Onyx Gold (TSXV: ONYX) has extended the gold bearing trend at its Argus system to roughly 2.6 kilometres. The extension comes from first pass drilling at two new targets southeast of Argus Main, part of a batch of assays from 31 holes at the Munro-Croesus project in Ontario’s Abitibi greenstone belt.
Highlights from the results include:
- MC26-343: 0.7 g/t gold over 166.0 metres from a depth of 99.0 metres
- Including 1.6 g/t gold over 21.7 metres
- Including 1.3 g/t gold over 20.7 metres
- Including 2.2 g/t gold over 9.9 metres
- MC26-311EXT: 0.7 g/t gold over 20.7 metres from a depth of 656.3 metres
- Including 1.2 g/t gold over 10.0 metres
- MC26-291: 0.6 g/t gold over 22.0 metres from a depth of 355.0 metres
- Including 1.4 g/t gold over 5.0 metres
- MC26-295: 0.9 g/t gold over 11.0 metres from a depth of 256.0 metres
- Including 4.6 g/t gold over 2.0 metres
- MC26-350: 18.8 g/t gold over 2.3 metres from a depth of 275.3 metres
- Including 25.1 g/t gold over 1.2 metres
- MC26-330A: 1.4 g/t gold over 10.4 metres from a depth of 198.9 metres
- Including 2.0 g/t gold over 5.4 metres
The strongest result came from Argus Main itself. There, hole MC26-343 intersected 166.0 metres of 0.7 g/t gold, with several higher grade intervals within the broader zone. The hole was part of an ongoing test of a plunging higher grade zone on the eastern margin of the deposit.
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Argus Main has been drilled to 400 metres vertical depth and remains open along strike and at depth.
The new targets are Big Break, about 700 metres southeast of Argus Main, and JM, a further 500 metres beyond it. Results there were uneven. Eight of the 24 holes drilled across the two areas returned no significant assays. The 18.8 g/t hit at JM came over a narrow interval associated with a lamprophyre dike. Onyx describes both as separate mineralized targets, with extensive ground between them still to be tested.
“What is particularly encouraging is that first-pass drilling at Big Break and JM has now identified gold up to 1.2 kilometers southeast of Argus Main, within the same favourable volcanic sequence,” said President and CEO Brock Colterjohn. “While these new areas are still at an early stage, the results suggest that the geological conditions associated with gold mineralization at Argus may be repeated elsewhere along the Pipestone corridor.”
Onyx controls 8 kilometres of strike along the Pipestone Fault, and half of that has been drilled so far. Earlier this month, the company also reported 0.7 g/t gold over 46.7 metres from the sediment-hosted Flipper zone. Flipper sits roughly 3 kilometres south of Argus on a separate structural corridor.
The 110,000 metre program is 91% complete. Results have been released for only 146 of the 264 holes drilled to date. Four rigs remain active, with Onyx expected to finish the program by year end.
Onyx Gold last traded at $1.60 on the TSX Venture.
