Onyx Gold Discovers New High-Grade Vein Zone at the C Zone, Munro-Croesus Project Highest Grade Channel Sample Results to Date at Munro-Croesus Returns 124 g/t Au over 0.62 m within 39.5 g/t Au over 2.3 m From Newly Exposed Veins at the C Zone
January 6th, 2026 NR# 001-2026
NEWS RELEASE
Onyx Gold Discovers New High-Grade Vein Zone at the C Zone,
Munro-Croesus Project
Highest Grade Channel Sample Results to Date at Munro-Croesus Returns 124 g/t Au
over 0.62 m within 39.5 g/t Au over 2.3 m From Newly Exposed Veins at the C Zone
Vancouver, BC – January 6th, 2026 – Onyx Gold Corp. (“Onyx” or the " Company") (TSX-V:
ONYX, OTCQX: ON XGF) is pleased to report new surface assay results from the Company’s
100%-owned Munro-Croesus Project (“Munro-Croesus” or the “Project”), located 75 km east of
Timmins, Ontario (Figure 3).
Results reported today include those from surface channel samples collected at the C Zone, a
regional target situated six kilometers (“km”) east of the Argus North discovery and three
km northeast of the historic Croesus Gold Mine. The target was identified by Onyx’s exploration
team as a prospect with possible similarities and host setting to the high -grade Croesus Vein.
Trenching at the C Zone began in Fall 2025 and subsequent sampling returned very encouraging
gold grades with values up to 124 grams per tonne gold (“g/t Au”) over 0.62 meters (“m”).
The results from the C Zone underscore the potential for additional high-grade discoveries across
the broader Munro -Croesus Project area and highlight the value of applying modern structural
interpretation and systematic targeting to historically underexplored areas of the property.
Highlights from Surface Channel Sampling at the C Zone
• 39.5 g/t Au over 2.33 m, including
o 124 g/t Au over 0.62 m, and including
o 9.4 g/t Au over 0.96 m, and including
o 8.3 g/t Au over 0.75 m
• The high -grade assay results are from a freshly exposed vein zone that represents a
significant new target for follow-up.
• The C Zone remains open along strike and at depth presenting strong potential for
expansion through initial drill testing.
• Ongoing structural interpretation will guide first-pass drilling in the coming months as part
of the Company’s fully-funded 75,000 m drill program.
“We are very pleased to have identified a new high -grade gold target that has returned the
highest-grade surface result we’ve collected to date” said Brock Colterjohn, President & CEO of
Onyx Gold. “The C Zone is a nother strong example of the untapped opportunity that remains
across the Munro-Croesus Project. Although this area was identified and partially evaluated by
previous operators decades ago, the work was limited and sporadic and has never been
systematically explored using modern geological techniques. By consolidating this land package
and re -evaluating historic targets through this lens, we are uncovering high -grade and bulk -
tonnage gold systems that were effectively left behind. In Timmins, scale gives you staying power
and grade gives you leverage and projects that deliver both have historically created the most
value.”
“With approximately $30 million in the treasury and a fully funded 75,000 -meter drill program
underway, we are well positioned to continue advancing our Argus discoveries while
systematically testing a pipeline of high-impact regional targets, many of which have not seen any
exploration for several decades.”
Details of the C Zone
The C Zone is situated three km northeast of the historic Croesus Gold Mine and one km north of
the regional Munro Fault Zone, a first-order structure that is parallel to the Pipestone Fault, both
of which converge with the camp-scale Porcupine-Destor Fault Zone to the southeast (Figure 2).
The Munro Fault strikes at approximately 290° through the center of the Pro ject, comprising a
broad zone (up 900 m wide) of carbonatized ultramafic schist. The structure has been mapped
as a zone of parallel, southeast -striking, and sub -vertical southwest -dipping shears that are
confined to the conformable ultramafic horizon.
The C Zone itself is characterized by quartz vein and stockwork mineralization within a 5 to 15 -
m-wide zone of bleaching hosted within a brittle deformation zone within pillowed mafic volcanics.
The quartz veins strike approximately northeast and dip shallowly to the east-southeast. Alteration
is dominated by strong carbonatization, with extensive sericite and siliceous overprint, and with
local chlorite, fuchsite, and minor chalcopyrite and sphaler ite. Gold mineralization is associated
with arsenopyrite, pyrite, chalcopyrite, and a lso occurs as visible gold with discrete blebs and
disseminated grains in and around quartz veins and stockworks.
Limited exploration work was carried out on the prospect in the 1950s-60s and again in the early
1990s by previous operators, including a small eight hole/1,177m drill program. In 1994, a blasted
trench at the C Zone returned spectacular coarse-grained gold in quartz veins. This high-grade
vein zone has characteristics similar to the nearby historic Croesus Gold Mine, indicating the
potential for more ‘Croesus-like’ veins on the Munro-Croesus Property.
