Onyx Gold Commences 50,000 m Phase Three Drill Program and adds Third Rig at the Munro-Croesus Gold Project, Ontario
November 13th, 2025 NR# 042-2025
NEWS RELEASE
Onyx Gold Commences 50,000 m Phase Three Drill Program and adds
Third Rig at the Munro-Croesus Gold Project, Ontario
Vancouver, BC – November 13th, 2025 – Onyx Gold Corp. (“Onyx” or the “Company”) (TSX-
V: ONYX, OTCQX: ONXGF ) is pleased to announce a fully-funded 50,000-meter (“m”) phase
three expansion to the diamond drill program (the “Program”) at its 100%-owned Munro-Croesus
Project (“ Munro-Croesus” or the “ Project”), located 75 kilomete rs east of Timmins, Ontario
(Figure 3).
The new 50,000 -meter program, budgeted at $ 11 million and utilizing three drill rigs , follows a
successfully completed 25,000 m campaign, (81 holes —36 reported to date). This marks the
largest drill program in the property’s history and one of the most significant ongoing exploration
programs in the Timmins Gold Camp. With a strong cash position of approximately $31.4 million,
Onyx is well positioned to continue unlocking the exceptional district-scale potential of the Munro-
Croesus Project.
Summary of Corporate and Exploration Activities Completed to Date
• Raised $41.6 million in 2025, through a combination of non-brokered and bought-deal
private placements (see Company news releases dated May 22, June 6, October 2, and
October 15, 2025).
• Two diamond drill rigs have been active since early May at the Argus North Zone, on
the large 109 km2 Munro-Croesus Project, approximately two kilometres north of
Highway 101 (Figure 3).
• Successfully completed the previously announced 25,000 m drill program, totaling
81 holes (see Company news release dated July 23, 2025). Results from 45 drill holes
remain pending.
• Reported assay results for 36 drill holes to date (see Company news releases dated June
26, 2025, July 23, 2025, September 3, October 7, and October 22, 2205) and significant
highlights include:
o 69.6 m grading 3.4 g/t Au, in discovery hole MC24-163, including
▪ 34.5 m grading 5.4 g/t Au and 9.5 m grading 13.9 g/t Au
o 91.0 m grading 1.8 g/t Au, in hole MC25-168, including
▪ 32.0 m grading 4.0 g/t Au and 17.0 m grading 5.3 g/t Au
o 59.7 m grading 2.5 g/t Au, in hole MC25-171, including
▪ 18.7 m grading 5.2 g/t Au
o 52.2 m grading 2.2 g/t Au, in hole MC25-178, including
▪ 5.2 m grading 5.1 g/t Au, AND
61.3 m grading 1.5 g/t Au, in hole MC25-178, including
▪ 6.6 m grading 4.2 g/t Au
o 66.8 m grading 1.4 g/t Au, in hole MC25-179, including
▪ 4.0 m grading 6.6 g/t Au
o 50.4 m grading 1.9 g/t Au starting at 6.1 m downhole, in hole MC25-180, including
▪ 4.0 m grading 5.9 g/t Au
o 91.0 m grading 1.1 g/t Au, in hole MC25-177, including
▪ 4.0 m grading 4.6 g/t Au, AND
103.4 m grading 1.1 g/t Au, in hole MC25-177, including
▪ 38.4 m grading 2.4 g/t Au
o 139.1 m grading 0.8 g/t Au, in hole MC25-181, including
▪ 6.9 m grading 4.3 g/t Au
o 99.5 m grading 1.5 g/t Au, in hole MC25-195, including
▪ 17.0 m grading 3.3 g/t Au
o 71.0 m grading 1.3 g/t Au, in hole MC25-197, including
▪ 8.3 m grading 3.9 g/t Au
o 60.8 m grading 1.2 g/t Au, in hole MC25-200, including
▪ 3.0 m grading 5.9 g/t Au
• Step-out drilling at Argus North continues to deliver broad zones of strong gold
mineralization — 50 to over 100 metres thick, averaging more than 1 g/t au with
consistent higher-grade intervals. Drilling has now traced the zone for over 100 metres
along strike and from surface to depths exceeding 350 metres, with mineralization
remaining open in all directions, highlighting significant expansion potential.
