Onyx Gold Confirms Western Expansion at Argus North with 2.3 g/t Gold Over 70.3 Meters, Including 28.6 Meters of 4.7 g/t Gold Western Extension Now Demonstrated Over Multiple Holes – System Continues to Expand at Depth and Along Plunge
Onyx Gold Corp.
405 - 375 Water Street,
Vancouver, BC, V6B 5C6
TSXV: ONYX
OTCQX: ONXGF
February 24th, 2026 NR# 07-2026
Onyx Gold Confirms Western Expansion at Argus North with 2.3
g/t Gold Over 70.3 Meters, Including 28.6 Meters of 4.7 g/t Gold
Western Extension Now Demonstrated Over Multiple Holes – System Continues
to Expand at Depth and Along Plunge
Vancouver, BC – February 24th, 2026 – Onyx Gold Corp. (“Onyx” or the "Company") (TSX-V:
ONYX, OTCQX: ONXGF ) is pleased to announce additional drill results from the Company’s
ongoing 75,000-meter drill program (the “ Program”) at its 100% -owned Munro-Croesus Project
(“Munro-Croesus” or the “Project”), located 75 km east of Timmins, Ontario (Figure 3).
Today’s results are from drill hole MC25-242EXT, a re-entry and extension of previously reported
hole MC25 -242 (s ee Company news release dated January 13, 2026 ). The extension was
designed to test the projected western offset of the Argus North Zone (the “Western Extension”)
across the Barton Creek Fault. The hole successfully intersected the Western Extension and
returned 70.3 m grading 2.3 g/t Au, including 28.6 m grading 4.7 g/t Au, 9.8 m grading 5.9 g/t
Au, 1.0 m grading 28.3 g/t Au, and 2.1 m grading 22.4 g/t Au.
These results closely replicate those previously reported from drill hole MC25-243, which returned
73.2 m grading 2.4 g/t Au approximately 100 m up-dip from MC25-242EXT within the Western
Extension. The comparable thickness and grade between the two holes, drilled on the same
section, provide strong confirmation of continuity within this newly recognized structural offset of
Argus North.
Highlights from Argus North
• 70.3 m grading 2.3 g/t Au, in drill hole MC25-242EXT, including
o 28.6 m grading 4.7 g/t Au, including
▪ 9.8 m grading 5.9 g/t Au, including
• 1.0 m grading 28.3 g/t Au, and including
▪ 2.1 m grading 22.4 g/t Au
“We are extremely encouraged by the confirmation of the Western Extension at Argus North.
Extending our hole to intersect another impressive zone of mineralization - over 70 meters at
more than 2 g/t Au, including significant higher-grade intervals - deepens our confidence in the
scale and continuity of this compelling system. Notably, this mineralization aligns with our
structural modeling predictions. The Argus North system remains wide open along strike, down
dip, and down plunge . With 75,000 meters of drilling in progre ss, we are just scratching the
surface of defining the full potential of this burgeoning gold system.”
Summary of Argus Zone Results
The Argus North Zone is located on the western half of the Munro-Croesus Project, approximately
150 m north of the regional Pipestone Fault, a major structural corridor that hosts several
significant gold deposits in the Timmins camp. The discovery hole at Argus North, MC24-163, was
reported last year, and returned 69.6 m grading 3.4 g/t Au, including 34.5 m grading 5.4 g/t Au
and 9.5 m grading 13.9 g/t Au (see Company news release dated April 10, 2025).
Gold mineralization at Argus North is distinguished by both broad zones (50 m to over 100 m) of
+1 g/t Au mineralization containing wide zones of higher -grade mineralization (+5 g/t Au) . The
higher-grade sub -intervals are closely associated with zones of strong albitization and
silicification, pyritic stringers, and localized porphyritic intrusions within variolitic basalt and
volcanic breccias cut by dominant moderate to steeply dipping, northeast -trending faults and
associated fractures. This combination of alteration and structural preparation is interpreted to be
a key control on gold deposition.
