Onyx Gold drills 0.3 g/t gold over 32.5 metres at King Tut, Yukon

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Onyx Gold Corp. [TSXV-ONYX; OTCQX-ONXGF] reported the final assay and exploration results from its summer drilling and exploration program at the King Tut property, located in Yukon, Canada. Previous fieldwork on the Project had identified large-scale undrilled gold-in-soil anomalies in a comparable geological setting situated 50 km from Snowline Gold’s Rogue/Valley Discovery, one of Canada’s most significant new gold discoveries.

Results from the inaugural nine-hole drill program confirm widespread gold mineralization across the Main Tut and Golden Mask anomalies, validating the existence of potential bulk-tonnage reduced intrusion-related gold systems (RIRGS) on the Property. In addition, new airborne magnetic surveying and soil sampling have also significantly expanded the size of the mapped intrusions at both targets.

“Our field program at King Tut has been a real success,” said Brock Colterjohn, President and CEO. “The drilling has validated that these anomalies have potential as large, bulk tonnage targets with the opportunity to vector in on a higher-grade zone, and the geophysical and geochemical surveys have also significantly expanded the extents of the Golden Mask intrusive by 7x relative to previously mapped outlines. The increase in scale of the intrusion at Golden Mask, especially below cover on the valley floor, provides more room to expand the mineralized footprint, potentially including a higher-grade core.

“The results at Golden Mask, in particular, have demonstrated gold grades and widths consistent with what is known about Snowline Gold’s Valley intrusion outside of the Valley target high-grade core. We look forward to interpreting this data as the ‘smoke’ to the high-grade ‘fire’, and we are anxious to get back on the ground at King Tut again next year.”

The goal of the 2023 program was to determine the potential for RIRGS on the known gold-in-soil anomalies with a Phase 1 ~2,100-metre drill program. This year’s results will be analyzed to inform next year’s program to vector towards potential high-grade cores in these intrusions.

Highlight 2023 drill hole results – Main Tut Anomaly: 0.12 g/t gold over 122.0 metres in hole KT23-001, including 0.20 g/t Au over 18.1 metres; 0.13 g/t Au over 187.0 metres in hole KT23-002, including 0.36 g/t Au over 21.0 metres, including2.93 g/t Au over 1.0 metre.

Golden Mask Anomaly: 0.13 g/t Au over 53.0 metres in hole KT23-003B; 0.30 g/t Au over 32.5 metres in hole KT23-005, including 0.56 g/t Au over 8.0 metres; 0.21 g/t Au over 20.0 metres in hole KT23-006; 2.14 g/t Au over 0.7 metres in hole KT23-008; 0.24 g/t Au over 10.9 metres in hole KT23-008 0.24 g/t Au over 14.7 metres in hole KT23-009, including 1.16 g/t Au over 0.7 metres; 1.30 g/t Au over 4.0 metres in hole KT23-009; 6.31 g/t Au over 1.0 metre in hole KT23-009.

The 2023 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, and also 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 included 2,123 metres 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, 1,353 soil samples, 1,692-line-km of property-wide drone-based magnetic geophysical surveying, property-wide high-resolution LiDAR topographic surveying, and geological mapping, prospecting, and geochemical sampling.

The Main Tut anomaly is located 9 km east of Golden Mask, near the center of the property.

The company collected 1,353 contour and grid soil samples to expand on existing data collected by a previous operator. The results from the survey were very encouraging and expanded the size of the Golden Mask anomaly to the northwest by 400 metres with high values up to 1,070 ppb gold, which is above the upper 99th percentile of gold-in-soil values on the property.

The company has now shifted its attention to its Timmins, Ontario portfolio where a 4,000-metre drill program is now underway at our flagship Munro-Croesus Gold Project. The program is focusing on follow-up holes at new targets proximal to the historic high-grade Croesus Gold Mine and on the new bulk-tonnage-style Argus Zone.

Soil sampling has also been completed and an airborne drone-magnetic geophysical survey is in progress at the Timmins South Project.

Onyx controls a portfolio of greenfield gold properties in eastern Yukon, totaling 210 km2. The King Tut Property is Onyx’s most advanced property, located in the heart of an emerging reduced intrusive-related gold district in Yukon’s Selwyn Basin. Previous fieldwork identified large-scale undrilled gold-in-soil anomalies in a comparable geological setting 50 km from Snowline Gold’s Rogue/Valley Discovery, one of Canada’s most significant new gold discoveries.

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