Onyx Gold Intersects 1.7 g/t Au over 67.0 Meters, Including 13.2 g/t over 6.0 Meters and Visible Gold Grading 73.4 g/t Au at Argus Main
Onyx’s Argus Main intersection returned visible gold but lacks the width and grade to be considered a mine-making discovery.
Onyx Gold Corp. has released assay results for nine additional drill holes at the Argus Gold System on its 100%-owned Munro-Croesus Project, located 75 km east of Timmins, Ontario. The company states that mineralization now extends over approximately 1.4 km of strike and more than 700 m vertically across the Argus Main and Argus West zones.
The headline result comes from hole MC26-340 at Argus Main, which returned 1.7 g/t Au over 67.0 m downhole. This interval includes 4.1 g/t Au over 24.5 m, which contains 13.2 g/t Au over 6.0 m, including 73.4 g/t Au over 1.0 m associated with visible gold. Another key hole at Argus Main, MC26-329, returned 0.7 g/t Au over 144.5 m downhole, including 1.1 g/t Au over 75.0 m, and 2.1 g/t Au over 21.3 m. In contrast, hole MC26-335 at Argus Main encountered massive mafic volcanic rocks at target depth and reported no significant results, with only 0.4 g/t Au over 6.0 m.
At Argus West, six holes tested the western extension approximately 100 m to 150 m west of prior hole MC25-213. Five of these returned gold mineralization, while one did not. Key intervals at Argus West include:
- MC26-304: 0.7 g/t Au over 4.9 m
- MC26-307: 2.1 g/t Au over 1.5 m and 0.9 g/t Au over 3.0 m
- MC26-309: 0.5 g/t Au over 9.0 m
- MC26-320: 1.0 g/t Au over 3.0 m
Onyx Gold reports that its 110,000 m program is about 75% complete. To date, 206 holes totalling approximately 82,700 m have been drilled, with assays released for 140 holes, representing about 68% of completed holes. The company has four drills operating and approximately $14 million in cash, describing the program as fully funded.
Onyx Gold Corp. (ONYX) released exploration results from its Argus project, marking an incremental step in data collection rather than a transformational event. The findings add to the geological understanding of the Argus system but do not alter the project’s economic status, as the release represents exploration-stage activity rather than a resource, reserve, feasibility, or financing update.
The most significant new intercept from the Argus Main zone measures 67.0 meters at 1.7 grams per tonne gold. While this grade is higher than previous hits, the interval is shorter and heavily influenced by a single visible-gold meter. The gram-metre value is comparable to prior intercepts, including 99.5 meters at 1.2 grams per tonne gold and 77.2 meters at 1.3 grams per tonne gold. The data supports the existence of a broad mineralized envelope with higher-grade shoots, though it does not confirm that these shoots are continuous, recoverable, or economic.
Market context remains a key factor for the stock, which closed at CAD 1.50 on August 18, 2026. This price sits below the 52-week high of CAD 2.04 and below the October 2025 financing levels of CAD 1.50 for hard-dollar shares and CAD 2.11 for flow-through shares. Against this backdrop, the results represent solid exploration progress rather than a new discovery likely to trigger a major valuation shift.
Financially, Onyx Gold reported a small net income of CAD 101,671 for the fiscal year 2026, driven primarily by flow-through premium recovery rather than operational performance. Cash reserves stood at CAD 22.6 million as of March 31, 2026, though the current release indicates approximately CAD 14 million remains, reflecting ongoing drilling expenditures. The company’s management discussion and analysis includes a going-concern note and outlines a remaining flow-through expenditure obligation of CAD 12.8 million by December 31, 2026.
Onyx Gold Corp. (TSXV: ONYX; OTCQX: ONXGF) is a Canadian gold exploration company whose core asset is the Munro-Croesus Project in the Timmins gold camp of Ontario. The 112 km² project encompasses the past-producing Croesus Gold Mine, which historically yielded some of the highest-grade gold in Ontario. Current exploration efforts are focused on the Argus Gold System, comprising Argus North, Argus Main, and Argus West. The company controls approximately 8 km of prospective strike along the Pipestone Fault corridor and approximately 16 km of the interpreted Argus Fault.
In addition to its Timmins assets, Onyx holds properties in the Timmins area, including Golden Mile and Timmins South, as well as Yukon properties including King Tut, Canol, Stan, and RGS. The investor presentation outlines approximately 450 km² in the Timmins camp and approximately 227 km² in Yukon. Onyx is a discovery and exploration company with no reported mineral resources, reserves, production, or economic studies.
The investor presentation states there are 88.3 million basic shares outstanding, 5.6 million options, and 1.9 million restricted share units, resulting in 95.8 million fully diluted shares. Using the August 18, 2026 close of CAD 1.50, the basic market capitalization is approximately CAD 132 million. The MD&A notes a strategic investment by Gold Fields Limited of approximately 9.9%. Management says the company has approximately CAD 14 million in cash and is fully funded for the current 110,000 m program. Prior-period financial statements show CAD 22.6 million cash at March 31, 2026, a reduction that reflects ongoing exploration spending.