- Onyx Gold (TSXV:ONYX) has entered into an agreement with Senoa Gold to acquire the WEAS property in Yukon Territory
- The property consists of claims that are neighbouring the company’s King Tut property
- The acquisition will provide Onyx Gold full control of the two mineralized intrusions on the King Tut property
- Shares of Onyx Gold were unchanged at C$0.22 as of 11:25 am ET Thursday
Onyx Gold (TSXV:ONYX) has entered into an agreement with Senoa Gold to acquire the WEAS property in Yukon Territory.
The company revealed in a statement that the property consists of claims that are neighbouring the company’s King Tut property.
The acquisition will provide Onyx Gold full control of the two mineralized intrusions on the King Tut property in Yukon’s Tombstone Gold Belt.
Under the terms of the agreement, the company can acquire 100 per cent of the WEAS Property by providing to Senoa Gold a total of 3 million common shares of Onyx, consisting of 500,000 shares on closing, 500,000 shares on the first anniversary, 500,000 shares on the second anniversary, and 1,500,000 shares on the third anniversary.
“This agreement underscores our commitment to consolidating our position and unlocking the full potential of our assets in this emerging new mining camp,” Brock Colterjohn, CEO Onyx Gold, said in a statement. “The property presents a compelling opportunity with historical data indicating significant gold potential associated with exposed, multigenerational sheeted quartz veins within a granitic intrusion. Our upcoming field program aims to further delineate targets for exploration, marking an exciting step towards our goal of unlocking a new gold discovery in the prolific Tombstone Gold Belt.”
The property spans 627 hectares and covers a a prospective reduced intrusion-related gold target. Historical work completed by previous operators reported multigenerational gold-bearing sheeted quartz veins within an exposed 3 kilometre by 2 km granitic intrusion.
The company is preparing for an early summer exploration program for 2024, which will consist of a reconnaissance exploration program on the newly acquired WEAS claims and follow-up fieldwork on the Golden Mask and Main Tut prospects.
Onyx Gold is an exploration company focused on well-established Canadian mining jurisdictions, including its assets in Timmins, Ontario, and Yukon Territory.
Shares of Onyx Gold Corp. (TSXV:ONYX) were unchanged at C$0.22 as of 11:25 am ET Thursday.
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