Onyx Gold Drills 1.5 g/t Gold over 99.5 Meters, Including 3.3 g/t Gold over 17 Meters; Further Expanding Gold Mineralization at Argus North
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Onyx Gold Corp. announced additional drill results from its ongoing 25,000-metre drill program at the Munro-Croesus Project in Timmins, Ontario. The highlight from the Argus North zone was drill hole MC25-195, which intersected 1.5 g/t gold over a drilled width of 99.5 meters, including a higher-grade sub-interval of 3.3 g/t gold over 17 meters. Another significant intercept was in hole MC25-197, which returned 1.3 g/t gold over 71 meters. The company reports that 22,000 meters (88%) of the planned 25,000-meter program have been completed. The CEO, Brock Colterjohn, stated that the results continue to deliver wide, consistent gold mineralization with strong grades and that Argus North is emerging as one of the most exciting new discoveries in the Timmins camp.
This news is materially positive. While not a new discovery, the results strongly reinforce and expand upon the initial discovery at Argus North.
- Confirmation of Thesis: The headline intercept of 1.5 g/t over 99.5 meters (a grade-thickness value of ~149 gram-meters) is economically significant and confirms the geological model of a large, bulk-tonnage system with continuous, higher-grade cores. This is exactly what investors want to see in a step-out drill program.
- De-risking the Project: Each successful hole of this nature reduces the exploration risk and increases the confidence in the continuity and scale of the mineralized system. The consistency of results across multiple press releases since April 2025 demonstrates that the initial discovery hole was not an isolated occurrence.
- Supports Recent Financings: The company recently raised over $26.4 million at premium prices. These strong drill results justify that capital raise and demonstrate that the funds are being deployed effectively to grow the discovery.
- Market Context: The stock price has pulled back significantly from its highs of $2.60 to the current $1.25 level. This positive news could provide technical support and attract investors who were waiting for a better entry point, now validated by continued exploration success.
The results are in line with, and arguably exceed, reasonable expectations for this stage of follow-up drilling. They maintain the project's momentum and solidify Argus North as a legitimate and growing discovery.
Onyx Gold Corp. is a Canadian gold exploration company with projects in the Timmins gold camp of Ontario and the Tombstone Gold Belt in the Yukon. Its flagship asset is the 100%-owned Munro-Croesus Project, located 75 km east of Timmins, Ontario. The focus of the project is the Argus North Zone, a new discovery made in April 2025. Drilling has consistently intersected wide intervals of gold mineralization (e.g., 50-100m widths) with grades typically ranging from 1.0 to 2.5 g/t Au, characteristic of a large, open-pittable, bulk-tonnage style system.