Results reported today include those from one (1) drill hole extension, MC25-242EXT, completed
at Argus North as described below.
Western Extension
Two drill holes, MC25-242 and MC25-243, were completed on the same cross-section and were
part of the Company’s new exploration strategy of northwesterly -directed holes drilled
perpendicular to the apparent northeast-trending structural corridor at Argus North.
Drill hole MC25-243 returned a very encouraging intersection of 37.6 m grading 1.1 g/t Au within
Argus North and a new second deeper intersection of 73.2 m grading 2.4 g/t Au within the
Western Extension, a minor fault offset of Argus North across the late, north-south trending Barton
Creek Fault (see Company news release dated January 13, 2026).
Drill hole MC25-242 intersected 25.7 m grading 5.0 g/t Au within Argus North but was stopped
short before reaching the projection of the Western Extension. The hole was re-entered as MC25-
242EXT in early January and extended from 399.0 m to 567.0 m, and intersected the Western
Extension where anticipated, returning a very encouraging 70.3 m grading 2.3 g/t Au, including
28.6 m grading 4.7 g/t Au, and two higher-grade subintervals which returned 1.0 m grading 28.3
g/t Au and 2.1 m grading 22.4 g/t Au.
The Western Extension intersections in drill holes MC25 -243 and MC25 -242EXT returned
comparable assay composites as shown below
• 73.2 m grading 2.4 g/t Au, in drill hole MC25-243, including
o 12.0 m grading 5.7 g/t Au, including
▪ 3.0 m grading 17.7 g/t Au, and including
o 2.5 m grading 21.2 g/t Au
Versus
• 70.3 m grading 2.3 g/t Au, in drill hole MC25-242EXT, including
o 28.6 m grading 4.7 g/t Au, including
▪ 9.8 m grading 5.9 g/t Au, including
• 1.0 m grading 28.3 g/t Au, and including
▪ 2.1 m grading 22.4 g/t Au
Summary of Argus North Results
Drilling to date at Argus North continues to demonstrate excellent vertical continuity of gold
mineralization over a total strike length of 225 m and to over 400 m vertical depth. The higher -
grade gold mineralization appears to plunge west -northwest (68 de grees towards 289 degrees
azimuth) based on drill hole assays and structural modelling (Figures 1/2/3). The new lower
Western Extension is a minor fault offset of Argus North across the late, north -south trending
Barton Creek Fault.
The Argus North Zone remains open along strike, down -dip, and down -plunge, and the
opportunity to expand the zone through ongoing drilling is considered excellent.
Details for drill hole assays reported in this news release are shown in Figures 1/2/3 and in
Table 1.
About the Munro-Croesus Drill Program
The Company’s ongoing 75,000-m Phase I/II/III drill program (the “Program”) at Munro-Croesus
continues to demonstrate that Argus is not a single -zone discovery, it is an emerging multi -style
gold system with multiple pathways to grow ounces.
The Program, which advances six goals simultaneously, reflects this multi-pathway opportunity:
1) Higher-Grade Argus North – Down-Plunge and Western Strike Growth: Argus North
continues to show strong vertical continuity and a defined west -northwest plunge direction.
The zone of higher -grade gold mineralization remains open along strike and down -plunge,
where drilling continues to intersect wide zones of +5 g/t Au w ithin broader envelopes of
+1 g/t Au. Argus North currently represents the potential backbone of a future high -grade
open-pit and underground operation.
2) Broad Near-Surface Bulk-Tonnage at Argus Main: Argus Main now defines a > 900 m x
200 m near -surface gold zone with consistent 0.5 –1.0 g/t Au mineralization and internal
higher-grade intervals. The Western Extension results reported today strengthen the
continuity and grade profile of this zone, presenting a potential open -pit mining scenario in
close proximity to Argus North.
