Onyx Gold Extends Argus North to More than 700 Metres Depth with 3.5 g/t Gold over 28.1 Metres
Onyx’s Argus North depth extension reveals a deeper, lower-grade core within the system, with grades and widths remaining undisclosed.
Onyx Gold Corp. (ONYX) has released results from 17 drill holes at its Munro-Croesus Project, extending the Argus North target to more than 700 m vertical depth. The most notable intercept came from hole MC26-274A, which returned 3.5 g/t Au over 28.1 m, including multiple high-grade sub-intervals. Another significant result was recorded in hole MC26-271, which returned 3.5 g/t Au over 19.0 m.
At the Argus Main zone, the company reported broad low-grade hits, including 1.0 g/t Au over 93.0 m in hole MC26-324, which ended in strong mineralization. First-pass drilling located 250 m northeast of Argus Main identified a new target with an intercept of 2.6 g/t Au over 7.3 m. Onyx Gold states the system remains open at depth and along strike.
Onyx Gold Corp. (ONYX) is a junior explorer with no resource, no revenue, and a market cap inflated by the story of a large gold system. Today’s drilling is incremental, not transformational. It confirms the Argus system persists at depth, which was already the market’s base-case expectation given the 110,000 m drill program announced months ago. The actual gram-metre values are weaker than multiple prior releases, and the deepest hole is anemic. The new NE target is a greenfield scout hit.
From a capital-markets perspective, the company is a “dilution machine” despite being currently funded. The cash position has dropped from $30M to $18M over the course of the program.
The price chart confirms this. After a spike to $1.50-$1.55 area in late June, the stock drifted sideways. This type of “confirm but not blast through” news typically supports the stock inline, rather than driving a 15%+ rally.
Onyx Gold Corp. (ONYX) is a junior explorer operating in Ontario’s Timmins camp and the Yukon’s Tombstone Belt. Its core asset is the 112 km² Munro-Croesus property, located near Timmins, Ontario, a world-class gold jurisdiction. The company is executing a fully funded 110,000 m drill program targeting the Argus system, which hosts bulk-tonnage potential at Argus Main and higher-grade potential at Argus North. The exploration model seeks a standalone open-pit or underground resource proximal to regional milling infrastructure. Onyx Gold holds approximately $18M in treasury with no debt, though the cash burn rate is high. The company currently has no mineral resources or reserves.