Onyx Gold Completes Yukon Drill Program and Launches Ontario Fall Exploration Activities

Final Share Payment from Snowline Gold under Prior Property Option Agreement Received

Vancouver, British Columbia–(Newsfile Corp. – October 5, 2023) – Onyx Gold Corp. (TSXV: ONYX) (OTCQX: ONXGF) (“Onyx” or the “Company“)  is pleased to announce the completion of its summer exploration program at the King Tut Property (“King Tut“) located in Yukon, Canada (Figure 1). Field crews have demobilized from King Tut and, after taking a short break, have headed to Onyx’s Timmins, Ontario, area gold projects for the start of the Company’s fall exploration program.

“I am pleased to announce that we have successfully completed the first-ever drill program on our King Tut Property situated in one of the most exciting emerging gold districts in Canada,” said Brock Colterjohn, President & CEO. “We are excited to now shift our focus to Ontario, where we intend to undertake a fall exploration program, including a 4,000 meter diamond drill program at our Munro-Croesus property, which is expected to commence in the upcoming weeks. We look forward to initial Yukon results, expected towards the end of October, with continued results from Yukon and Ontario released over the year.”

Summary of Q3-2023 Yukon Program

The fully-funded Yukon exploration program focused on Phase 1 drill testing of the promising Main Tut and Golden Mask gold-in-soil anomalies, which are associated with two separate intrusion-related gold systems, as well as the execution of property-wide geophysical surveys, geochemical surveys, and mapping and prospecting programs to refine drill targets and identify prospective area for future exploration.

The Program results included 2,123 meters of diamond drilling in two completed holes at the Main Tut target and seven completed holes and one lost hole on the Golden Mask target. All assay results are currently pending from the drilling portion of the program. The Company expects Yukon results to be available for release towards the end of October and throughout the end of the year.

In addition to drilling, the program included 1,353 soil samples, 1,766 line-km of property-wide drone-based magnetic geophysical surveying, property-wide high-resolution LiDAR topographic surveying, and geological mapping, prospecting, and geochemical sampling. Data from the various surveys is currently being assessed by internal and external personnel and will be released in a timely manner once results are determined.

Proposed Q4-2023 Ontario Program

The Company 100% owns a 335 km² portfolio of projects within Canada’s premier gold camp, Timmins, Ontario. The Company has now shifted its exploration focus to its Timmins portfolio, with soil sampling and drone imagery currently underway at its flagship Munro-Croesus Gold Project. The Munro-Croesus Gold Project is approximately 75 kilometers (47 miles) east of Timmins, proximal to the Porcupine-Destor and Pipestone Faults and several multi-million-ounce gold deposits. The Munro-Croesus property is also host to one of Ontario’s highest-grade past-producing gold mines, which operated between 1915 and 1936.

In 2022, a new, near-surface bulk-tonnage-style zone of gold mineralization was discovered at the Argus Zone on the Munro Croesus property, approximately four kilometers along trend and northwest of Mayfair Gold‘s multi-million-ounce Fenn Gib gold deposit. The fall program also plans for approximately 4,000 meters of diamond drilling, focusing on follow-up holes on the Argus Zone as well as new targets proximal to the historic high-grade Croesus Gold Mine. Soil sampling and airborne drone-magnetic geophysical surveys are also planned for the Timmins South Project.

Property Option Agreement with Snowline Gold Corp.

The Company is pleased to announce that it has received the final option payment of 150,000 shares from Snowline Gold Corp. relating to a previous property option agreement entered into in 2021 between Snowline and Epica Gold Inc., a wholly owned subsidiary of Onyx Gold Corp. Under the option Snowline acquired a 100% interest in 812 mining claims in five blocks collectively covering approximately 16,500 hectares in the Eastern Tombstone Gold Belt, Yukon Territory. Onyx Gold retains a 1% NSR royalty on the claims.

Figure 1 – Tombstone Belt Gold Belt

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/183004_936e120754c17be5_002full.jpg 

Figure 2 – Onyx Gold’s Land Position In Timmins, Ontario

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/183004_936e120754c17be5_003full.jpg

About Onyx Gold

Onyx Gold is an exploration company focused on well-established Canadian mining jurisdictions, with assets in Timmins, Ontario, and Yukon Territory. The Company’s extensive portfolio of quality gold projects in the greater Timmins gold camp includes the Munro-Croesus Gold property, renowned for its high-grade mineralization, plus two additional earlier-stage large exploration properties, Golden Mile and Timmins South. Onyx Gold also controls four properties in the Selwyn Basin area of Yukon Territory, which is currently gaining significance due to recent discoveries in the area. Onyx Gold’s experienced board and senior management team are committed to creating shareholder value through the discovery process, careful allocation of capital, and environmentally/socially responsible mineral exploration.

On Behalf of Onyx Gold Corp.

“Brock Colterjohn“

President & CEO

For further information, please visit the Onyx Gold Corp. website at www.onyxgold.com or contact:

Brock Colterjohn, President & CEO
or
Nicole Hoeller, VP of Corporate Communications

Phone: 1-604-629-1165 or North American toll-free 1-855-629-1165
Email: [email protected] or [email protected].
Website: www.onyxgold.com
Twitter : @OnyxGoldCorp

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking information: This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively “forward-looking statements”).

Forward-Looking statements include predictions, projections, and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company’s planned exploration programs and drill programs and potential significance of results are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-Looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company’s expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital, and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials, and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate, and accordingly readers are cautioned not to place undue reliance on forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183004

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