Discussion of the C Zone 2025 Surface Sampling Results
In Fall 2025, the Company carried out mechanized stripping, power washing, detailed geological
mapping, and sampling at the C Zone over a 45 m by 10 m area which exposed a broad zone of
elevated gold values associated within quartz-carbonate veins and stockworks.
A total of 62 channel samples were collected averaging 0.8 m in length. Ten (10) samples were
>0.5 g/t Au, including four (4) above 1 g/t Au. Channel sample highlights include:
• 39.5 g/t Au over 2.3 m, including
o 124 g/t Au over 0.62 m, and including
o 9.4 g/t Au over 0.96 m, and including
o 8.3 g/t Au over 0.75 m
The host rock is highly Fe-oxidized massive basalt with moderate-strong pervasive silica-sericite-
ankerite alteration and abundant fracture -filling sulfides . L ocally massive, blebby to acicular
arsenopyrite and trace chalcopyrite and pyrite in quartz+/- ankerite veins were observed. Highest
gold grades occur at the intersection of 1) a west-striking, moderately north -dipping fault-filling
quartz vein; and 2) north-striking, shallowly east-dipping extensional veins.
The C Z one remains open along strike , down-dip, and down-plunge, and the opportunity to
expand the zone through a first-pass drill program is considered excellent. Desktop structural
interpretation is ongoing and will guide preliminary drill testing in the coming months.
Details of the channel sample lines reported in this news release are shown in Figure 1.
Plate 1 – Photo of C Zone Trench with Quartz-Carbonate Stockwork Vein Zone and Ankerite
Weathering (Looking SW, Photo Field of View ~ 5.4 meters wide)
Figure 1 – Plan Map Highlighting C Zone Surface Assays Reported in this Release
Figure 2 – Plan Map of Munro-Croesus Mineralized Corridors with Planned Drilling Areas
Figure 3 – Location of the Munro-Croesus Gold Project, Ontario
Update on 2026 Winter Drill Program at Munro-Croesus
The Company will be resuming its 75,000-m Phase I/II/III drill program (the “Program”) at Munro-
Croesus in early January to continue following up on encouraging gold intersections from its Argus
North and West discoveries, as well as, testing several high value regional targets, including the
C Zone.
Drilling to date at the Argus North, Main and West discoveries has now defined broad zones of
gold mineralization over a total strike length of 900 m and from surface to ~400 m vertically. All
the Argus Zones (North, Main and East) remain open along strike, down-dip, and down-plunge.
The Company has completed 100 drill holes to date, totalling >36,000 m as part of its 75,000 m
Phase I/II/III drill program. Assays have been announced for 53 holes. With ~$30 million in the
treasury, the Company remains fully funded to advance its 2026 exploration programs.
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. (TSXV: ONYX | OTCQB: 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 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’ 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
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
X: https://x.com/OnyxGoldCorp
Additional Notes:
Channel samples from surface trenching were cut by a diamond blade and averaged 0.8 m in
length, 5 cm in width and 10 cm in depth. Samples were placed in individual sealed polyurethane
bags and were delivered by truck in sealed woven plastic bags to ALS Geochemistry laboratory
facility in Timmins, Ontario for sample preparation with final analysis at ALS Geochemistry
Analytical Lab facility in North Vancouver, BC . ALS Geochemistry operate s meeting all
requirements of International Standards ISO/IEC 17025:2017 and ISO 9001:2015.
Samples were crushed to 70% passing 2mm, then a representative 250 g riffle split was taken
and pulverized to 85% passing 75μm. Gold was determined by the fire-assay fusion method of a
50-gram sub-sample with atomic absorption spectroscopy (AAS). Samples that returned values
>10 ppm gold from fire assay and AAS were determined by using fire assay and a gravimetric
finish. Various metals including silver, gold, copper, lead and zinc were analyzed by inductively
coupled plasma (ICP) atomic emission spectroscopy, following multi-acid digestion. The elements
copper, lead and zinc were determined by ore grade assay for samples that return ed values
>10,000 ppm by ICP analysis. Silver was determined by ore -grade assay for samples that
returned >100 ppm. All ALS Geochemistry sites operate under a single Global Geochemistry
Quality Manual that complies with ISO/IEC 17025:2017. ALS Geochemistry follows the quality
management and operational guidelines set out in the international standards ISO/IEC 17025 –
“General Requirement for the Competence of Testing and Calibration Laboratories” and ISO 9001
– “Quality Management Systems”.
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.
Regional gold deposit data compiled from public sources and provided for general information
purposes. Readers are cautioned that the Company has no interest in or right to acquire any
interest in adjacent properties, and they are not indicative of mineral deposits on the Company's
properties or any potential exploitation thereof.