Onyx Gold Receives Drill Permit for King Tut Project and Provides 2024 Exploration Program Update

Vancouver, June 6, 2024 - Onyx Gold Corp. (TSXV: ONYX) (OTCQX: ONXGF) ("Onyx Gold" or the "Company") is pleased to announce that it has received its approved Quartz Class 1 Notification for the King Tut Property ("King Tut," "Project" or "Property"), in Yukon's Tombstone Gold Belt (Figure 1). The Company also provides an update on its preliminary summer exploration plans for the Project, including the newly acquired WEAS claims.

Highlights

• Onyx Gold has received its Quartz Class 1 Notification for the King Tut Project from the Yukon Government. This permit paves the way for the Company to execute its 2024 exploration programs, which include up to 4,900 meters of diamond drilling.

• The Company has outlined a comprehensive Phase 1 exploration program for the King Tut Project. This program, scheduled for July, includes geological mapping, prospecting, and rock/soil sampling in the Golden Mask, Ra (formerly WEAS), and Main Tut prospect areas. The results of this program will be instrumental in shaping a potential Phase II diamond drilling program.

• Spring data compilation and target generation by in-house staff and external consultants is complete and is under review by Company management.

• Archer, Cathro & Associates (1981) Limited ("Archer Cathro") has been contracted to provide technical assistance and logistical support for the Program.

"With the arrival of warmer weather and the completion of our Timmins drilling program, our team is excited to shift their focus back to our King Tut property, proximal to Snowline Gold's properties in the Yukon Territory," said Brock Colterjohn, President & CEO. "Our Phase I exploration program is designed to leverage and build upon last year's encouraging results that confirmed widespread gold mineralization across the Main Tut and Golden Mask anomalies."

"We are particularly excited to explore the significantly expanded footprint of the Golden Mask intrusion as well as our recent Ra (WEAS) acquisition. The Ra prospect holds significant gold potential, confirmed by historical work, associated with gold-bearing sheeted quartz veins within an exposed 3 km by 2 km granitic intrusion."

He further commented, "The Phase I program results will help refine and prioritize drill targets ahead of a potential Phase II diamond drilling program later this summer. We look forward to the busy field season and believe this year's programs mark an exciting step towards our goal of unlocking a new gold discovery in the prolific Tombstone Gold Belt."

Permitting Update

The Quartz Class 1 Notification enables the Company to execute exploration programs pursuant to the Yukon Quartz Mining Act and Territorial Lands (Yukon) Act, which include prospecting, geological mapping, geochemical sampling, and diamond drilling (up to 4,900m) across the Property. The Notification is valid until June 2025 and is renewed annually. The active Class 1 Notification for the recently acquired WEAS claims will be renewed in July 2024.

The Company is also working on regulatory authority and community engagement as part of a Class III Exploration Permit application. Receipt of a Class III Permit would enable expanded exploration field camp construction and increased drilling activities with a duration of five to ten years.

2023 King Tut Program Summary and 2024 Summer Exploration Plans

Work by the Company in 2023 focused on a first-ever drill program on the property to test the promising Main Tut and Golden Mask gold-in-soil anomalies, which are associated with two separate intrusion-related gold systems, and the execution of property-wide geophysical surveys, geochemical surveys, and mapping and prospecting programs to refine drill targets and identify prospective areas for future exploration. Results from the inaugural nine-hole 2,123-meter drill program confirmed widespread gold mineralization across the Main Tut and Golden Mask anomalies, including 0.30 g/t Au over 32.50 m in drill hole KT23-005, validating the existence of potential bulk-tonnage reduced intrusion-related gold systems ("RIRGS") on the Property (See Company News Release dated November 15, 2023). In addition, new airborne magnetic surveying and soil sampling have also significantly expanded the size of the mapped intrusions at both targets (Figure 2).

