Gold Explorer Expands Massive Drill Campaign to 110,000m in Ontario

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Onyx Gold Corp. (ONYX:TSX.V) announced significant developments in its 2026 exploration program at the Munro-Croesus project 75 kilometers east of Timmins, Ontario, according to an April 23 release.

The company said it has notably increased its drilling efforts, expanding the program from 75,000 meters to 110,000 meters, not only accelerating the exploration of the Argus zones, but also enabling a thorough examination of several high-priority targets along the underexplored Pipestone fault and throughout the expansive Munro-Croesus property.

Onyx noted it has positioned itself as one of the most active gold exploration entities in Canada for the year 2026. The expansion allows for continuous, year-round drilling operations, enhanced by the recent addition of the fourth drill rig, which provides the flexibility to modify the drilling pace based on emerging results.

"Over the past year, we have rapidly advanced Munro-Croesus from a single discovery into what we now believe is a district-scale property capable of hosting several gold systems of different styles," said Chief Executive Officer Brock Colterjohn. “With more than 50,000 meters already drilled and multiple zones demonstrating strong continuity, scale, and expansion potential, we are now accelerating aggressively with a fourth drill rig and a 110,000-meter program — one of the largest drill programs for a gold exploration company in Canada.”

Colterjohn said the company was beginning to see a repeatable structural framework emerge across the Argus Zones and along the Pipestone Fault, which it believes will significantly improve its ability to systematically target higher-grade mineralization within a broader gold system. At the same time, the CEO said Onyx is unlocking multiple parallel discovery opportunities across its 109-square-kilometer land package, including high-grade vein targets and underexplored regional corridors.

"With a fully funded program, strong ongoing news flow, and multiple catalysts ahead, we believe Munro-Croesus is evolving into one of the most compelling discovery stories in the Timmins camp," ColterJohn said.

Goal Is to Substantially Increase Gold Resources

In the release, Onyx said its primary goal is to continue step-out drilling at the Argus zones to define a gold system of significant scale. Additionally, Onyx has planned multiple work streams to explore different styles of mineralization across the project, each with the potential to substantially increase gold resources.

The Argus North zone, discovered in April 2025, has quickly developed into a high-grade area with over 250 meters of strike length and strong vertical continuity down to approximately 400 meters. The deepest drilling at this site has yielded promising results, including a segment with 73.2 meters grading 2.4 grams per tonne (g/t) gold. Future drilling aims to extend this zone further along strike and down plunge. Nearby, the Argus Main zone, located 100 meters south of Argus North, is recognized as a near-surface bulk-tonnage gold system, spanning 900 meters by 200 meters with consistent mineralization. Recent drilling there has uncovered a new high-grade structure, enhancing the model of periodic high-grade zones within the broader system.

To the southwest, the discovery of Argus West has unveiled a new structural corridor associated with the Argus fault, suggesting a significant control on mineralization and opening new exploration possibilities, the company said. Planned drilling will test the continuity of this zone and explore the structural corridor extensively.

The Pipestone fault corridor, where Onyx controls eight kilometers of strike length, is another focal point for 2026. Recent structural modeling indicates that controlling structures similar to those found in the Argus zones extend across this corridor. The drilling program will target multiple parallel structures over approximately five kilometers of its length, seeking both high-grade and bulk-tonnage mineralization.

Additionally, Onyx said the eastern portion of the Munro-Croesus property hosts several high-grade historical mines and gold targets. Notable among these is the historic Croesus mine, which produced some of the highest-grade gold in Ontario. Recent drilling near this site has intersected significant gold grades, and no follow-up drilling has been completed yet.

Another target, the GM vein, discovered in 2023, has also shown high-grade gold and remains open for expansion. The C-Zone, located 6 kilometers east of the Argus zones, has returned the highest-grade channel sample results to date following recent evaluations.

Overall, the company said the Munro-Croesus land package remains largely underexplored. The planned drilling for 2026 will test multiple regional targets across geological settings analogous to the Argus zones and other deposits in the Timmins camp, aiming to unlock the full potential of this expansive property.

Making the TSX Venture 50 List

Onyx made big waves in 2025, ranking 20th overall in this year's TSX Venture 50 list, which ranks the top companies of more than 1,6000 listed on the TSX Venture Exchange based on their annual performance, using three criteria: one-year share price appreciation, market cap growth, and Canadian consolidated trading value. This year, the list includes 51 companies due to a tie in the ranking system.

