- The discovery hole MC24-163 at Onyx Gold's (ONXGF, Financial) Argus North intersected 3.4 g/t Au over 69.6 meters, with a high-grade subzone of 13.9 g/t Au over 9.5 meters.
- An extensive 10,000-meter Spring Drill Program is planned, focusing on the Argus North zone, supported by an $11 million financing.
- The Argus North zone remains open in all directions, indicating significant expansion potential.
Onyx Gold Corp (OTCQX: ONXGF) has initiated a 10,000-meter Spring Drill Program at its Munro-Croesus Project in Timmins, Ontario. The program is primarily focused on the promising Argus North zone, which has shown impressive results from its initial drilling. The discovery hole MC24-163 intersected 3.4 grams per tonne (g/t) of gold over a wide interval of 69.6 meters, including a high-grade subzone of 13.9 g/t gold over 9.5 meters. This has sparked interest due to its location in a region known for gold deposits.
The company has secured an $11 million financing, which enhances its capability to potentially expand the drilling efforts. The drilling strategy for Argus North includes Phase 1 step-out drilling at 50-meter intervals, aimed at extending mineralization up-dip to the surface, down-dip to greater depths, and along strike. Phase 2 will involve larger step-outs to further explore the zone's potential.
Argus North is strategically situated just 100 meters north of the known Argus Main trend and 150-200 meters below the surface. This zone remains open in all directions, indicating the potential for significant expansion. Notably, the site is located near the Fenn-Gib deposit, which is one of Mayfair Gold's key assets with a reported 4.4 million-ounce gold resource.
In addition to the ongoing exploration at Munro-Croesus, approximately 1,500 meters of drilling is designated for reconnaissance at the Golden Mile property. This is aimed at investigating a key northern splay of the Pipestone Fault, located approximately 50 kilometers west of the main site. The management, led by President & CEO Brock Colterjohn, is optimistic about the value these explorations could unlock, given the favorable geological characteristics and strategic positioning of their properties.
