Onyx Gold's New Discovery: A Game Changer in the Timmins Gold Camp

In the ever-evolving landscape of gold mining, Onyx Gold Corp. has made a significant stride with its recent discovery at the Argus North Zone. The company announced new high-grade drill results from hole MC24-163, revealing a broad, continuous zone of strong gold mineralization grading 3.4 g/t Au over 69.6 meters, including a high-grade subzone of 13.9 g/t Au over 9.5 meters and 38.5 g/t Au over 3.0 meters. This discovery, located 100 meters north of the main Argus Zone trend at its 100% owned Munro-Croesus Project, 75 km east of Timmins, Ontario, is a testament to Onyx Gold's strategic exploration efforts and its potential to become a major player in the Timmins gold camp.

The significance of this discovery cannot be overstated. The Argus North Zone is characterized by both broad intervals of strong gold grades and high-grade subzones, offering significant scale and exceptional quality. This is in stark contrast to other significant gold discoveries in the Timmins gold camp, such as the 4.4-million-ounce Fenn-Gib deposit located just 6 km away. The Argus North Zone is closely associated with the Pipestone Fault, a major structural corridor known to host multiple large gold deposits. This association suggests that there is potential for a large, previously untapped gold system within the Munro-Croesus property.

The implications of this discovery for Onyx Gold's future exploration and development plans are substantial. The company is excited to resume drilling in the coming weeks to further define and expand this promising new gold system. The discovery at Argus North is an entirely new discovery with excellent 'grade x width' metrics within the influence of a productive regional-scale structure of which Onyx controls more than eight km of strike length. This strengthens Onyx Gold's land position and enhances its ability to expand this promising new zone, presenting a tremendous new exploration opportunity for the Company.



However, expanding the Argus North Zone presents several potential risks and challenges for Onyx Gold. One of the primary risks is the uncertainty surrounding the mineralization, as it has only been tested by a single drill hole to date. This limited data makes it difficult to accurately assess the extent and continuity of the mineralization. As stated in the materials, "The new zone has been tested by only a single drill hole to date, and it remains open in all directions, offering substantial potential for further expansion." This uncertainty could lead to unexpected geological complexities or variations in gold grades, which could impact the feasibility of mining operations.

To mitigate this risk, Onyx Gold plans to resume drilling in the coming weeks to further define and expand the Argus North Zone. By conducting additional drilling, the company can gather more data to better understand the mineralization and its potential. As Brock Colterjohn, President & CEO, mentioned, "With mineralization still open in all directions and closely associated with the Pipestone Fault, the major structural corridor known to host multiple large gold deposits, we are excited to resume drilling in the coming weeks to further define and expand this promising new gold system."

Another potential challenge is the proximity of the Argus North Zone to the Pipestone Fault, a major structural corridor known to host significant gold deposits. While this association is positive in terms of the potential for high-grade mineralization, it also presents a risk of structural complexities that could complicate mining operations. As the materials state, "Available data suggests the new zone is near-vertical and sub-parallel to the east-west trending main Argus Zone, which is a separate 750 m x 200 m near-surface bulk tonnage target situated along the Pipestone Fault, a major structural corridor known to host significant gold deposits."

To address this challenge, Onyx Gold can leverage its experience and expertise in the region, as well as its dominant land position. The company has spent several years assembling a significant land position in the greater Timmins gold camp, and it controls more than eight km of strike length along the Pipestone Fault. This strategic position allows Onyx Gold to explore and develop the Argus North Zone with a better understanding of the regional geology and structural controls on mineralization.

In summary, the potential risks and challenges associated with expanding the Argus North Zone include the uncertainty surrounding the mineralization and the structural complexities related to the Pipestone Fault. Onyx Gold can mitigate these risks by conducting additional drilling to gather more data and leveraging its experience and strategic land position in the region.

The discovery at the Argus North Zone is a game changer for Onyx Gold and the Timmins gold camp. It presents a tremendous new exploration opportunity for the Company and has the potential to become a major new gold discovery in Canada's most prolific gold jurisdiction. With a tight share structure, respectable treasury, and blue-chip shareholder base, Onyx Gold is well-positioned to make the most of this discovery and deliver value to its shareholders. As the company continues to explore and develop the Argus North Zone, investors will be watching closely to see if this discovery lives up to its potential.