The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
Update for exploration in Yukon, lists on OTCQX Best Market North of 60 Mining News – September 22, 2023
Early this year, HighGold Mining Inc. spun out its (ON)tario (Y)ukon e(X)ploration properties into Onyx Gold, transferring all its outstanding shares from subsidiary company Epica Gold Inc. to the new Canadian-focused exploration company.
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Onyx Gold Corp. Sept. 11 announced an update on its ongoing exploration at the King Tut property in Yukon, Canada, then shortly after reported listing on the OTC Markets in the United States, fulfilling criteria to be a part of OTCQX, the highest tier available through this exchange.
Nestled between Snowline Gold's Rogue and Golden Oly properties to the north and south and Fireweed Metals' Macmillan Pass project to the northeast, Onyx Gold holds 100% interest in four separate properties in eastern Yukon, as well as three properties in the Timmins area in Ontario.
Totaling 1,075 claims in 21,000 hectares (51,892 acres), its Yukon properties comprise the King Tut, RGS, Canol, and Stan properties, with the most compelling of the company's Yukon properties being King Tut, in the heart of this emerging reduced intrusive-related gold district.
Relatively unexplored, past exploration work at King Tut outlined multiple kilometer-long gold-in-soil anomalies; however, the prospects identified there have received no drilling.
Wasting no time, Onyx began an extensive maiden drill program in July aimed at drilling 2,500 meters between eight to 10 holes.
"We are excited to be the first team drilling this prospective property," said Onyx Gold President and CEO Brock Colterjohn. "We believe we are on the ground floor in this emerging Canadian gold district in the eastern Tombstone belt, as well as being part of the larger Tintina Gold Province hosting many large bulk tonnage gold systems with predictable exploration models."
Phase one of this drilling focused on testing the Main Tut and Golden Mask gold-in-soil anomalies, which are associated with two separate intrusion-related gold systems. Already, two holes have been completed at Main Tut, totaling 639 meters, and five holes have been completed at Golden Mask, totaling 1,022 meters.
Assay results from this drilling are pending.
In addition to drilling, Onyx has undertaken extensive geophysical and geochemistry surveys, along with mapping and prospecting programs that have generated prospective targets for future drilling and other exploration work.
The company says that preliminary data from the drone-based magnetic geophysical survey has been processed and interpreted, and the results are helping guide current drilling and future exploration plans, highlighting the significant upside potential of the King Tut property.
"This year's work is progressing well, with our first core delivered for assaying with results expected in mid to late October," added Colterjohn.
In addition to its exploration work, Onyx has expanded its financial options by listing on the OTC Markets, part of OTC Markets Group, an American financial market.
OTC or Over-the-Counter trading is a marketplace that does not operate like conventional stock exchanges.
Working more as a decentralized market where securities are not listed on major exchanges like TSX (Toronto Stock Exchange) or NYSE (New York Stock Exchange), OTC is traded directly by a network of curated dealers.
For Onyx Gold, the company qualified to list on the OTCQX roster, also called the OTCQX Best Market, upgrading from the Pink market, another OTC qualifier.
"We are very pleased to begin trading on the OTCQX," said the Onyx CEO. "This is a great platform to introduce Onyx Gold to a broad pool of US investors."
Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors.
For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best-practice corporate governance, and demonstrate compliance with applicable securities laws.
"We believe that Onyx provides investors exposure to discovery opportunities in an exciting emerging mining district in Yukon Territory, Canada and to Timmins Ontario, one of Canada's most prolific gold districts," said Colterjohn.
With such a young explorer spun out from HighGold Mining's Yukon and Ontario properties, this is a significant step for exposure to the larger U.S. market and could provide ample opportunity for investment – especially in a quickly growing region like the emerging Snowline Mining District.
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