Onyx Gold Corp. (TSXV: ONYX, OTCQX: ONXGF) is moving ahead with an ambitious 10,000-meter spring drill program at its Timmins-area gold properties, aiming to build on recent exploration success and unlock further value from its Ontario portfolio. The company recently mobilized a drill rig to its Munro-Croesus Project, about 75 kilometers east of Timmins, and is preparing to follow up on the promising Argus North discovery, which has already shown signs of high-grade gold mineralization.
The centerpiece of this drill campaign is the Argus North zone, a new area of wide, high-grade gold mineralization identified by a single drill hole, MC24-163. That hole returned an impressive 3.4 grams per tonne (g/t) gold over nearly 70 meters, with a standout subzone grading 13.9 g/t gold over 9.5 meters. These results have generated considerable interest, as Argus North sits in a region known for its prolific gold production.
According to Onyx Gold’s President and CEO, Brock Colterjohn, the mineralization at Argus North remains open in all directions, giving the company multiple avenues for expansion. The immediate plan is to conduct step-out drilling both up-dip, down-dip, and along strike to test the extent of the mineralized zone. The company will also re-enter and extend previous drill holes that stopped short of the projected zone, aiming to better define the geometry and continuity of the gold-bearing system.
Phase one of the drill program will focus on 50-meter spaced step-outs, with the goal of expanding the discovery while clarifying the orientation and controls of the mineralization. Drilling will start on the same cross-section as the initial discovery hole, then move to parallel sections 50 meters east and west. A second phase will target larger step-outs to test for additional extensions at depth and along strike.
Onyx Gold is also allocating part of the drill program to test the broader potential of the Munro-Croesus property and its other Timmins-area assets. Historical and recent sampling along the key Pipestone Fault, which hosts several major gold deposits in the region, points to multi-kilometer scale potential that remains largely untested by drilling. The company plans to drill in the Argus West area for the first time, as well as conduct reconnaissance drilling at its 140 square kilometer Golden Mile property, located about 50 kilometers to the west.
Golden Mile is of particular interest due to its proximity to Discovery Silver’s Hoyle Pond deposit, a multi-million-ounce gold resource. About 1,500 meters of the current drill program will be dedicated to this property, using a separate rig from the one operating at Munro-Croesus.
The Argus Main Zone, located roughly three kilometers northwest of the historic Croesus Gold Mine, represents a near-surface bulk tonnage target. This area hosts gold mineralization over a 750 by 200 meter area, with grades ranging from 0.1 to over 2.0 g/t gold. Drilling in 2024 returned highlights such as 1.0 g/t gold over 63 meters, including a higher-grade interval of 2.2 g/t over 17.4 meters. Results have shown improving grades and thickness as drilling moves westward along the zone.
Argus North, meanwhile, sits about 100 meters north of Argus Main and 150 to 200 meters below surface. The zone has only been intersected by one drill hole so far, but the results of 3.4 g/t gold over nearly 70 meters suggest strong continuity and robust mineralization. The zone is interpreted to be near-vertical and sub-parallel to Argus Main, and remains open in all directions, including toward the surface.
Onyx Gold Corp. is an exploration company focused on established Canadian mining regions, with a portfolio that includes the Munro-Croesus, Golden Mile, and Timmins South properties in Ontario, as well as four projects in the Yukon’s Selwyn Basin. The company is led by CEO Brock Colterjohn and is headquartered in Vancouver.
The company has seen significant share price appreciation over the past year, reflecting growing investor interest in its exploration results and the potential for new discoveries in the Timmins gold camp. With a strong treasury following a recently upsized $8.05 million financing, Onyx Gold is positioned to accelerate exploration and pursue further value creation through the drill bit.
As the spring drill program gets underway, investors will be looking for results that could confirm Argus North as a significant new gold zone and further establish Onyx Gold as a key player in one of Canada’s most productive gold districts.
