Onyx Gold Commences 50,000 m Phase Three Drill Program and adds Third Rig at the Munro-Croesus Gold Project, Ontario
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On November 13, 2025, Onyx Gold announced the commencement of a fully-funded 50,000-metre, $11 million Phase Three diamond drill program at its Munro-Croesus Gold Project in Ontario. The company is adding a third drill rig to accelerate this expanded program. The release also highlights some of the best intercepts from the now-completed 25,000-metre Phase Two program, including 69.6 m of 3.4 g/t Au and 91.0 m of 1.8 g/t Au. The CEO, Brock Colterjohn, states the company has over $31 million in the treasury, allowing for this expanded program to be executed without dilution. The program will focus on deepening the understanding of the Argus North discovery, testing kilometres of the underexplored Pipestone Fault, and advancing other high-priority targets. Assays for 45 drill holes from the previous program remain pending.
The news is materially positive and represents a significant and aggressive expansion of exploration activities, signaling strong confidence from management in the potential of the Munro-Croesus project.
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Progression and Execution: The company has systematically advanced the Argus North discovery since the initial "game-changer" hole was announced on April 10, 2025 (69.6 m of 3.4 g/t Au). The exploration program has rapidly escalated from an initial 10,000 m plan (May 2025) to an expanded 25,000 m program (July 2025), and now has doubled again to a 50,000 m program. This progression is a direct result of consistently positive drill results that have demonstrated both wide intercepts and good grade continuity.
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Financial Strength: The announcement that the program is fully funded with over $31 million in cash is critical. The company successfully raised over $41 million in 2025, primarily through bought deal financings in May and October when the stock price was higher. This astute capital management allows them to drill aggressively from a position of strength without immediate concerns of dilution, a significant de-risking factor for an exploration company.
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Operational Scale-Up: Adding a third drill rig is a clear indicator of the company's intent to rapidly advance the project and generate significant news flow. This operational ramp-up supports the goal of defining a large-scale gold system.
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Context: Compared to the completed 25,000 m program, this new 50,000 m program is a substantial commitment that could potentially lead to an initial resource estimate in 2026. The news confirms that the positive results seen to date warrant this major increase in investment, which is a strong positive signal to the market. While not a new discovery, it is a powerful confirmation of the company's progress and potential.
Onyx Gold Corp. is a Canadian junior gold exploration company focused on projects in Ontario and the Yukon. Its flagship asset is the 100%-owned Munro-Croesus Project, a 109 sq km land package located in the Abitibi greenstone belt, 75 km east of Timmins, Ontario. The project hosts the past-producing high-grade Croesus Gold Mine. The current focus is the 2025 discovery of the Argus North Zone, a new area on the property that is demonstrating potential for a large, near-surface, bulk-tonnage gold system with intercepts of significant width (50-100+ m) and consistent grade (1-3 g/t Au) containing higher-grade sub-intervals.