Drill Results
Onyx Gold Extends Argus Gold System with 0.8 g/t Gold over 70.0 Meters and 0.7 g/t Gold over 95.0 Meters
Onyx Gold extends the Argus system with broad intercepts as its 110km drill program accelerates in the Timmins camp.
Executive Summary
- Onyx Gold Corp. released drill results from its fully funded 110,000-meter program at the 100%-owned Munro-Croesus Project in Ontario.
- The Argus gold system has been extended with intercepts of 0.8 g/t Au over 70.0 meters and 0.7 g/t Au over 95.0 meters.
- Mineralization now spans approximately 1.4 km of strike length and over 500 meters vertically across Argus Main, Argus North, and the newly identified Argus West zones.
- Drilling remains open in multiple directions.
- Program status: 159 holes completed (~62,000 meters); ~48,000 meters planned for the remainder of 2026.
- Four drill rigs are currently active.
- The company reports a cash position of approximately $20 million, fully funding the current exploration phase.
- Geophysical work includes a completed 420 line-km high-resolution drone magnetic survey to refine targets along the Argus and Pipestone Fault corridors.
Material Impact
- The June 4, 2026 release continues a consistent trajectory of exploration updates that have been rolling out since mid-2025.
- The intercepts are in line with previous announcements, reinforcing the structural model that northeast-trending faults control higher-grade mineralization.
- There are no material surprises or misses; the results validate the company's geological interpretation but do not represent a step-change in scale or grade that would fundamentally alter the project's economics overnight.
- The fully funded status and addition of a fourth rig are positive operational milestones that de-risk near-term execution, but they are incremental to the previously announced 110,000-meter program expansion from April 2026.
- Given the steady cadence of similar announcements, the market has likely already priced in this level of progress. The impact is positive but routine.
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Company Overview
- Onyx Gold Corp. is a discovery-focused exploration company operating in two premier Canadian gold jurisdictions: the Timmins Camp in Ontario and the Eastern Tombstone Gold Belt in Yukon.
- Flagship Project: Munro-Croesus Project (109 km² land package). The project hosts the historic Croesus Mine and the rapidly expanding Argus system (Argus North, Main, and West).
- The Argus system is characterized by broad, near-surface bulk-tonnage mineralization (Argus Main) and high-grade structural corridors (Argus North/West) controlled by the Argus and Pipestone Faults.
- Secondary Project: King Tut Property in Yukon, focusing on the Ra intrusion, which shows strong surface sampling results and intrusion-related gold potential.
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May 14, 2026 · 07:01