Onyx Gold Expands Argus Main Zone with 1.0 g/t Gold Over 59.7 Meters Advancing Near-Surface Bulk Tonnage Growth at Munro- Croesus Project Reinforces Dual-Track Growth Strategy at Munro-Croesus
February 18th, 2026 NR# 05-2026
NEWS RELEASE
Onyx Gold Expands Argus Main Zone with 1.0 g/t Gold Over 59.7
Meters Advancing Near-Surface Bulk Tonnage Growth at Munro-
Croesus Project
Reinforces Dual-Track Growth Strategy at Munro-Croesus
Vancouver, BC – February 18th, 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 from six (6) drill holes at the Argus Main Zone (“Argus Main”) continue to highlight
the scale and strength of a broad, near -surface gold system. Located just 100 m south of the
Argus North Zone (together, the “ Argus Zones ”), the western extension returned gold
mineralization in all six holes, a strong confirmation of continuity and expansion potential.
The drilling intersected wide zones of gold starting near surface, supporting the opportunity for a
potential bulk-tonnage target at Argus Main, while Argus North continues to demonstrate higher-
grade potential. Importantly, this is the first time gold has been identified within fine -grained
metasediments of the Porcupine Group, further expanding the footprint of mineralization.
Together these results strengthen the Company’s growth thesis at Argus: a dual opportunity of
both higher -grade zones and broad, near -surface mineralization. Structural modelling also
suggests that these styles of mineralization could repeat along the broader corridor, pointing to
meaningful upside and district- scale expansion potential.
Highlights from Argus Main
• 59.7 m grading 1.0 g/t Au, in drill hole MC25-255, including
o 18.4 m grading 2.0 g/t Au
• 73.1 m grading 0.8 g/t Au, in drill hole MC25-247, including
o 11.5 m grading 2.1 g/t Au, AND
• 47.0 m grading 0.8 g/t Au, in drill hole MC25-245, including
▪ 7.8 m grading 2.5 g/t Au, AND
• 25.6 m grading 0.7 g/t Au, in drill hole MC25-258, including
o 7.0 m grading 2.0 g/t Au
• 29.5 m grading 0.5 g/t Au, in drill hole MC25-250, including
o 12.5 m grading 1.0 g/t Au
• The Company has completed 110 drill holes to date, totalling > 40,000 m as part of its
75,000 m Phase I/II/III drill program. Assays have now been announced for 67 holes.
• The Company has a clear path forward to fully evaluate the scale of the Argus Zones and
test both proximal and regional targets on the Munro-Croesus Project.
• With $27 million in the treasury, the Company remains fully funded to continue advancing
its 2026 exploration programs.
• The Company has posted a complete table of all disclosed drill holes with significant assay
intersections from the Argus Zone including drill collar locations, azimuths and dips on the
Company’s web site at: https://onyxgold.com/projects/munro-croesus-gold/
“These results continue to show that Argus is evolving into a gold system with multiple avenues
for growth,” stated Brock Colterjohn, CEO. “We see a compelling two -pronged opportunity
emerging: broad near -surface mineralization at Argus Main that could sup port bulk -tonnage
potential, alongside higher -grade mineralization at Argus North. Both zones remain open and
continue to grow with each round of drilling.
What is most exciting is the scale. The Argus Zones now outline mineralization over approximately
900 m of strike and more than 400 m vertically with all still open along strike and down -plunge.
The broader structural corridor that hosts Argus extends well beyond our current drilling, offering
significant room for expansion.
Our goal is straightforward: to demonstrate the potential for a meaningful gold inventory at Munro-
Croesus. With $27 million in the treasury and a fully funded 75,000 -m program underway, we
believe we are still in the early stages of building something sub stantial in the Timmins Gold
Camp, one of the world’s most prolific and infrastructure-rich gold districts.”
Update on 2026 Winter Drill Program at Munro-Croesus – Dual-Track Growth Story
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 within 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 e valuating 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.
