Onyx Gold Corp. announced the final assay and exploration results from its summer drilling and exploration program (the "Program") at the King Tut Property ("King Tut" or "Property") located in Yukon, Canada. Previous fieldwork on the Project had identified large-scale undrilled gold-in-soil anomalies in a comparable geological setting situated 50 kilometers from Snowline Gold's Rogue/Valley Discovery, one of Canada's most significant new gold discoveries.

Results from the inaugural nine-hole drill program confirm widespread gold mineralization across the Main Tut and Golden Mask anomalies, validating the existence of potential bulk-tonnage reduced intrusion-related gold systems ("RIRGS") on the Property. In addition, new airborne magnetic surveying and soil sampling have also significantly expanded the size of the mapped intrusions at both targets. The goal of the 2023 program was to determine the potential for RIRGS on the known gold-in-soil anomalies with a Phase 1 ~2,100-meter drill program.

This year's results will be analyzed to inform next year's program to vector towards potential high-grade cores in these intrusions. The 2023 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, and also 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 included 2,123 meters of diamond drilling in two (2) completed holes at the Main Tut target and seven (7) completed holes and one (1) lost hole on the Golden Mask target, 1,353 soil samples, 1,692-line-kilometer of property-wide drone-based magnetic geophysical surveying, property-wide high-resolution LiDAR topographic surveying, and geological mapping, prospecting, and geochemical sampling.

Golden Mask Anomaly: The Golden Mask anomaly occurs within and adjacent to a granitic stock that is interpreted to be the upper carapace of a reduced intrusion. The Golden Mask soil anomaly is roughly 1,400 meters by 1,400 meters 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 soil samples that returned > 20 ppb gold, with a majority of samples over 50 ppb gold to a peak of 1,423 ppb gold.

The anomaly is open for expansion to the west and south. The Company completed seven (7) drill holes totaling 1,483.5 meters at Golden Mask as two northwest-southeast fences of holes across the known mapped intrusion to cut the observed northeast- trending fracture/vein sets and one drill hole located at the valley bottom to test the newly interpreted intrusive outline based on the summer magnetic survey results. The holes intersected broad zones of gold mineralization within Golden Mask granitic intrusion and hornfels aureole including 0.13 g/t Au over 53.0 meters in hole KT23-003b, 0.30 g/t Au over 32.5 meters in hole KT23-005 (including 0.56 g/t Au over 8.0 meters) and 0.21 g/t Au over 20.0 meters in hole KT23-006, 0.24 g/t Au over 10.9 meters in hole KT23-008, and 0.24 g/t Au over 14.7 meters, 1.30 g/t Au over 4.0 meters, and 6.31 g/t Au over 1.0 meter in hole KT23-009.

The gold is associated with fracture-controlled and locally pervasive, strong iron oxidation associated with fine-grained disseminated and quartz vein-hosted pyrite and arsenopyrite (+/- bismuthinite, stibnite, sulfosalts). The highest gold values were returned in KT23-009, the last drill hole completed in the Program at Golden Mask, setting the Company up for a strong start to its 2024 exploration plans. Main Tut Anomaly The Main Tut anomaly is located nine kilometers east of Golden Mask, near the center of the Property and within the hornfelsed aureole and aplite dykes surrounding the northern side of the large quartz monzonite/granite stock.

It has an arcuate shape that is over six kilometers in length and 200 to 1,500 meters 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). The Company completed two (2) drillholes totaling 639.3 meters at the Main Tut anomaly targeting two large east-west trending aplite dykes with elevated gold surface geochemistry.

The holes intersected widespread gold mineralization with the intrusion including 0.12 g/t Au over 122.0 meters in hole KT23-001 (including 0.20 g/t Au over 18.1 meters) and 0.13 g/t Au over 187.0 meters in hole KT23-002 (including 0.36 g/t Au over 21.0 meters). The gold is associated with fine-grained disseminated and quartz vein-hosted pyrite and arsenopyrite (+/- bismuthinite, stibnite, sulfosalts), but especially in units where fractures and vein margins are coated by muscovite. A summary of significant assay intercepts can be found in.

Airborne Geophysical Survey Results: Pioneer Exploration Consultants Ltd. completed a 1,692-line-kilometer property-wide drone-based magnetic geophysical survey over the King Tut project in August and September. Final results have been received and have dramatically increased the projected size of the granite body at Golden Mask from 600 by 400 meters to approximately 1,300 by 1,300 meters - a 700% increase in size. A large portion of the new Golden Mask geophysical feature projects beneath the broad valley floor, downslope of the area drilled, and is masked by glacial overburden.

Drill hole KT23-008 was drilled to test the southwestern lobe of the newly acquired horizontal gradient magnetic anomaly and successfully confirmed that the geophysical signature was caused by a large granite body overlain by hornfelsed country rock. Additional analysis of various geophysical products has identified numerous lineaments internal to the intrusion that may represent key target structures and mineralizing fluid pathways.