Onyx Gold Reports: Maiden Drill Program Confirms Widespread Gold Mineralization at King Tut Project, Yukon Territory
0.30 g/t Gold over 32.50 Meters Returned at the Golden Mask Anomaly
Vancouver, British Columbia--(Newsfile Corp. - November 15, 2023) - Onyx Gold Corp. (TSXV: ONYX) ("Onyx" or the "Company") is pleased to announce the final assay and exploration results from its summer drilling and exploration program (the "Program") at the King Tut Property ("King Tut" or "Property") located in Yukon, Canada. (Figure 1). Previous fieldwork on the Project had identified large-scale undrilled gold-in-soil anomalies in a comparable geological setting situated 50 kilometers 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 & 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-meter 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.