Munro-Croesus Gold

The Munro-Croesus Gold Project is located approximately 75 kilometers (47 miles) east of Timmins, Ontario along Highway 101. This large, 100% owned land package includes the past-producing Croesus Mine, which yielded some of the highest-grade gold ever mined in Ontario. The highly prospective geology is proximal to the Porcupine-Destor Deformation Fault Zone and Pipestone Fault and located approximately three kilometres (1.9 miles) northwest and along trend of Mayfair Gold’s multi-million ounce Fenn-Gib gold deposit.

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Snapshot

Location	Matheson, Ontario, Canada
Ownership	100%
Status	Active drill programs for 2024
Deposit Type	Orogenic gold
Property Size	95 square kilometers (37 square miles)
Structural Break	Porcupine-Destor and Pipestone Faults
Host Rock	Ultramafic sequences and Porcupine sediment-volcanic contact with high angle, north to northeast cross structures
Age	Precambrian (Neoarchean)
Main Economic Elements	Gold

1. Location Map – Onyx Gold Timmins Properties

2. Munro-Croesus Regional Claims Map

Overview

The Project is associated with the Porcupine-Destor Fault Zone, a significant regional gold-bearing structural break, which traverses northern Ontario and Quebec and has collectively produced over 110 million ounces of gold.
The historic Croesus Mine, located on the project property, is famous for its bonanza grade gold production and five Croesus mine gold specimens currently held by the Royal Ontario Museum in Toronto, Canada which, collectively, weigh 85 pounds and contain 480.7 ounces of gold or 11,310 ounces gold per short ton (387,771 grams per t tonne).
Multi-million ounce (under 1g/t gold) bulk tonnage gold deposits are also located in the immediate region of the project and include the Fenn-Gib gold project being developed by Mayfair Gold Corp. and the Tower Gold Project (Golden Highway and Garrison deposits) being developed by Moneta Gold Inc. The Black Fox underground gold mine operated by McEwen Mining is located 1.5 kilometers southwest of the project.

History

The Munro-Croesus property was part of the property spinout of the gold assets of Constantine Metals to HighGold Mining in July 2019. Subsequently, HighGold spun out these assets into Onyx Gold. In 2007, Constantine Metal Resources acquired a 100% interest, subject to a net smelter interest, in the 13 patented mining claims, two Crown mineral leases and two unpatented mining claims of the high-grade gold property, including the past-producing Croesus Mine. Prior to the acquisition of this property by Constantine, the Croesus Mine property had been in private hands since its discovery in 1914, except for brief periods when they were optioned by publicly traded companies.
Historic production from the Croesus Mine between 1915 and 1936 was 14,859 ounces of gold mined from 5,333 short tons with an average grade of 2.78 ounces per ton gold (95.3 g/t gold). This production number did not include the ore that was mined and shipped in packing crates directly to the Royal Canadian Mint.

Geology

The Munro-Croesus property is underlain by sedimentary rocks of the Procupine assemblage to the south, and by mafic/ultrmafic volcanic rocks of the Upper Kidd-Munro assemblage to the northeast.
Gold mineralization across the property can be broadly characterized as structurally-controlled orogenic gold mineralization within an Archean greenstone belt setting. These types of deposits are typically hosted by quartz-carbonate veins and are located along crustal-scale fault zones in deformed geenstone terranes.
Most of the known gold occurances on the project are associated wit an eight kilometer (five mile) northwest trending segment of the Pipestone Fault, which is a splay of the Porcupine-Destor Fault Zone, a major regional structure that extends for approximately 200 kilometers (124 miles) westward from Destor (Quebec) to Timmins (Ontario). In the region of the Project, the Porcupine-Destor Fault Zone exhibits a large-scale flexure or bend associated with two major splays, the aforementioned Pipestone Fault and Munro Fault.

Exploration

The current programs represent the first exploration in 90 years following a major land consolidation by Onyx Gold and its immediate predecessors, including more than 25 land acquisitions between 2020 and 2024, increasing the size of the land package by more than 200% in that time.
Ground DCIP (direct current induced polarization) and magnetic survey totaling 63 line-kilometers over core target areas and key structures was completed in 2022. In addition, data compilation, prospecting and rock/soil sampling were carried out.
The 2024 Spring drill program (3,311 meters drilled in 25 holes) included 20 holes on the new near-surface, high-grade GM vein, and 5 holes on the Argus zone.

Argus Zone

2024 drill results included 0.99 g/t gold over 63 meters in hole MC24-166. This intersection included 17.4 meters at 2.18 g/t gold (see press release dated June 17, 2024).
Five of six holes drilled at the Argus Zone intersected significant intervals of gold mineralization, which are open to expansion in multiple directions, including to the west toward the intersection of the Argus Zone trend with the regional Pipestone Fault.
The Argus Zone is characterized by silicified mafic variolitic volcanics cut by northeast-trending pyritic veinlets within a broader halo of carbonate alteration and local development of specular hematite.

3. Munro-Croesus 2024 Drilling Map – Argus Zone

4. Munro-Croesus 2022 Drilling – Argus Zone Cross Section

GM Vein Discovery

A total of 25 holes (MC24-143 to 167) totaling 3,311 m were drilled on the Munro-Croesus Project in March and April, including 20 holes totaling 1,731 m on the GM Vein and five (5) holes totaling 1,580 m on the Argus Zone. Approximately 84% of drill holes at the GM Vein intersected mineralization greater than 0.5 g/t Au. Ten drill holes intersected mineralization over 10 g/t Au.
2023 drilling resulted in a new high-grade vein discovery. Hole MC23-132 intersects 363.0 g/t (10.59 opt) Au over 0.3m within a broader interval of 121.8 g/t (3.55 opt) Au over 0.9m
The drill hole intersected a 30-centimeter-wide quartz vein containing abundant visible gold

5. Munro-Croesus 2024 Drilling Plan Map – Croesus Shaft Area

The new discoveries in 2022 are proof of concept of Onyx Gold’s geological and structural models, which highlight the potential for the Croesus Vein system to continue to the northeast along a major regional structure and that the prospective Croesus Flow could host multiple analogues to the Croesus Vein along strike.

6. Munro-Croesus GM Vein Map

Acquisition of Lalonde Property

In early 2024 the Company entered into an agreement to purchase the strategic Lalonde Property. The Lalonde Property acquisition expands the Company’s Munro-Croesus Property to 9,235 hectares, a 32% increase to the Company’s existing land package. This adds substantial exploration potential across this relatively underexplored yet highly prospective section of the Timmins Gold Camp. The Lalonde Property is contiguous and on strike with Munro-Croesus and is host to multiple high-grade gold occurrences.

7. Technical Report

TECHNICAL REPORT ON THE MUNRO-CROESUS GOLD PROJECT, ONTARIO, CANADA Download