3) Argus West & The Newly Prioritized Argus Fault: The recent discovery of Argus West,
located 250 m southwest of Argus North along the newly prioritized Argus Fault, demonstrates
the potential for repetition of Argus -style mineralization within a new structural corridor. The
Argus Fault is emerging as a key northeast-trending, moderately to steeply dipping structure
that appears to act as a locus for gold deposition. Ongoing step -outs along strike and down-
dip are testing the continuity of this zone and evaluating the broader structural corridor. Argus
West materially expands the exploration runway and confirms that the Argus system is not
confined to a single structure.
4) Repetition Potential Along the Pipestone Fault Corridor: Structural modelling suggests
that similar controlling northeast-trending structures extend across the Argus Zones and along
the regional Pipestone Fault. Onyx controls 8 km of strike extent of the Pipestone Fault,
providing a multi-kilometer structural corridor capable of hosting additional repetitions of both
high-grade and bulk-tonnage mineralization.
5) Ultra-High Grade at Croesus / GM / C-Zone: The historic Croesus Mine located on property
and 3 km east of the Argus Zones produced some of the highest -grade gold ever mined in
Ontario. Ongoing work continues to evaluate the potential for additional near -surface high-
grade vein systems at GM and C-Zone.
6) District-Scale Regional Upside: The 109 km² Munro-Croesus land package remains largely
underexplored. Onyx is evaluating high -value regional targets, north of the Pipestone Fault
within mafic volcanic settings analogous to the Argus Zones, and south of the Pipestone Fault
targeting felsic intrusives within Porcupine Group metasedimentary rocks.
Table 1 – Significant Assay Results for Argus North Drill Holes Reported in this Release
Target From To Length Au
Drill Hole (m) (m) (m) (g/t)
Argus North
MC25-242 (previously
reported) 227.2 229.0 1.8 67.3
Including 227.2 228.1 0.9 133.7
And 247.5 273.2 25.7 5.0
Including 249.4 259.8 10.4 9.3
Including 251.8 252.6 0.8 33.3
And 292.0 299.9 7.9 0.8
And 321.9 340.8 18.9 3.0
Including 338.0 339.5 1.5 19.7
And 372.0 399.0 27.0 0.7
Including 389.0 399.0 10.0 1.6
MC25-242EXT (New) 372.0 442.3 70.3 2.3
Including 400.5 429.1 28.6 4.7
Including 402.5 412.3 9.8 5.9
Including 402.5 403.5 1.0 28.3
And Including 427.0 429.1 2.1 22.4
MC25-243 (previously
reported) 279.6 352.4 72.8 0.8
Including 289.5 327.1 37.6 1.1
Including 316.0 327.1 11.1 1.9
Including 324.0 327.1 3.1 3.7
And 448.8 522.0 73.2 2.4
Including 451.0 463.0 12.0 5.7
Including 460.0 463.0 3.0 17.7
And Including 500.0 506.1 6.1 12.4
Including 501.0 503.5 2.5 21.2
*Intersections are reported as drilled widths; true widths are estimated to be 60-90% of drilled width
Figure 1 – Plan Map Highlighting Argus North Drill Holes Reported in this Release
Figure 2 – Cross-Section Highlighting Argus North Drill Holes Reported in this Release –
Looking Northeast
Figure 3 – Location of the Munro-Croesus Gold Project, Ontario
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 4). 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. (TSXV: ONYX | OTCQX: ONXGF) 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 Discovery Silver’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 50 km south of
Snowline Gold’s Valley discovery and adjacent to Fireweed Metals’ MacPass property.
Led by an experienced team with a strong track record of discovery, development, and value
creation, Onyx Gold is well funded and committed to delivering shareholder value through
disciplined exploration, strategic growth, and responsible 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
Vanessa Pickering, VP, Investor Relations – [email protected]
Phone: 1-604-283-3341
Email: [email protected]
Website: www.onyxgold.com
LinkedIn: https://www.linkedin.com/company/onyx-gold-corp
X: https://x.com/OnyxGoldCorp