Onyx Gold Corp., a mineral exploration company, has successfully finalized the acquisition of a diverse portfolio of Properties in the Matheson region, located east of Timmins, Ontario. This acquisition has expanded the Munro-Croesus Property to 10,411 hectares, representing a 12% increase and enhancing exploration opportunities within the Timmins Gold Camp. The acquired Properties, including Highway, Tax, Hewitt, and Munro, are strategically positioned adjacent to Munro-Croesus and neighboring mining projects, displaying promising high-grade and bulk-tonnage gold occurrences.
Brock Colterjohn, the President & CEO of Onyx Gold Corp., expressed optimism about the potential of these properties for mineral discoveries, particularly in proximity to the Argus Zone and GM discoveries on the Munro-Croesus Project. The company plans to initiate a drill program in the near future to further explore and unlock the untapped mineralization potential of these Properties.
The properties in the portfolio offer several notable highlights, including the presence of gold-bearing structures such as the Flipper Zone and L15 Zone on the Highway property, as well as historical drilling results indicating significant gold grades. Additionally, the Hewitt property showcases gold-bearing mineralization with impressive grab samples. Access to these Properties is facilitated year-round through paved highways and secondary roads.
The transaction details include a consideration of $150,000 in cash and 750,000 common shares of Onyx Gold Corp. to be paid to the Vendor for the Property. The Vendor will retain a 2.0% NSR royalty on the Property, with provisions for a buydown option and a one-time bonus payment linked to mineral resource delineation exceeding 1,000,000 ounces of gold in the Measured and Indicated categories.
The Munro-Croesus Project, situated in the Abitibi greenstone belt, boasts a rich mining history and presents a significant exploration potential with major gold-bearing structural breaks in the vicinity. Onyx Gold Corp. owns other properties in the Timmins region, including the Golden Mile and Timmins South, strategically positioned near established gold deposits.
Operating with a focus on Canadian mining jurisdictions, Onyx Gold Corp. is committed to generating shareholder value through strategic exploration, responsible mineral discovery practices, and capital allocation. The company’s experienced management team, led by Brock Colterjohn, is dedicated to driving the discovery process and advancing exploration efforts in Timmins, Ontario, and Yukon Territory.
The technical information in this release has been reviewed and approved by Ian Cunningham-Dunlop, P.Eng., the Executive Vice President for Onyx Gold Corp. and a qualified person as per Canadian National Instrument 43-101. Forward-looking statements included in this release are subject to various risks and uncertainties, and actual results may differ from anticipated outcomes. Readers are advised to exercise caution and not rely solely on forward-looking statements provided in this context.
For further information about Onyx Gold Corp., interested parties are encouraged to visit the company’s website at www.onyxgold.com or contact Brock Colterjohn, President & CEO, or Nicole Hoeller, VP of Corporate Communications. Contact information is available on the company’s website. Source: Onyx Gold Corp.
