Onyx Gold begins phase 3 drilling at Munro-Croesus

Executive Summary

• Onyx Gold Corp. has commenced a fully financed, 50,000-metre Phase 3 diamond drill program at its 100%-owned Munro-Croesus gold project in Ontario, adding a third drill rig to the operation.
• The company reported significant gold intercepts from previous drilling at the Argus North zone, including 69.6 m at 3.4 g/t Au and 91.0 m at 1.8 g/t Au, highlighting broad zones of mineralization that remain open in all directions.
• The Phase 3 program, budgeted at $11 million, is fully funded by the company’s existing cash position of approximately $31.4 million, with no anticipated dilution, and will focus on expanding known zones and testing new targets across the 109-square-kilometre property.

Key Details

• Drill Program Expansion:
  • Commenced 50,000-metre Phase 3 drill program.
  • Budgeted at $11 million.
  • Utilizing three drill rigs (up from two).
  • Follows a completed 25,000-metre campaign (81 holes, 36 reported to date).
  • Represents the largest drill program in the property's history.
• Cash Position & Financing:
  • Strong cash position of approximately $31.4 million.
  • Program is fully financed without need for additional capital raising.
  • Previous fundraising in 2025 totaled $41.6 million via non-brokered and bought deal private placements.
• Significant Drill Intercepts (Argus North Zone):
  • Hole MC24-163: 69.6 m at 3.4 g/t Au, including 34.5 m at 5.4 g/t Au and 9.5 m at 13.9 g/t Au.
  • Hole MC25-168: 91.0 m at 1.8 g/t Au, including 32.0 m at 4.0 g/t Au and 17.0 m at 5.3 g/t Au.
  • Hole MC25-171: 59.7 m at 2.5 g/t Au, including 18.7 m at 5.2 g/t Au.
  • Hole MC25-178: 52.2 m at 2.2 g/t Au, including 5.2 m at 5.1 g/t Au; and 61.3 m at 1.5 g/t Au, including 6.6 m at 4.2 g/t Au.
  • Hole MC25-179: 66.8 m at 1.4 g/t Au, including 4.0 m at 6.6 g/t Au.
  • Hole MC25-180: 50.4 m at 1.9 g/t Au (starting 6.1 m downhole), including 4.0 m at 5.9 g/t Au.
  • Hole MC25-177: 91.0 m at 1.1 g/t Au, including 4.0 m at 4.6 g/t Au; and 103.4 m at 1.1 g/t Au, including 38.4 m at 2.4 g/t Au.
  • Hole MC25-181: 139.1 m at 0.8 g/t Au, including 6.9 m at 4.3 g/t Au.
  • Hole MC25-195: 99.5 m at 1.5 g/t Au, including 17.0 m at 3.3 g/t Au.
  • Hole MC25-197: 71.0 m at 1.3 g/t Au, including 8.3 m at 3.9 g/t Au.
  • Hole MC25-200: 60.8 m at 1.2 g/t Au, including 3.0 m at 5.9 g/t Au.
• Geological Context & Surface Sampling:
  • Argus North features broad zones of strong gold mineralization (50 to over 100 m thick), averaging more than 1 g/t Au.
  • Mineralization traced for over 100 m along strike and from surface to depths exceeding 350 m; remains open in all directions.
  • Mechanical stripping and channel sampling near hole MC25-180 returned 21.2 m at 2.0 g/t Au and 15.4 m at 2.2 g/t Au.
  • Key geological controls identified include permissive mafic variolitic volcanic stratigraphy proximal to the Pipestone fault, northeast-trending structures, feldspar porphyry intrusions, and various breccias providing permeability.
• Phase 3 Allocation & Objectives:
  • ~36,000 m: Testing a 3 km trend of underexplored mafic variolitic basalts (host to Argus Main and Argus North). Objectives include expanding Argus North along strike/plunge, testing fault-offset blocks west of Argus North, drilling along the Pipestone fault for new high-grade plunge zones, testing Argus West, and evaluating mineralization in Porcupine sediments.
  • ~4,500 m: Extending GM vein and Croesus Flow shoots onto newly acquired Munro mine ground.
  • ~1,500 m: Testing Lalonde quartz-carbonate vein targets with known gold showings.
  • ~2,500 m: Testing the Flipper zone (historical drilling returned 42.6 m at 1.0 g/t Au and 28.8 m at 1.3 g/t Au).
• Administrative/Corporate Action:
  • Issuance of 300,000 stock options with an exercise price of $1.18 per share.
  • 100,000 options granted to Chad Levesque Consulting pursuant to an investor relations consulting agreement.

Notable Quotes

• "This 50,000-metre program marks an important milestone for Onyx and underscores the exceptional potential we see at Munro-Croesus... With three rigs turning and more than $31-million in the treasury, we can execute this expanded program without dilution while maintaining flexibility to scale further as results warrant." — Brock Colterjohn, President and CEO