Mr. Brock Colterjohn reports

ONYX GOLD STARTS DRILLING AT KING TUT GOLD PROJECT, YUKON

Onyx Gold Corp. has commenced drilling at its 100-per-cent-owned King Tut gold project located in the Tombstone gold belt of east-central Yukon, Canada. King Tut is the most advanced of Onyx Gold's four Yukon properties and includes kilometre-scale, high-tenor gold-in-soil anomalies associated with reduced intrusions, which appear to be similar to mineralization found 50 km away at Snowline Gold Corp.'s recent Valley discovery at its Rogue project. Crews have been on site at the project since early July, conducting an initial work program to refine targets, with drilling now under way at the first hole at the Main Tut gold-in-soil anomaly.

Exploration program highlights:

• Plans for 2,500 metres (eight to 12 drill holes) of diamond drilling with one drill rig;
• 100 per cent allocated toward discovery drilling at two untested intrusive-related gold-in-soil anomalies -- Golden Mask and Main Tut;
• Detailed airborne drone-magnetic surveying and lidar (light detection and ranging) imagery to refine drill targeting, and delineate new targets in prospective geological and structural corridors;
• Geological and alteration mapping to contextualize historical work and generate new targets in prospective areas for follow-up; and
• Sizable soil and rock grab sampling programs to generate new target areas (1,200 soil samples planned).

"We're very excited to launch the first-ever drill program at King Tut," commented Brock Colterjohn, president and chief executive officer. "Our first drill program will target two highly prospective gold anomalies at Golden Mask and Main Tut, which we believe are some of the best undrilled intrusive-related gold-in-soil anomalies in this emerging new gold district. In addition, our planned mapping, sampling and drone-magnetic survey work programs represent a significant and extensive regional exploration program on a district-scale property that has seen no significant work completed in more than a decade. We look forward to communicating our progress to the market over the coming months."

Exploration drill program details

The objective of the 2023 program is to evaluate several large kilometre-scale undrilled gold-in-soil anomalies associated with mapped felsic intrusive rocks and their contact with metamorphic hornfelsed aureoles outlined by a predecessor company in the 2010 and 2011 field seasons. The 2023 exploration program includes approximately 2,500 metres of helicopter-supported diamond drilling with one rig, to test the Golden Mask and Main Tut anomalies.

Approximately 75 per cent of the drill metreage will be dedicated to the Golden Mask area, which has several key characteristics of RIRGS (reduced intrusion-related gold systems) deposits (Hart, 2007), including:

• A small (less than two square kilometres) and elongate, isolated pluton;
• Strong Au-Bi-Te-W (gold-bismuth-tellurium-tungsten) metal assemblage;
• Low sulphide content (pyrrhotite, pyrite, arsenopyrite); and
• Dense, steeply dipping fractures parallel to the intrusion's elongated axis that may represent the carapace of the intrusion.

The remaining 25 per cent of the drill metreage will be completed at the Main Tut anomaly, to target gold mineralization associated with thick (35 m to 50 m), tabular aplite dikes with quartz-arsenopyrite vein material yielding gold values ranging from two grams per tonne (g/t) to a high of 13.5 g/t. This work will be accompanied by detailed geological mapping, a planned 1,200-sample soil program, prospecting, rock sampling, airborne drone-magnetic surveying, and lidar imagery over the main anomalies to refine drill targeting, and property-wide evaluation to identify other prospective areas for follow-up.

Golden Mask prospect

The Golden Mask anomaly occurs within and adjacent to the apex of an elongated 600 m by 400 m granitic stock that is interpreted to be the upper carapace of the reduced intrusion. The Golden Mask soil anomaly is roughly one km by one km in size and hosts coincident strongly anomalous gold and RIRGS pathfinder geochemical signature (Bi, Te, W and As (arsenic)). The Golden Mask anomaly is almost entirely composed of samples that returned greater than 20 parts per billion (ppb) gold, with a majority of samples in excess of 50 ppb gold to a peak of 1,423 ppb gold in soil. The anomaly is open for expansion to the southwest, south and north.

Main Tut prospect

The Main Tut anomaly is located nine km east of Golden Mask, near the centre of the property, and within the hornfelsed aureole surrounding the northern side of the large quartz monzonite/granite stock. It has an arcuate shape that is over six km in length and 200 m to 1,500 m in width. It is defined by a broad zone of moderately to strongly anomalous gold-in-soil values, to a peak of 13,390 ppb gold, with coincident strongly anomalous RIRGS pathfinder geochemical signature (Bi, Te, W and As).

National Instrument 43-101 technical reporting

The company also announces the completion of an independent technical report in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects on its King Tut gold project in the northeastern Yukon. The technical report, titled "Technical Report for the King Tut Gold Project, Yukon, Canada," dated Aug. 1, 2023 (effective date of July 15, 2023), has been prepared by Heather Burrell, BSc, PGeo, of Archer Cathro & Associates (1981) Ltd. and will be filed on SEDAR+ in the coming days, under Onyx Gold's issuer profile. The report is available on the company's website.

About King Tut

Onyx Gold's Yukon property is located in the Selwyn basin in east-central Yukon, and consists of four separate properties totalling 1,023 claims and 21,000 hectares (210 square km). The most advanced of the properties is King Tut, located 10 km south of Snowline Gold's Selwyn basin land package and 50 km from Snowline's reduced intrusive-related gold discovery made in June, 2022. At Onyx Gold's King Tut property, past exploration work outlined multikilometre-long gold-in-soil anomalies, including an open-ended one km by one km gold anomaly associated with the upper carapace of an intrusive body with no prior drilling, and also sedimentary exhalative (sedex) Zn-Pb-Ag (zinc-lead-silver) mineralization similar to that being investigated by Fireweed Metals Corp. at its Macmillan Pass project located 30 km to the east. Onyx Gold's technical team believes that the King Tut property represents one of the best undrilled intrusive-related gold-in-soil anomalies not already controlled by Snowline Gold in this emerging new district.

About Onyx Gold Corp.

Onyx Gold is an exploration company focused on well-established Canadian mining jurisdictions, with assets in Timmins, Ont., and in Yukon. The company's extensive portfolio of quality gold projects in the greater Timmins gold camp includes the Munro-Croesus gold property, renowned for its high-grade mineralization, plus two additional earlier-stage large exploration properties, Golden Mile and Timmins South. Onyx Gold also controls four properties in the Selwyn basin area of Yukon, which is currently gaining significance due to recent discoveries in the area. Onyx Gold's experienced board and senior management team are committed to creating shareholder value through the discovery process, careful allocation of capital and environmentally/socially responsible mineral exploration.

Ian Cunningham-Dunlop, PEng, executive vice-president for Onyx Gold, and a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

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