The Company is preparing to launch an early summer Phase 1 exploration program, which will consist of reconnaissance surface sampling and mapping surrounding the newly acquired Ra intrusion located on the WEAS claims (See Company News Release dated May 9, 2024) (Figure 3) and follow-up fieldwork on the Golden Mask and Main Tut prospects based on last year's encouraging results. The results from this program will inform a potential drilling program later in the summer. Archer Cathro has been contracted to provide technical assistance and logistical support for the Program.

About the King Tut Project

The King Tut Project is located 10 km south of Snowline Gold's consolidated Rogue, Einarson and Cynthia properties and is 50 km from Snowline's Valley discovery made in June 2021. At King Tut, past exploration work by a predecessor company outlined multi-kilometer long gold-in-soil anomalies associated with mapped granitic to granodioritic intrusive bodies, and drilling by the Onyx Gold in 2023 confirmed widespread gold mineralization across the Main Tut and Golden Mask anomalies validating the bulk-tonnage RIRGS potential of the Project. The newly acquired Ann Mark Zone of the Ra intrusion in the center of the Project hosts multigenerational gold-bearing sheeted quartz veins within an exposed, 3 km by 2 km granitic intrusion and drilling by a previous operator intersected 1.0 grams per tonne gold over 21 meters (true width unknown) associated with the sheeted quartz veins, along with surface grab samples of up to 20.1 g/t Au.

About the Yukon Gold Properties

Onyx Gold controls a portfolio of greenfield gold properties in eastern Yukon, totaling 227 square kilometers. The King Tut Property is Onyx Gold's most advanced and compelling property in the Yukon, located in the heart of an emerging reduced intrusive-related gold district in the Selwyn Basin. Previous fieldwork identified large-scale undrilled gold-in-soil anomalies in a comparable geological setting 50 km from the Rogue/Valley Discovery, one of Canada's most significant new gold discoveries.

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 the 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.

Qualified Person and Quality Assurance

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.

Figure 1 - Regional Map - Yukon's Selwyn Basin

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/9800/211891_eb2cfe4624a629ed_002full.jpg

Note - Highlighted historical samples noted herein have not been verified by the Company, but they provide evidence for the general gold endowment of the claims. Grab samples are selective in nature and don't necessarily represent bulk tonnage grades

Figure 2 - Property Map - King Tut and WEAS Properties - Surface Gold Geochemistry

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https://images.newsfilecorp.com/files/9800/211891_eb2cfe4624a629ed_003full.jpg

Figure 3 - Property Map - WEAS Property - Historical Surface and Drilling Results

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https://images.newsfilecorp.com/files/9800/211891_eb2cfe4624a629ed_004full.jpg

On Behalf of Onyx Gold Corp.

"Brock Colterjohn"

President & CEO

For further information, please visit the Onyx Gold Corp. website at www.onyxgold.com 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: nicole@onyxgold.com or information@onyxgold.com.
Website: www.onyxgold.com
LinkedIn: https://www.linkedin.com/company/onyx-gold-corp/?viewAsMember=true
Twitter: https://twitter.com/OnyxGoldCorp

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

Cautionary and Forward-Looking Statements

This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-Looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the intention of the Company to proceed with the exercise of the Option under the Agreement on the terms and conditions set out therein, the Company's expectation to issue the Shares pursuant to the Agreement, the approval of the TSXV for the Agreement, the Company's future exploration plans, the possibility of the Bonus Payment becoming payable and the expected entering into of the Lock-Up Agreement.

These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, the Company not receiving the necessary regulatory approvals in respect of the Agreement; changes in the Company's plan with respect to the exercise of the Option and the Company's exploration plans; that the obligation to make the Bonus Payment may be triggered; that the Lock-Up Agreement may not be entered into; recent market volatility; and the state of the financial markets for the Company's securities.

In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will receive the necessary regulatory approvals in respect of the Agreement, that the Company will be able to comply with the terms of the Agreement, including the issuance of the Shares, in order to exercise the Option, that the Company will have the necessary resources to carry out its exploration plans as anticipated, or at all, and that the Company will receive an executed Lock-Up Agreement from HighGold.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

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