News Summary
Onyx Gold announced further drill results from its ongoing 75,000-metre program at the Munro-Croesus Project in Ontario. The highlight was from the Argus North Zone, where drill hole MC25-233 intersected a broad zone of mineralization grading 1.8 g/t Au over 194.0 metres, including higher-grade sub-intervals of 3.0 g/t Au over 28.0 metres and 3.7 g/t Au over 24.1 metres.
Additional results from the Argus Main Zone returned lower-grade, near-surface intervals, such as 1.1 g/t Au over 16.0 metres in hole MC25-211.
The company reports that 36,000 metres of the planned 75,000-metre program have been completed and that it maintains a strong treasury of approximately $30 million.
Material Impact
This news is materially positive and aligns with, and reinforces, the series of exceptional drill results from the Argus North discovery since April 2025. The headline intercept of 194.0 m of 1.8 g/t Au is significant in both width and grade, providing strong confirmation of the scale and continuity of the gold system first identified in the discovery hole MC24-163 (69.6 m of 3.4 g/t Au).
This result is comparable in grade-thickness to the previous standout intercept from November 17 (208 m of 2.3 g/t Au), demonstrating consistency and validating the company’s geological model. While the market is beginning to expect such strong results from Argus North, this release successfully meets those high expectations, further de-risking the project and solidifying its status as one of the most promising new discoveries in the Timmins camp.
The lower-grade results from Argus Main are consistent with the company’s interpretation of that zone as a separate, large, bulk-tonnage target. The primary value driver remains Argus North, and these results continue to build the case for a significant, potentially open-pittable resource.
Financially, the company is in an enviable position with ~$30 million in cash, fully funding the aggressive 75,000-metre drill program and follow-up work without any near-term financing risk. The market’s reaction was muted, with the stock pulling back to $1.43 from recent highs, suggesting the result was largely priced in after the spectacular November intercept. However, for a long-term investor, this is a crucial confirmation of the project’s potential.
Catalysts
– Immediate: Assay results from the remaining ~39,000 metres of the ongoing drill program. The market will be looking for results from further step-out holes designed to test the strike and depth extensions of Argus North.
– 3-6 Months: Completion of the Phase III drill program. Any announcements regarding metallurgical testing, which is a critical and currently unknown variable. Potential for an initial mineral resource estimate (MRE) for the Argus North zone, which would be a major catalyst. Updates on exploration at the company’s other properties in Timmins and the Yukon.
Materiality Conclusion
The news is Material – Positive. It provides critical confirmation of the scale and grade continuity of the Argus North discovery. While not a “game-changing” surprise like the initial discovery hole, it is a significant de-risking event that adds substantial credibility to the project and supports the company’s valuation.
