Onyx drills a wide, low-grade hit at Argus Main — and a 2.6 km story

Onyx Gold put out a drill update on October 26, 2026 from its Munro-Croesus project near Timmins, Ontario. The headline number is a long one: hole MC26-343 cut 166.0 metres grading 0.7 grams of gold per tonne at the Argus Main zone — a wide band of rock carrying a modest amount of gold, running from 99 to 265 metres down the hole. Inside that envelope sit richer streaks: 21.7 metres at 1.6 g/t and 9.9 metres at 2.2 g/t. The company also reported first-pass hits at two new spots, Big Break and JM, and used them to stretch what it now calls the Argus Trend to 2.6 kilometres.

This reads as a bulk-tonnage story, not a bonanza one — lots of rock, low grade, with higher-grade shoots threaded through it, the pattern you see in Abitibi disseminated deposits like Fenn-Gib and Tower. A 166-metre interval at 0.7 g/t works out to about 116 gram-metres (interval times grade, the field’s rough measure of how much metal a hole found), respectable for a system of this type. The flashiest number is at JM: 2.3 metres at 18.8 g/t, about 275 metres down the hole, hosted in a single lamprophyre dike (a thin igneous intrusion). It is eye-catching but narrow and, so far, a one-hole result. The stock has done its own thing lately — ONYX.V climbed 27% over three months while gold slipped 1.4% and the junior-miner index was essentially flat, a company-specific move with no sector tailwind behind it. QP sign-off is Ian Cunningham-Dunlop, P.Eng., and samples went to ALS in Timmins under a blanks-and-standards QA/QC program.

Now the caveats, and they matter here. All intervals are drilled width — true width is unknown, so the real thickness of the zone could be less than it looks. No cut-off grade or compositing interval was disclosed, so the lower edge of that 166-metre envelope is undefined. The JM 18.8 g/t hit is a single narrow, dike-hosted intercept in first-pass drilling; it has not been shown to repeat. Big Break and JM are early results across sparse holes with untested ground in between — the 2.6 km trend aggregates discrete hits (Big Break about 700 metres southeast of Argus Main, with key intercepts at 355–377 m and 256–267 m downhole; JM a further 500 metres, ~1.2 km of step-out on stated distances, with the high-grade MC26-350 hit at 275 m downhole; all depths are downhole, not true vertical), rather than a proven continuous zone. And 118 of 264 completed holes — about 55% — remain unreported, so this is a partial picture. What to watch: those outstanding assays, program completion by year-end, and follow-up drilling at Big Break and JM to test orientation and repeats.

Public sources: source 1