Discussion of Argus Main Drill Results
The Argus Main Zone lies roughly 100 m south of Argus North and represents a separate, broad
east-west trending, 900 m x 200 m near-surface bulk-tonnage gold target within the influence of
the regional gold-bearing Pipestone Fault. Gold mineralization at Argus Main is associated with
silicified mafic variolitic volcanic flows cut by east -northeast-trending pyritic veinlets within a
broader halo of carbonate alteration and local development of specular hematite.
Highlights from past drilling by the Company include 63.3 m grading 1.0 g/t Au, including 17.4 m
grading 2.2 g/t Au in MC24 -166 (see Company news release dated June 17 , 2024 ), 62.8 m
grading 0.8 g/t Au within 136.0 m grading 0.5 g/t Au in MC22 -110 (see Company news release
issued dated May 9, 2022 ) and 27.6 m grading 1.0 g/t Au in MC23 -140, the westernmost hole
completed at Argus Main at the time (see Company news release dated January 23, 2024). The
Company recently reported additional intercepts from Argus Main ( See Company news release
dated December 16, 2025) including 66.6 m of 0.4 g/t Au and 16.0 m of 1.1 g/t Au in MC25-211.
The six (6) drill holes released today were focused on the western extension of the Argus Main
Zone, in the area 100 m south of the high -grade Argus North Zone. Recent structural
interpretations by the Company’s exploration team suggested that the same northeast-controlling
structures present at the Argus North Zone were also present at the Argus Main Zone. A series
of six (6) holes were drilled to the northwest to cut th ese structures, including the Magnes and
Argus Faults, and the intervening fault panels hosting offsets of the main Argus host lithologies
and the key Pipestone Fault (see Figure 1).
The results of the drilling were very positive with widespread , near-surface gold mineralization
intersected in all six (6) holes and hosted within mafic variolitic and fragmental basalts, and for
the first time, within fine -grained metasedimentary rocks of the Porcupine Group, immediately
south of the Pipestone Fault (Figure 1). The gold assay results appear to be more consistent and
generally higher-grade in this western portion of Argus Main due to its proximity to a series of
closely-spaced northeast trending controlling structures.
Key Drilling Highlights from Argus Main include:
• 59.7 m grading 1.0 g/t Au, in drill hole MC25-255, including
o 6.2 m grading 2.6 g/t Au, and including
o 18.4 m grading 2.0 g/t Au
• 73.1 m grading 0.8 g/t Au, in drill hole MC25-247, including
o 5.0 m grading 2.4 g/t Au, and including
o 11.5 m grading 2.1 g/t Au, AND
• 50.5 m grading 0.5 g/t Au, including
o 8.2 m grading 1.7 g/t Au, AND
• 50.0 m grading 0.34 g/t Au (sediment-hosted), including
o 6.0 m grading 1.1 g/t Au
• 47.0 m grading 0.8 g/t Au, in drill hole MC25-245, including
o 17.0 m grading 1.7 g/t Au, including
▪ 7.8 m grading 2.5 g/t Au, AND
• 16.8 m grading 0.9 g/t Au, including
o 7.6 m grading 1.5 g/t Au
• 25.6 m grading 0.7 g/t Au (sediment-hosted), in drill hole MC25-258, including
o 7.0 m grading 2.0 g/t Au
• 29.5 m grading 0.2 g/t Au, in drill hole MC25-250, including
o 12.5 m grading 1.0 g/t Au, including
▪ 3.0 m grading 2.5 g/t Au, AND
• 26.5 m grading 0.4 g/t Au (sediment-hosted), including
o 1.5 m grading 2.0 g/t Au
• 12.0 m grading 0.4 g/t Au, in drill hole MC25-240, and
• 7.7 m grading 1.0 g/t Au (sediment-hosted)
Summary of Argus Zone Results
Drilling to date at the Argus Zones continues to show widespread gold mineralization in a variety
of host lithologies and styles. The zones show 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. The Argus Zones remains open along strike,
down-dip, and down-plunge, and the opportunity to expand the zones through ongoing drilling is
considered to be excellent.
