Onyx Gold Corp. announced the completion of its summer exploration program at the King Tut Property located in Yukon, Canada. Field crews have demobilized from King Tut and, after taking a short break, have headed to Onyx's Timmins, Ontario, area gold projects for the start of the Company's fall exploration program.

The fully-funded Yukon exploration program focused on Phase 1 drill testing of the promising Main Tut and Golden Mask gold-in-soil anomalies, which are associated with two separate intrusion-related gold systems, as well as the execution of property-wide geophysical surveys, geochemical surveys, and mapping and prospecting programs to refine drill targets and identify prospective area for future exploration. The Program results included 2,123 meters of diamond drilling in two completed holes at the Main Tut target and seven completed holes and one lost hole on the Golden Mask target. All assay results are currently pending from the drilling portion of the program.

The Company expects Yukon results to be available for release towards the end of October and throughout the end of the year. In addition to drilling, the program included 1,353 soil samples, 1,766 line-km of property-wide drone-based magnetic geophysical surveying, property-wide high-resolution LiDAR topographic surveying, and geological mapping, prospecting, and geochemical sampling. Data from the various surveys is currently being assessed by internal and external personnel and will be released in a timely manner once results are determined.

Proposed Fourth Quarter-2023 Ontario Program. The Company 100% owns a 335 km2 portfolio of projects within Canada's premier gold camp, Timmins, Ontario. The Company has now shifted its exploration focus to its Timmins portfolio, with soil sampling and drone imagery currently underway at its Munro-Croesus Gold Project.

The Munro- Croesus Gold Project is approximately 75 kilometers (47 miles) east of Timmins, proximal to the Porcupine-Destor and Pipestone Faults and several multi-million-ounce gold deposits. The Munro-Croesus property is also host to one of Ontario's highest-grade past-producing gold mines, which operated between 1915 and 1936. In 2022, a new, near-surface bulk-tonnage-style zone of gold mineralization was discovered at the Argus Zone on the Munro Croesus property, approximately four kilometers along trend and northwest of Mayfair Gold's multi-million-ounce Fenn Gib gold deposit.

The fall program also plans for approximately 4,000 meters of diamond drilling, focusing on follow-up holes on the Argus Zone as well as new targets proximal to the historic high-grade Croesus Gold Mine. Soil sampling and airborne drone-magnetic geophysical surveys are also planned for the Timmins South Project. The Company announced that it has received the final option payment of 150,000 shares from Snowline Gold Corp.

relating to a previous property option agreement entered into in 2021 between Snowline and Epica Gold Inc., a wholly owned subsidiary of Onyx Gold Corp. Under the option Snowline acquired a 100% interest in 812 mining claims in five blocks collectively covering approximately 16,500 hectares in the Eastern Tombstone Gold Belt, Yukon Territory. 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.