• These broad gold intercepts, combined with strong high-grade cores, compare favorably
to other major deposits in the Timmins Camp, underscoring Argus North’s potential as
a material new gold discovery in the district.
• The exploration team is using advanced tools to analyze drill core in real time — studying
rock structures and geochemistry to better understand how the gold is oriented and where
higher-grade zones may extend.
• In July/August, t he Company completed a mechanical stripping and sampling program
near the collar of hole MC25 -180 to expose the Argus North mineralization at surface.
Continuous channel sampling returned strong results including 21.2 m grading 2.0 g/t Au
and 15.4 m grading 2.2 g/t Au (see Company news release dated October 7, 2025).
“This 50,000-metre program marks a n important milestone for Onyx and underscores the
exceptional potential we see at Munro-Croesus,” said Brock Colterjohn, President & CEO of Onyx
Gold. “Argus North has consistently delivered wide, continuous zones of gold mineralization that
compare favourably to the best emerging discoveries in the Abitibi. 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. This next phase will deepen our
understanding of Argus North, test multiple kilometres of the underexplored Pipestone Fault and
advance several high-priority targets across the very large property. We believe Munro-Croesus
has the potential to become a cornerstone gold project within one of Canada’s most prolific mining
districts.”
Summary of Exploration Activities Planned for Remainder of Q4-2025 and H2-2026
• With approximately $31.4 million in cash, Onyx remains fully funded for all 2025–2026
exploration programs.
• The step-out drilling, detailed trench mapping and surface sampling completed at Argus
North since May 2025 has resulted in a clearer understanding of the potential controls
on gold mineralization including:
o the importance of the permissive mafic variolitic volcanic stratigraphy, proximal
to the regional, camp-wide Pipestone Fault;
o the use of topographic and magnetic data to predict disruption, to that host horizon;
o the identification of key northeast trending structures and structural -
geophysical-geochemical corridors (Figure 1);
o the presence of feldspar porphyry intrusions acting as fluid barriers and a minor
host to gold mineralization; and, most importantly,
o the recognition of a variety of breccias (hyaloclastic, crackle, jigsaw, and polylithic)
which provide permeability for fluid migration and gold accumulation.
• The new phase three 50,000 m Program at Munro-Croesus will utilize three drill rigs
allocated as follows (see Figures 1 & 2):
o ~36,000 m allocated to testing a three km trend of underexplored mafic variolitic
basalts – the same unit that hosts the Argus Main and Argus North Zones . Key
objectives of this drilling include:
▪ Expand Argus North along strike & plunge
▪ Test fault-offset blocks west of Argus North
▪ Drill along the Pipestone Fault for new high-grade plunge zones and bulk
targets, including targets across quartz-feldspar porphyry intrusions in
Porcupine sediments similar to neighbouring deposits such as Fenn-Gib.
▪ Drill test Argus West
▪ Drill Southeast of Argus Main on anomalous stratigraphy
▪ Evaluate and expand mineralization in Porcupine sediments along key
structures
o ~4,500 m will focus on extending GM Vein & Croesus Flow shoots onto the newly
acquired Munro Mine ground
o ~1,500 m testing Lalonde quartz-carbonate vein targets with known gold showings
o ~2,5000 m will focus on testing the Flipper Zone where historical drilling returned
broad zones of mineralization hosted within the Porcupine Sediments, including
42.6 m grading 1.0 g/t and 28.8 m grading 1.3 g/t Au, including 1.5 m grading 10.8
g/t Au
Figure 1 – Plan Map Highlighting Argus North Zone and Exploration Targets
Figure 2 – Longitudinal Section highlighting Argus North Zone and Exploration Targets
Figure 3 – Location of the Munro-Croesus Gold Project, Ontario
Stock Options Granted
The Company announces the issuance of 300,000 stock options with an exercise price of $1.18
per share for the purchase of up to 300,000 shares of the Company. A 100,000-option portion of
the stock options were granted to Chad Levesque Consulting, pursuant to the terms of an Investor
Relations consulting agreement announced by the Company on June 24, 2015.
