Onyx Gold has finalised the acquisition of the Lalonde Property, situated east of Timmins, Ontario, marking a significant expansion of its Munro-Croesus Property.
The deal, which grants Onyx Gold full ownership, involved an exchange of 400,000 shares and a cash payment of C$20,000 ($14,540). Additionally, the property is encumbered by a 2% net smelter return (NSR) royalty held by an external party.
The acquisition increases the Munro-Croesus Property by 32%, bringing the total area to 9,235ha.
This expansion is expected to significantly enhance the exploration potential in this part of the Timmins Gold Camp, which, despite its high prospectivity, has not been extensively explored.
The Lalonde Property, which is contiguous with and on strike from Munro-Croesus, is known for multiple high-grade gold occurrences.
The most advanced prospect, the C Zone, has yielded impressive results, with a blasted trench revealing coarse-grain gold in quartz veins, grading up to 2,500 grams per tonne of gold.
This vein bears a resemblance to the historic Croesus Mine's high-grade veins, suggesting the possibility of discovering additional 'Croesus-like' veins on the property.
Despite its promising prospects, the Lalonde Property has seen limited exploration work since the 1980s, with the most recent activities conducted in 2011.
The property benefits from excellent access, with the paved Highway 101 running near its southern boundary.
Onyx Gold is preparing for an inaugural summer field programme that will include mechanised stripping, sampling, field mapping and prospecting.
The aim is to validate the more than ten known gold prospects and to identify new targets.
The insights gained from this programme will be instrumental in prioritising drilling locations for a potential drilling campaign later in the year.
Onyx Gold president and CEO Brock Colterjohn said: “The Lalonde Property is a great addition to our Munro-Croesus Project.
“It significantly increases Onyx's landholdings in the district, underscoring the company's commitment to maximising its presence and potential in the Timmins Gold Camp.
“We see excellent potential for additional mineral discoveries on the property, which has seen no exploration work since 2011. In our view, the work completed to date has only scratched the surface of the property's potential, and we look forward to starting work there this summer."
