Mr. Brock Colterjohn reports

ONYX GOLD LAUNCHES 2024 SPRING DRILL PROGRAM AT THE MUNRO-CROESUS GOLD PROJECT IN ONTARIO

Onyx Gold Corp. has started the 2024 spring drill program at its Munro-Croesus project in the Timmins gold camp, Ontario.

Munro-Croesus is the most advanced of Onyx Gold's three Timmins camp properties. The project includes several known high-grade veins and bulk-tonnage systems, including the past-producing Croesus gold mine, which yielded some of the highest-grade gold ever mined in Ontario. One drill rig is at site with drilling now under way at the newly discovered high-grade GM vein target.

Spring drill program objectives:

• Three thousand metres of diamond drilling (20 to 25 drill holes) is planned.
• The program is budgeted at $800,000 and is estimated to take six weeks to complete.
• Approximately 50 per cent of the drill metreage will initially be dedicated to expanding the new high-grade GM vein discovered in the 2023 fall drill program and identifying new high-grade shoots along strike.
• The remaining drill metreage will be dedicated to stepout drill holes on the bulk-tonnage-style Argus zone discovered in 2022.
• The company is well financed to complete the program, with over $4.2-million in cash and marketable securities.

"We are very excited to be back drilling at Munro-Croesus," said Brock Colterjohn, president and chief executive officer. "We are currently drilling at the newly discovered high-grade GM vein where we are testing for additional bonanza-gold-grade mineralization and potential high-grade shoots along strike. Once drilling is completed at GM, we will move to the bulk-tonnage Argus zone, where we doubled the strike length last year. Our objective at Argus is to enhance our understanding of the zone, particularly towards the west, where it likely converges with the Pipestone fault. These two new discoveries in two years validate our strategy in the camp to take a holistic exploration approach in prime geological real estate that we continue to consolidate. We believe this program is timely given the current gold uptick and renewed interest in gold equities."

Discussion of Q1 2024 Munro-Croesus drill program

The 2024 spring drill program at Munro-Croesus aims to follow up on the high-grade GM vein discovered in the 2023 fall drill program and the larger bulk-tonnage-style Argus zone discovered in 2022. The 3,000 metres of drilling will be split between two areas: the GM vein located 350 m northwest of the historic Croesus mine and the Argus zone situated approximately four kilometres along trend and northwest of Mayfair Gold's multimillion-ounce Fenn Gib gold deposit.

GM vein

The GM vein was discovered in the 2023 fall drill program when drill hole MC23-132 intersected a 30-centimetre-wide quartz vein with abundant visible gold that returned 363 grams per tonne (10.59 ounces per ton) gold over 0.3 metre. This intersection represents the single highest assay in the company's drill hole database for the project. The high-grade vein occurs within a broader zone of mineralization averaging 121.8 g/t (3.55 opt) Au over 0.9 metre and was intersected approximately 60 metres vertically below surface. This discovery represents an entirely new bonanza-grade quartz vein in a geological setting comparable with the mined-out, very high-grade Croesus vein, located 350 metres to the southeast, along the prospective Croesus pillowed mafic flow.

Approximately 50 per cent of the drill metreage will be allocated to the GM vein for the following objectives:

• Expand the known high-grade gold mineralization around drill hole MC23-132 by determining a potential plunge control on the gold shoots;
• Identify new, repeated shoots by targeting the GM vein along strike;
• Test for a carbonaceous, sulphidic flow-top breccia at the stratigraphic top of the unique Croesus flow along strike from the GM vein discovery. This distinctive breccia hosts the higher-grade portion of the Croesus vein and represents an attractive reducing environment for gold deposition.

Argus zone

The Argus zone is located three kilometres west-northwest of the past-producing Croesus gold mine and immediately north of the Pipestone fault. It is a broad zone of near-surface gold mineralization within the influence of the regional gold-bearing Pipestone fault. The Argus zone has now been defined over a strike length of 525 m and a width of and remains open in all directions.

The remaining 50 per cent of the drill metreage will be dedicated to the Argus zone. The objective of drilling is to:

• Expand the known mineralized gold zone beyond the current strike length of 525 metres and 200-metre thickness through a series of 100-metre stepout holes to the west toward the convergence of the Argus zone with the regional Pipestone fault;
• Follow up with 50-metre stepout holes on the best intersection from the fall 2023 drilling (0.96 g/t Au over 27.6 m in drill hole MC23-140);
• Test the continuity of the Argus zone to the west in an area of structural complexity with a coincident airborne magnetic low and define the interpreted late cross-faulting that is expected to offset the Argus zone and Pipestone fault toward the south.

The program is estimated to take six weeks to complete. Assay results will be released on a continuing basis pending review and meeting company quality assurance/quality control protocols.

The Munro-Croesus project

The Munro-Croesus project is located along Highway 101 in the heart of the Abitibi greenstone belt, Canada's premier gold mining jurisdiction. This large, 100-per-cent-owned land package includes the past-producing Croesus gold mine, which yielded some of the highest-grade gold ever mined in Ontario. Extensive land consolidation from 2020 to 2023 has unified the patchwork of patented and unpatented mining claims surrounding the Croesus gold mine into one coherent package and enhanced the exploration potential of the project.

The project covers 70 square km (27 square miles) of highly prospective geology within the influence of major gold-bearing structural breaks. Bulk-tonnage gold deposits located in the immediate region include the Fenn-Gib gold project being developed by Mayfair Gold that contains an indicated resource of 3.38 million ounces at 0.93 g/t Au and an inferred resource of 157,000 oz at 0.85 g/t Au, and the Tower gold project being developed by Moneta Gold Inc. that contains an open-pit indicated resource of 4.46 Moz at 0.92 g/t Au and an inferred resource of 8.29 Moz at 1.09 g/t Au.

About the Timmins area gold properties

Onyx owns 100 per cent of each of its three Timmins properties. The Munro-Croesus gold project is located approximately 75 kilometres (47 miles) east of Timmins, proximal to the Porcupine-Destor and Pipestone faults, and approximately two kilometres (1.2 miles) northwest and along trend of Mayfair Gold's multimillion ounce Fenn-Gib gold deposit. Mining occurred intermittently at Munro-Croesus between 1915 and 1936. The Golden Mile 140-square-kilometre (54 square miles) property is located nine kilometres (5.6 miles) northeast of Newmont's multimillion-ounce Hoyle Pond deposit in Timmins. The Timmins South (Golden Perimeter) 187-square-kilometre (72 square miles) property is located to the south and southeast of Timmins and surrounds the Shaw dome structure.

About Onyx Gold Corp.

Onyx Gold is an exploration company focused on well-established Canadian mining jurisdictions, with assets in Timmins, Ont., and 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.

We seek Safe Harbor.