Fault. We believe that there is significant untapped opportunity for both high-grade and bulk-tonnage discoveries on these properties that have seen little to no work in a very long time. In our view, the work completed to date has only scratched the surface of the Properties' potential, and we look forward to designing and implementing a drill program in the near future.\" Highlights of the Properties:A large (1,150 ha) portfolio of properties (Highway, Tax, Hewitt, and Munro) (Figure 2) contiguous and proximal to Munro-Croesus, McEwen Mining's Black Fox Mine Complex, Mayfair Gold's 3.5 Moz Au Fenn-Gib Deposit and STLLR Gold's >12.0 Moz Au Golden Highway project1.The Highway property includes two known gold-bearing structures: the 50-140m wide and 1,400m long east-west striking Flipper Zone; and the L15 Zone (the NE-SW trending faulted extension of the Flipper Zone). Historic drilling at the Flipper Zone returned 1.0 grams/tonne gold (\"g/t Au\") over 42.6m and 1.3 g/t Au over 28.8m, including 10.8 g/t Au over 1.5m, while drilling at the L15 Zone returned 6.0 g/t Au over 1.0m2.At the S...