Vancouver, British Columbia--(Newsfile Corp. - August 2, 2023) - Onyx Gold Corp. (TSXV: ONYX) ("Onyx Gold" or the "Company") is pleased to announce that drilling has commenced (the "Program") at its 100%-owned King Tut Gold Project ("King Tut" or the "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 kilometer-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 their Rogue project (Figure 1). Crews have been on-site at the Project since early July, conducting an initial work program to refine targets, with drilling now underway at the first hole at the Main Tut gold-in-soil anomaly.

Exploration Program Highlights:

• Plans for 2,500 meters (8-12 drill holes) of diamond drilling with one drill rig;
  
  • 100% allocated towards discovery drilling at two untested intrusive-related gold-in-soil anomalies, Golden Mask and Main Tut;
    
• Detailed airborne drone-magnetic surveying and LiDAR 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;
  
• Sizeable 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 & CEO. "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 kilometer-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 meters of helicopter-supported diamond drilling with one rig to test the Golden Mask and Main Tut anomalies.

Approximately 75% of the drill meterage will be dedicated to the Golden Mask area, which has several key characteristics of RIRGS deposits (Hart, 2007)* including:

• a small (<2 km²) and elongate, isolated pluton;
  
• strong Au-Bi-Te-W metal assemblage;
  
• low sulfide 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% of the drill meterage will be completed at the Main Tut anomaly to target gold mineralization associated with thick (35-50 meter), tabular aplite dykes with quartz-arsenopyrite vein material yielding gold values ranging from 2 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.

* Hart, C.J.R., 2007, Reduced intrusion-related gold systems, in Goodfellow, W.D., ed., Mineral deposits of Canada: A Synthesis of Major Deposit Types, District Metallogeny, the Evolution of Geological Provinces, and Exploration Methods: Geological Association of Canada, Mineral Deposits Division, Special Publication No. 5, p. 95-112.

Golden Mask Prospect

The Golden Mask anomaly occurs within and adjacent to the apex of an elongated 600 by 400 m granitic stock that is interpreted to be the upper carapace of the reduced intrusion (Figure 2). The Golden Mask soil anomaly is roughly one kilometer by one kilometer in size and hosts coincident strongly anomalous gold and RIRGS pathfinder geochemical signature (Bi, Te, W, As). The Golden Mask anomaly is almost entirely comprised of samples that returned > 20 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 9 km east of Golden Mask, near the center of the property, and within the hornfelsed aureole surrounding the northern side of the large quartz monzonite/granite stock (Figure 3). It has an arcuate shape that is over six kilometers in length and 200 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, As).

NI 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 ("NI 43-101") 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 August 01, 2023 (effective date of July 15, 2023), has been prepared by Heather Burrell, B.Sc., P.Geo., of Archer Cathro & Associates (1981) Limited 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 at .

About King Tut

Onyx Gold's Yukon property is located in the Selwyn Basin in east-central Yukon and consists of four separate properties totaling 1,023 claims and 21,000 hectares (210 square kilometers). The most advanced of the properties is King Tut, located 10 km south of Snowline Gold's Selwyn Basin land package and 50km from Snowline's 'Reduced Intrusive Related Gold' ("RIRGS") discovery made in June 2022. At Onyx Gold's King Tut property, past exploration work outlined multi-kilometer long gold-in-soil anomalies, including an open-ended one-kilometer by one-kilometer gold anomaly associated with the upper carapace of an intrusive body with no prior drilling, and also Sedimentary Exhalative ("SEDEX") Zn-Pb-Ag mineralization similar to that being investigated by Fireweed Metals Corp. at their 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

Onyx Gold is an exploration company focused on well-established Canadian mining jurisdictions, with assets in Timmins, Ontario and Yukon Territory. 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 Selwyn Basin area of Yukon Territory, 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, P.Eng., Executive Vice President for Onyx Gold Corp. and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

On Behalf of Onyx Gold Corp.

"Brock Colterjohn"

President & CEO

For further information, please visit the Onyx Gold Corp. website at or contact:

Brock Colterjohn, President & CEO, or Nicole Hoeller, VP of Corporate Communications

Phone: 1-604-629-1165 or North American toll-free 1-855-629-1165
Email: information@onyxgold.com.
Website:
Twitter : @OnyxGoldCorp

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements: This news release includes certain "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward-looking statements"). Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the use of proceeds of the Private Placement, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include, among other things, receipt of final approval of the TSXV for the listing of the Onyx Shares, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.

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