Onyx Gold Drills 2.4 g/t Gold Over 73.2 Meters Including 12.4 g/t Gold Over 6.4 Meters in Deepest Intersection to Date at Argus North, Munro-Croesus Project Increase in Higher-Grade Assays Observed as System is Tracked to Depth with
January 13th, 2025 NR# 02-2026
NEWS RELEASE
Onyx Gold Drills 2.4 g/t Gold Over 73.2 Meters Including
12.4 g/t Gold Over 6.4 Meters in Deepest Intersection to Date at
Argus North, Munro-Croesus Project
Increase in Higher-Grade Assays Observed as System is Tracked to Depth with
Seven Samples Assaying >20 g/t in Holes MC25-242 and 243, Including Up to
133.7 g/t Gold over 0.9 Meters
Vancouver, BC – January 13th, 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 drill program (the “ Program”) at its 100%-owned Munro- Croesus Project (“ Munro-
Croesus” or the “ Project”), located 75 km east of Timmins, Ontario (Figure 4). Today’s results
are for eight (8) drill holes at the Argus North Zone (“ Argus North”), highlighted by drill holes,
MC25-242 and MC25-243, which are oriented perpendicular to northeast-trending structures that
are interpreted to focus higher-grade mineralization.
Drill Highlights
• Drill hole MC25-243 intersected 37.6 meters (“m”) grading 1.1 grams per tonne gold
(“g/t Au) and a new second deeper intersection of 73.2 m grading 2. 4 g/t Au that
expands the thick zone of >2 g/t Au Argus North mineralization 50m along strike and to
depth, and, more importantly, confirms the presence of strong mineralization west of a
north-south fault, opening-up significant down-plunge expansion potential.
• High-grade sub-intervals within the 73.2 m intersection in drill hole MC25-243 include:
o 12.0 m grading 5.7 g/t Au, including 3.0 m grading 17.7 g/t Au, and
o 6.1 m grading 12.4 g/t Au, including 2.5 m grading 21.2 g/t Au.
• Drill hole MC25-242 intersected two separate high-grade intervals that include:
o 1.8 m grading 67.3 g/t Au, including 0.9 m grading 133.7 g/t Au, and
o 25.7 m grading 5.0 g/t Au, including 10.4 m grading 9.3 g/t Au, including 0.8 m
grading 33.3 g/t Au.
• Abundant visible gold (“ VG”) was observed within the high- grade intervals in drill hole
MC25-242 that returned 133.7 g/t Au over 0.9 m from 227.2-228.1 m and between 259.0-
259.8m that returned 10.8 g/t Au over 0.8 m.
• An increase in higher-grade assays has been observed as the system has been tracked
to depth with seven (7) individual samples assaying >20 g/t Au in holes MC25- 242
(three assays > 20 g/t Au) and MC25-243 (four assays > 20 g/t Au).
• Ongoing drilling at the Argus North, Main and West discoveries has 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 remain open along strike, down-dip, and down-plunge.
• The Company has completed 100 drill holes to date, totalling >35,000 m as part of its
75,000 m Phase I/II/III drill program. Assays have now been announced for 61 holes.
• With $27 million in the treasury, the Company remains fully funded to continue advancing
its 2026 exploration programs.
“Our latest results significantly expand the Argus North Zone and represent some of the strongest
grades we have drilled yet, highlighting the increased potential for continuous high- grade
mineralization at Argus North,” stated Brock Colterjohn, CEO. “We are particularly encouraged to
document thick zones of strong mineralization west of the north -south fault, which clearly
demonstrates the system is alive and well to the west and suggests grades increasing at depth.
We are excited to continue testing the Argus North gold system to the west and down-plunge.”
“The higher-grade sub-intervals above 10 g/t Au are the most numerous we have intersected to
date and the more abundant visible gold indicates we are intersecting a more fertile part of the
system,” said Conor McKinley, Vice President of Exploration, “Thes e results show that
mineralization is becoming more predictable and repeatable as our geological model continues
to improve. As we continue to step out on this new mineralization, we will evaluate if and how it is
related to the Argus West discovery 160 meters to the southwest.”
Discussion of Argus North Drill 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,
reported in April 2025, 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 multiple continuous higher -grade sub-intervals. 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 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 eight (8) infill and step-out drill holes completed at the
Argus North as described below.