Onyx reported a remarkable 641% increase in share price over the year, and a 1,202% growth in market capitalization.

Onyx Gold Corp. is actively pursuing significant gold exploration projects in two critical areas in Canada: the Timmins Gold Camp in Ontario and the Selwyn Basin in Yukon. In Timmins, the company's efforts are centered around the Munro-Croesus Property, which is notable for the historic high-grade Croesus Mine and the recently discovered Argus North, one of the area's most promising new gold zones. In the Yukon, Onyx holds four properties in the Selwyn Basin, with the King Tut Property standing out, located near Snowline Gold's Valley discovery.

The company's progress, particularly with the high-grade Argus North discovery and ongoing drilling success, has garnered robust support from both retail and institutional investors.

"Being named to the TSX Venture 50 is an incredible honor and an important milestone for Onyx," Colterjohn said at the time. "This recognition reflects the strength of our technical team, the support of our shareholders, and the transformational impact of the Argus North discovery in the Timmins Camp. In 2025, we tested a bold geological thesis and delivered results that drove meaningful share price and market capitalization growth. With a strong balance sheet, expanding drill programs in Timmins and across our Yukon projects and multiple high-priority targets, we believe 2026 will be another defining year for Onyx."

'One of the More Active Exploration Stories' in the Timmins Camp

Jeff Valks, senior analyst for The Gold Advisor, highlighted the significant expansion of Onyx's 2026 drilling program at the Munro-Croesus project in an April 23 update. Originally planned for 75,000 meters, the program has now been extended to 110,000 meters with the addition of a fourth drill rig, positioning Onyx as one of the most active explorers in Canada this year. This expansion is not just in meterage; more than 50,000 meters have already been drilled, with about 60,000 meters remaining, promising a steady flow of updates for the remainder of the year, he said.

The Munro-Croesus project, located in the Timmins camp, encompasses a substantial land area, Valks noted. The company controls 8 kilometers of strike along the Pipestone Fault and a consolidated land package of 109 square kilometers. This scale brings a new level of potential to the project, suggesting that it's not just a single exploration site but a district-scale property.

The drilling efforts continue to focus on the Argus Zones, where significant mineral continuity has been established — over 1,400 meters in strike and more than 500 meters in depth from the surface. Specifically, Argus North has shown rapid growth since its discovery in April 2025, now extending over 250 meters along strike and down to about 400 meters in depth, Valks said. Nearby, Argus Main covers approximately 900 meters by 200 meters, characterized by consistent bulk-tonnage mineralization and emerging higher-grade zones within the larger system.

"With a strong treasury of approximately CA$22 million, a fully funded 110,000-meter program, expanding strike continuity, and multiple parallel targets across a 109-square-kilometer package, Munro-Croesus is evolving into one of the more active exploration stories in the Timmins camp right now," Valks wrote. "The stock is a Buy. Especially at its current price."

According to FactSet on March 31, ATB Cormark Capital Markets analyst Zach Matheson gave Onyx Gold Corp. A Buy rating with a CA$3.35 target price. FactSet also reported that on April 22, Beacon Securities analyst Michael Curran gave the company a Buy rating with a CA$3.20 target price.

Results from King Tut in Yukon

On January 28, Onyx shared results from its 2025 summer field program at the King Tut property in eastern Yukon, according to a report by A.J. Roan for North of 60 Mining News on January 29. Systematic surface exploration at the Ra intrusion has confirmed extensive gold-bearing sheeted vein systems and identified a high-priority zone ready for potential initial drilling later this year.

Situated about 50 kilometers southeast of Mayo, King Tut spans 21,000 hectares within the promising Tombstone Gold Belt. Acquired in 2023 through the spinout of HighGold Mining's Yukon and Ontario assets, the property has progressed from initial reconnaissance sampling to structured target definition, showing steady advancement through successive field seasons. Following the 2024 program that expanded a known gold-in-soil anomaly and yielded surface values up to 25.1 grams per metric ton gold, Onyx focused its 2025 campaign on evaluating the Ra intrusion. This involved detailed mapping, extensive rock and channel sampling, and drone-based structural imaging. Conducted over 20 days, the operation covered a 1,000-by-1,700-meter area, collecting 562 rock samples, including nearly 500 channel samples, to refine geological and geochemical controls, the article said.

