Onyx Gold Significantly Expands Argus Zone to 525m Strike Length Munro-Croesus Project, Timmins, Ontario

Newsfile Corp.
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Westernmost hole returns 1.0 g/t Au over 27.6 Meters; Zone Remains Open

Vancouver, British Columbia--(Newsfile Corp. - January 25, 2024) - Onyx Gold Corp. (TSXV: ONYX) (OTCQX: ONXGF) ("Onyx" or the "Company") is pleased to announce the final exploration drill results from its 2023 Fall Drill Program (the "Program") at its Munro-Croesus Project ("Munro-Croesus" or the "Project") in the Timmins gold camp, Ontario.

2023 Work Program Highlights:

  • Drilling continues to define gold mineralization on 100-m step-outs at the Argus zone, successfully doubling the strike length to 525m and a width of 200m, which remains open in all directions.

  • The Argus zone remains open for expansion, especially towards the west, where the zone likely converges with the Pipestone Fault, a key regional structure known to host material gold deposits, including Mayfair Gold's 3.5 million-ounce Fenn-Gibb deposit located 3.5km to the southwest of the Argus Zone.

  • The westernmost hole returned 1.0 grams per tonne ("g/t") gold "Au" over 27.6 meters ("m"), demonstrating the strength of the Argus mineralized system, highlighting the upside potential of further expanding the zone to the west.

  • Drilling in an under-tested area of the Argus zone successfully intersected gold mineralization consistent with this zone, including 0.61 g/t Au over 47.6m and 0.66 g/t Au over 28.5m.

  • Geological modeling of the Argus zone continues to define and refine controls to gold domains.

  • Plans for a 2024 follow-up drill program at the Munro-Croesus property are expected to be announced in the coming weeks.

"We are very excited about the portfolio of properties we've accumulated in this world-renowned mining camp. With opportunities for continued discoveries of both high-grade vein and bulk tonnage gold systems, it stands to reason that Onyx could become the go-to explorer in this prolific region," said Brock Colterjohn, President & CEO. "The fall drill program successfully doubled the strike length of the Argus zone to 525m, demonstrating the strength and continuity of the mineralized system. In addition, a new high-grade vein discovery was made at Croesus, returning 121.8 g/t Au over 0.9 m, including 363.0 g/t Au over 0.3m. This work validates our approach to exploration in the Timmins Camp, and we are excited to continue to test these zones and find new discoveries on our other properties on the belt. We look forward to outlining our targets and drill plans for 2024 in the coming weeks."

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