Onyx Gold Defines Gold Mineralization Right at Surface at Argus North
Executive Summary
- Onyx Gold reported significant near‑surface gold intercepts from four step‑out drill holes and multiple surface channel samples at the Argus North zone, highlighting a broad, road‑accessible mineralized system.
- Highlights include 60.8 m @ 1.2 g/t Au (incl. 3.0 m @ 5.9 g/t Au) in hole MC25‑200 and several channel intervals >2 g/t Au over multi‑meter widths, confirming continuity from surface to >350 m depth.
- The company has now completed ~20,000 m (80%) of its fully funded 25,000 m, $10 M drill program and is well‑capitalized following a recent $20 M bought‑deal financing and an upcoming $6.4 M non‑brokered raise.
Key Details
- Drill Hole MC25‑200: 60.8 m @ 1.2 g/t Au, including 3.0 m @ 5.9 g/t Au.
- Drill Hole MC25‑202: 37.8 m @ 1.8 g/t Au, including 8.6 m @ 5.0 g/t Au.
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Drill Hole MC25‑204: 37.5 m @ 1.2 g/t Au, including 10.2 m @ 2.4 g/t Au.
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Channel Sample Intercepts (selected):
- Channel A – 10.7 m @ 0.6 g/t Au, including 3.1 m @ 7.4 g/t Au.
- Channel B – 8.9 m @ 0.9 g/t Au, including 2.8 m @ 1.6 g/t Au.
- Channel C – 21.3 m @ 2.0 g/t Au, including 4.0 m @ 5.0 g/t Au.
- Channel D – 15.5 m @ 1.6 g/t Au, including 6.5 m @ 2.8 g/t Au.
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Channels E‑H – multiple intervals ranging from 3.4 m to 15.4 m with grades up to 8.4 g/t Au over sub‑intervals.
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Program Progress: 64 drill holes completed; assays announced for 18 holes; ~20,000 m (80%) of the expanded 25,000 m program drilled and fully funded ($10 M).
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Geology & Mineralization:
- Gold associated with albitization, silicification, pyritic stringers, and porphyritic intrusions within variolitic basalts.
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Continuous mineralization from surface to >350 m depth; system open along strike, down‑dip and down‑plunge.
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Recent High‑Grade Historic Intercepts (for context):
- MC25‑168 – 17.0 m @ 5.3 g/t Au.
- MC25‑171 – 18.7 m @ 5.2 g/t Au.
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MC25‑178 – 5.2 m @ 5.1 g/t Au & 6.6 m @ 4.2 g/t Au.
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Financing Update (CEO Quote): Recent $20 M bought‑deal financing closed; upcoming $6.4 M non‑brokered financing with strategic investors to fund exploration through 2026.
Notable Quotes
“Argus North continues to deliver wide intervals of gold mineralization right from surface, just two kilometres off the highway — a rare and highly attractive combination in the Timmins camp,” – Brock Colterjohn, President & CEO, Onyx Gold Corp.
All technical information reviewed and approved by Ian Cunningham‑Dunlop, P.Eng., Executive Vice President & Qualified Person (NI 43‑101).