The results revealed a dense network of gold-bearing quartz veins within the intrusion and adjacent altered sediments, with vein density increasing toward the western margin. Gold grades improved where veining was more concentrated and where elevated bismuth was present, helping define higher-priority zones, Roan wrote.

While much of 2025 was dedicated to advancing Onyx's Ontario portfolio, the completion of this systematic field program has enhanced the understanding of King Tut, the report noted. With permits in place for up to 5,000 meters of diamond drilling across 10 sites, the company is refining drill targets at Ra alongside renewed efforts at Golden Mask, another intrusion-targeted zone on the property's western extent, last drilled in 2024. "With Snowline's Valley deposit only 50 kilometers away, and strong investor appetite for new Yukon gold discoveries, King Tut is exceptionally well-positioned," said Colterjohn. "Our focus now is to refine and prioritize drill targets as we advance toward a potential first drill campaign at the Ra intrusion."

The Catalyst: Market Waits for Fed's Decision

Gold prices remained subdued on Monday as investors awaited a crucial decision on interest rates from the Federal Reserve, set to be announced later in the week, according to a report by Scott Kanowsky for Investing.com on April 27. This decision comes in the context of rising oil prices due to supply disruptions in the Middle East, further complicated by ongoing geopolitical tensions. The central bank's meeting, which concludes on Wednesday, is not expected to change interest rates, but the focus will be on the Fed's perspective regarding the economic impact of recent energy price increases caused by the conflict in Iran.

This week's Fed meeting is notably the last one under the leadership of Chair Jerome Powell, with his term concluding on May 15. Kevin Warsh, nominated by President Trump to succeed Powell, indicated in his congressional testimony last week that he has not committed to reducing interest rates. This is significant for gold, which typically performs better when interest rates are lower, as it does not yield interest.

In related geopolitical developments, anticipated talks between the U.S. and Iran did not proceed as planned, Kanowsky wrote. Iranian officials left Pakistan, leading to the cancellation of a planned U.S. delegation visit to Islamabad. President Trump, maintaining a firm stance, mentioned that Iran could reach out to him directly to initiate discussions, emphasizing that Iran must not possess a nuclear weapon. This stance underpins the recent U.S.-Israeli military actions aimed at containing Iran's nuclear capabilities.

Moreover, tensions in the Middle East continued to influence global markets, with Iran maintaining a blockade of the Strait of Hormuz, significantly disrupting oil shipments. This blockade has caused a sharp increase in oil prices, raising concerns about global inflation, which might prompt central banks to adopt more stringent monetary policies. Amid these uncertainties, the U.S. dollar, typically seen as a safe haven during geopolitical turmoil, experienced a slight decline on Monday, impacting the attractiveness of gold priced in dollars to international buyers.

Since last Friday, the prices of gold and silver have remained stable as investors take a cautious stance due to the ongoing conflict in the Middle East, according to Yahoo! Finance writer Tim Manni on April 27. Over the weekend, a new development arose when Iran proposed a plan to Washington, sparking hopes that the Strait of Hormuz might soon be reopened, potentially restoring disrupted supply chains. However, the situation remains uncertain with the U.S. maintaining a naval blockade and Iran continuing to limit access to the Strait. Additionally, direct negotiations between U.S. and Iranian representatives have yet to occur, leading to a week filled with cautious optimism.

Attention is also turning towards the Federal Reserve, which is set to conclude its policy-setting meeting later this week, Manni noted. Market experts largely anticipate that the Fed will maintain the current interest rates. However, the financial community is keenly awaiting the Fed’s post-meeting commentary for any indications of potential rate hikes later in the year, which could be implemented to address the inflation increases triggered by the conflict in Iran. It is well understood that rising interest rates generally exert downward pressure on gold prices, adding another layer of complexity to the market dynamics.

Ownership and Share Structure¹

Insiders and Management hold 5%, about 21% by strategic investors, about 32% by institutions, and the rest, 42%, is made up of retail, including high-net-worth investors.

Top shareholders include Konwave AG with 5.91%, Franklin Advisors Inc. with 5.48%, Sprott Asset Management LP with 2.78%, Darwin Green with 1.26%, and Purpose Investments Inc. with 0.83%.

Its market cap is CA$96.71 million with 85.59 million shares outstanding. It trades in a 52-week range of CA$0.69 and CA$2.60.