The ongoing drill results continue to reinforce the Company’s exploration thesis that Argus area
has the potential to host both high-grade mineralization at the primary Argus North Zone, and also
secondary bulk-tonnage-style mineralization at Argus Main that may be amenable to open -pit
mining and bulk underground mining.
Table 1 – Significant Assay Results for Argus Main Drill Holes Reported in this Release
Target From To Length Au
Drill Hole (m) (m) (m) (g/t)
Argus Main
MC25-240 142.0 154.0 12.0 0.4
Including 148.0 149.0 1.0 1.1
And 165.5 166.8 1.3 1.2
And 262.2 264.2 2.0 1.2
And 281.0 282.2 1.2 0.8
And 356.3 364.0 7.7 1.0
And 425.0 426.5 1.5 1.0
MC25-245 100.0 147.0 47.0 0.8
Including 119.0 136.0 17.0 1.7
Including 124.2 132.0 7.8 2.5
And 190.0 206.6 16.6 0.9
Including 199.0 206.6 7.6 1.5
Including 204.0 206.6 2.6 3.1
Including 205.0 206.6 1.6 4.3
And 224.2 232.0 7.8 1.2
Including 224.2 227.0 2.8 1.8
MC25-247 97.0 98.0 1.0 1.5
And 148.0 154.5 6.5 0.7
Including 150.0 151.0 1.0 2.1
And 188.9 262.0 73.1 0.8
Including 191.0 196.0 5.0 2.4
And Including 211.9 223.4 11.5 2.1
And Including 231.0 232.0 1.0 2.6
And Including 241.0 249.0 8.0 1.4
And 280.5 289.0 8.5 0.8
Including 280.5 281.5 1.0 5.0
And 305.5 314.0 8.5 0.6
Including 312.0 313.0 1.0 3.0
Table 1 (cont’d) – Significant Assay Results for Argus Main Drill Holes Reported in this
Release
Target From To Length Au
Drill Hole (m) (m) (m) (g/t)
Argus Main
MC25-247 (Cont'd) 327.5 378.0 50.5 0.5
Including 334.0 365.0 31.0 0.7
Including 356.8 365.0 8.2 1.7
Including 358.0 361.0 3.0 2.7
And 405.0 455.0 50.0 0.3
Including 433.0 439.0 6.0 1.1
MC25-250 197.0 230.9 33.9 0.2
Including 225.0 230.9 5.9 0.4
And 252.0 281.5 29.5 0.5
Including 269.0 281.5 12.5 1.0
Including 278.5 281.5 3.0 2.5
And 338.0 375.5 37.5 0.3
Including 342.0 349.0 7.0 0.8
And 431.5 458.0 26.5 0.4
Including 446.5 458.0 11.5 0.6
Including 456.5 458.0 1.5 2.0
And 489.5 492.5 1.4 1.7
MC25-255 203.0 204.0 1.0 0.7
And 213.5 214.5 1.0 1.1
And 227.8 287.5 59.7 1.0
Including 237.0 278.4 41.4 1.4
Including 237.0 243.2 6.2 2.5
And Including 260.0 278.4 18.4 2.0
Including 260.0 263.2 3.2 3.9
And Including 273.0 277.0 4.0 2.9
And 344.0 346.5 2.5 6.0
Including 345.0 346.5 1.5 9.5
And 467.8 481.1 13.3 1.0
Including 467.8 472.5 4.7 2.3
MC25-258 247.0 272.6 25.6 0.7
Including 256.0 263.0 7.0 2.0
Including 258.0 263.0 5.0 2.5
*Intersections are reported as drilled widths; true widths are estimated to be 60-90% of drilled width
Figure 1 – Plan Map Highlighting Argus Main Drill Holes Reported in this Release
Figure 2 – Cross-Section Highlighting Argus Main Drill Holes Reported in this Release –
Looking Northeast