Western Extension
Two drill holes, MC25-242 and MC25-243, on the same cross-section were part of the Company’s
current 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 and
a new second deeper intersection of 73.2 m grading 2.4 g/t Au. The lower zone now expands
the Argus North Zone by more than 50 m to 225 m strike length and > 400 m vertical depth and
likely represents a minor fault offset of Argus North across the late, north- south trending Barton
Creek Fault. Highlights include:
• 1.8 m grading 67.3 g/t Au, in drill hole MC25-242, including
o 0.9 m grading 133.7 g/t Au, and
• 25.7 m grading 5.0 g/t Au, including
o 10.4 m grading 9.3 g/t Au, including
0.8 m grading 33.3 g/t Au
• 72.8 m grading 0.8 g/t Au, in drill hole MC25-243, including
o 37.6 m grading 1.1 g/t Au, including
3.1 m grading 3.7 g/t Au, and
• 73.2 m grading 2.4 g/t Au, including
o 12.0 m grading 5.7 g/t Au, including
3.0 m grading 17.7 g/t Au, and
o 6.1 m grading 12.4 g/t Au, including
2.5 m grading 21.2 g/t Au
Abundant VG was observed within the high-grade intervals in drill hole MC25- 242 that returned
133.7 g/t Au over 0.9 m from 227.2-228.1 m (Plate 1) and 10.2 g/t Au over 0.8 m from 259.0-
259.8m (Plate 2). The VG appears associated with albite-silica-carbonate-pyrite vein breccia and
flow breccia within variolitic basalt.
Three drill holes, MC25 -201/205/208, were drilled earlier in the program from north to south to
target the same area , 100m west of the discovery hole MC24- 163, and appear to have drilled
beneath the higher-grade plunge of the Argus North Zone and returned anomalous gold values.
2) Down-Dip Extension
Three drill holes, MC25- 206/207/209, were drilled 120 -150 m below the Argus North discovery
hole MC24-163 to infill and extend mineralization down- dip and returned encouraging results in
drill holes MC25-209 and MC25-207 as follows:
• 16.4 m grading 2.6 g/t Au, in drill hole MC25-209, including
o 8.9 m grading 4.5 g/t Au, including
3.0 m grading 9.6 g/t Au
• 21.0 m grading 0.7 g/t Au, in drill hole MC25-207, including
o 2.0 m grading 3.6 g/t Au
Summary of Argus North Results
Drilling to date at Argus North and Argus Main continues to demonstrate excellent vertical
continuity of gold mineralization over a total strike length of 900 m and to over 400 m vertical
depth. The higher -grade gold mineralization appears to plunge west-northwest (68 degrees
towards 289 degrees azimuth) based on drill hole assays and structural modelling (Figures 1/2/3).
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.
Update on 2026 Winter Drill Program at Munro-Croesus
The Company resumed 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.
The Company has completed 100 drill holes to date, totalling >35,000 m with assays
announced for 61 holes.
Plate 1 – Patches of Visible Gold within Albite-Silica-Carbonate-Pyrite Flow Breccia in
Variolitic Basalt in Drill Hole MC25-242 at 227.7m down-hole.
Plate 2 – Patches of Visible Gold within Albite-Silica-Carbonate-Pyrite Vein Breccia in
Variolitic Basalt Flow in Drill Hole MC25-242 at 259.5m down-hole.
Table 1 – Significant Assay Results from the Latest Drilling Completed at the Argus North
Zone
Target From To Length Au
Drill Hole (m) (m) (m) (g/t)
Argus North
MC25-242 227.2 229.0 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
MC25-243 279.6 352.4 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
MC25-201A 435.0 446.1 11.1 0.3
Including 445.0 446.1 1.1 1.2
MC25-205 342.0 347.0 5.0 0.4
And 478.8 490.0 11.2 0.2
MC25-206 23.6 49.5 25.9 0.1
And 138.5 147.5 9.0 0.4
And 175.0 176.5 1.5 1.2
And 344.0 393.5 49.5 0.2
Target From To Length Au
Drill Hole (m) (m) (m) (g/t)
Argus North
Including 372.3 393.5 21.2 0.2
And 406.9 414.0 7.1 0.3
And 452.5 454.0 1.5 0.9
MC25-207 27.0 47.0 20.0 0.2
Including 41.9 42.4 0.5 2.6
And 188.0 209.0 21.0 0.7
Including 188.0 190.0 2.0 3.6
And Including 196.0 199.0 3.0 1.8
And 230.5 233.5 3.0 1.9
And 388.0 396.0 8.0 1.1
And 480.0 481.0 1.0 1.4
MC25-208 360.0 366.0 6.0 0.5
Including 364.5 366.0 1.5 1.2
And 504.8 507.0 2.2 0.8
Including 505.9 507.0 1.2 1.1
MC25-209 21.5 23.0 1.5 2.2
And 123.7 124.9 1.2 1.8
And 155.4 160.0 4.7 0.8
And 238.5 240.0 1.5 1.5
And 318.5 334.0 15.5 0.3
Including 329.0 330.0 1.0 1.3
And 377.6 394.0 16.4 2.6
Including 377.6 386.5 8.9 4.5
Including 377.6 380.6 3.0 9.6
*Intersections are reported as drilled width; true width is unknown.