Onyx Gold (TSXV: ONYX; OTCQX: ONXGF) said that initial drilling at its Munro-Croesus project near Timmins, Ont., returned a bonanza of 363.0 g/t gold – that is 10.6 oz. per ton – over 0.5 metre true width. The assay came as part of a longer intersection of 0.9 metre that returned 121.8 g/t (3.55 opt).
The assays came from hole MC23-132, which tested an area 350 metres northwest of the former Croesus gold mine. The hole intersected a 30-cm-wide quartz vein with abundant visible gold only 60 metres below surface. Onyx says this vein was previously unknown, and it remains open in all directions.
Hole MC23-132 is a 25-metre step-out south of MC23-92, which intersected what is believed to be a new vein that runs parallel to the Croesus vein within the upper part of the Croesus flow. The vein is characterized by massive, white-grey quartz with abundant fine-grained visible gold.
The completed drill program included about 4,000 metres focused on targets near the former mine and on the new bulk-tonnage-style Argus zone discovered in 2022.
"The historic Croesus gold mine produced some of the highest-grade gold ever mined in Ontario, with an average head grade of 95.3 g/t (2.78 opt) gold. This new vein underscores the opportunity for additional discoveries within an established high-grade gold environment,” said Onyx president and CEO Brock Colterjohn. “It is an excellent start to Onyx Gold's inaugural drill program in Ontario."
The former Croesus mine was active between 1915 ad 1936, producing 14,854 oz. of gold from about 4,385 tonnes grading 95.3 g/t. The total did not include ore that was mined and shipped directly to the Royal Canadian Mint. Five gold samples from the mine are in the possession of the Royal Ontario Museum in Toronto.
More information is posted on www.OnyxGold.com.
April 25, 2024
Comments