Onyx Gold Commences 50,000 m Phase Three Drill Program and adds Third Rig at the Munro-Croesus Gold Project, Ontario

Core Insights - Onyx Gold Corp. has initiated a fully-funded 50,000-meter phase three drill program at its Munro-Croesus Gold Project in Ontario, marking the largest drill program in the property's history [1][2][6] - The program is budgeted at $11 million and will utilize three drill rigs, following a successful 25,000-meter campaign [2][6] - The company has a strong cash position of approximately $31.4 million, allowing it to execute this expanded program without dilution [2][6] Summary of Corporate and Exploration Activities Completed to Date - In 2025, Onyx Gold raised $41.6 million through private placements [5] - The previously completed 25,000-meter drill program consisted of 81 holes, with assay results reported for 36 holes [5] - Significant assay highlights include: - 69.6 meters grading 3.4 g/t Au in hole MC24-163, with intervals of 34.5 meters at 5.4 g/t Au and 9.5 meters at 13.9 g/t Au - 91.0 meters grading 1.8 g/t Au in hole MC25-168, including 32.0 meters at 4.0 g/t Au and 17.0 meters at 5.3 g/t Au - 59.7 meters grading 2.5 g/t Au in hole MC25-171, including 18.7 meters at 5.2 g/t Au [5] Summary of Exploration Activities Planned for Remainder of Q4-2025 and H2-2026 - The new 50,000-meter program will focus on several key objectives, including: - Expanding Argus North along strike and plunge - Testing fault-offset blocks west of Argus North - Drilling along the Pipestone Fault for new high-grade plunge zones [12] - Approximately 36,000 meters will be allocated to testing a three-kilometer trend of underexplored mafic variolitic basalts [12] - The program will also include drilling to extend GM Vein and Croesus Flow shoots, testing Lalonde quartz-carbonate vein targets, and evaluating the Flipper Zone [12] Project Overview - The Munro-Croesus Project is located in the Abitibi greenstone belt, a premier gold mining jurisdiction in Canada, covering 109 km² [18][19] - The project includes the past-producing Croesus Gold Mine, known for yielding some of the highest-grade gold in Ontario [18] - Onyx Gold controls an extensive portfolio in the Timmins Gold Camp, anchored by the Munro-Croesus Property and complemented by other early-stage projects [21][22]