The Munro-Croesus Project
The Munro-Croesus Project is located along Highway 101 in the heart of the Abitibi greenstone
belt, Canada's premier gold mining jurisdiction (Figure 3). This large, 100% owned land package
includes the past-producing Croesus Gold Mine, which yielded some of the highest -grade gold
ever mined in Ontario. Extensive land consolidation from 2020-2025 has unified the patchwork of
patented and unpatented mining claims surrounding the Croesus Gold Mine into one coherent
package and enhanced the project's exploration potential.
The Project covers 109 km 2 of highly prospective geology within the influence of major gold -
bearing structural breaks. Bulk-tonnage gold deposits located in the immediate region include the
Fenn-Gib gold project being developed by Mayfair Gold Corp., and the Tower Gold Project being
developed by STLLR Gold Inc.
About Onyx Gold
Onyx Gold Corp. is a Canadian exploration company focused on unlocking district -scale gold
opportunities in two of the country’s most prolific and proven mining jurisdictions — Timmins,
Ontario, and Yukon Territory.
In the Timmins Gold Camp, Onyx controls an extensive portfolio anchored by the Munro-Croesus
Property, host to the historic high -grade Croesus Mine and site of the Company’s recent Argus
North discovery — one of the most exciting new gold zones emerging in the camp.
Complementing Munro-Croesus are two large, early -stage projects — Golden Mile, a 140 km²
property situated just 9 km from Newmont’s multi -million-ounce Hoyle Pond Mine, and Timmins
South, a 187 km² land package strategically positioned around the Shaw Dome structure, offering
exceptional discovery potential.
Beyond Ontario, Onyx holds a commanding land position across four properties in Yukon’s
Selwyn Basin, an area rapidly gaining recognition for new gold discoveries and growing
exploration investment. The Company’s King Tut Property sits approximately 50km south of
Snowline Gold’s Valley discovery and adjacent to Fireweed Metals’s MacPass property.
Led by an experienced team with a strong track record of discovery, development, and value
creation, Onyx Gold (TSXV: ONYX | OTCQB: ONXGF) is well funded and committed to delivering
shareholder value through disciplined exploration, strategic growth, and r esponsible resource
development.
On Behalf of Onyx Gold Corp.
“Brock Colterjohn”
President & CEO
For further information, please visit the Onyx Gold Corp. website at www.onyxgold.com or contact:
Brock Colterjohn, President & CEO
or
Nicole Hoeller, NIKLI Communications – [email protected]
Phone: 1-604-283-3341
Email: [email protected]
Website: www.onyxgold.com
LinkedIn: https://www.linkedin.com/company/onyx-gold-corp
Twitter: https://twitter.com/OnyxGoldCorp
Additional Notes:
The Company maintains a robust QA/QC program that includes the collection and analysis of
duplicate samples and the insertion of blanks and standards (certified reference material).
Ian Cunningham-Dunlop, P.Eng., Executive Vice President for Onyx Gold Corp. and a qualified
person ("QP") as defined by Canadian National Instrument 43 -101, has reviewed and approved
the technical information contained in this release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
1. Fenn-Gib Gold Project and Tower Gold Project mineral resources compiled from public sources and are provided
for general information purposes. Readers are cautioned that the Company has no interest in or right to acquire
any interest in adjacent propertie s and they are not indicative of mineral deposits on the Company’s properties or
any potential exploration thereof.
Cautionary and Forward-Looking Statements
Forward-looking statements include predictions, projections, and forecasts and are often, but not always, identified by
the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”,
“target”, “s chedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or
“might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other
than statements of historical fact included in this release, including, without limitation, statements regarding the potential
significance of results from the new Argus North discovery are forward -looking statements that involve various risks
and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such statements. Forward-looking statements are based
on a number of material factors and assumptions. Important factors t hat could cause actual results to differ materially
from Company’s expectations include actual exploration results, changes in project parameters as plans continue to
be refined, results of future resource estimates, future metal prices, availability of capital, and financing on acceptable
terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability
of personnel, materials, and equipment on a timely basis, accidents or equipment breakdowns, dela ys in receiving
government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other
exploration or other risks detailed herein and from time to time in the filings made by the Company with securities
regulators. Although management of the Company has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking statements or forward-looking information, there may
be other factors that cause res ults not to be as anticipated, estimated , or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on forward -looking statements
and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for
other purposes. The Company does not undertake to update any forward -looking statemen t, forward -looking