Onyx Gold Corp. announced the start of the 2024 Spring Drill Program at its Munro-Croesus Project in the Timmins gold
camp, Ontario. The 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 underway at the newly discovered high-grade GM Vein target. 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 meters of drilling will be split between two areas: the GM Vein located 350m northwest of the historic Croesus Mine and the Argus Zone situated approximately 4 kilometers along trend and northwest of Mayfair Gold's multi-million-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 cm wide quartz vein with abundant visible gold that returned 363 grams per tonne ("g/t") (10.59 ounces per ton ("opt")) gold over 0.3 meters. This intersection represents the single higher 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 meters and was intersected approximately 60 meters vertically below surface. This discovery represents an entirely new bonanza-grade quartz vein in a geological setting comparable to the mined-out, very high-grade Croesus vein, located 350 meters to the southeast, along the prospective Croesus pillowed mafic flow. Approximately 50% of the drill meterage 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; and test for a carbonaceous, sulfidic "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 kilometers 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 525m and a width of 200m and remains open in all directions. The remaining 50% of the drill meterage 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 meters and 200- meter thickness through a series of 100-meter step-out holes to the west towards the convergence of the Argus Zone with the regional Pipestone Fault;
follow up with 50-meter step-out holes on the best intersection from the fall 2023 drilling (0.96 g/t Au over 27.6 m in drill hole MC23-140); and 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 towards the south. The Program is estimated to take six weeks to complete. Assay results will be released on an ongoing
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% 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 2020-2023 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 km 2 (27 mi2) 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 Corp. that contains an Indicated Resource of 3.38 Moz at 0.93 g/t Au and an Inferred Resource of 157 koz 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.