Onyx Gold Corp. announced initial exploration results from its 2023 Fall drill program in the Timmins gold camp, Ontario. The first assay results have been returned for drill hole MC23-132, which tested a prospective area 350m (1,148 feet) northwest of the former Croesus Gold Mine.

The Croesus Gold Mine is famous for yielding some of the highest-grade gold mined in Ontario. The completed program included ~4,000 meters ("m") of diamond drilling with one drill rig and focused on targets proximal to the historic high-grade Croesus Gold Mine, and on the new bulk-tonnage-style Argus Zone discovered in 2022. Highlight Assay Results for Drill Hole MC23-132 include: 121.8 grams per tonne ("g/t") (3.55 ounces per ton "opt") gold ("Au") over 0.9m (true width), including 363.0 g/t (10.59 opt) Au over 0.3m (true width).

The drill hole intersected a 30-centimeter-wide quartz vein containing abundant visible gold that returned 363 g/t (10.59 opt) Au over 0.3m, representing the single highest 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 0.9m and was intersected approximately 60 m vertically below surface. This new vein discovery represents an entirely new high-grade quartz vein in a geological setting comparable to the mined-out, bonanza-grade Croesus vein.

A total of five (5) holes (MC23-130 to MC23-134) totaling 872m were completed by the Company in late October/early November to follow-up north and south of drillhole MC22-92 drilled by the previous operator, HighGold Mining Inc., which intersected a narrow quartz vein that returned 14.0 g/t Au over 0.6 meters in a broader interval grading 3.4 g/t Au over 2.6m (See HighGold Mining Inc. press release from March 30, 2022). The area was targeted for its similar geological setting to the Croesus Gold Mine - specifically, the occurrence of a parallel vein to the Croesus Vein within a particular basalt flow unit that is locally brecciated and enriched in sulfides (the "Croesus Flow"). The Croesus Flow is interpreted to play an important role in the deposition of exceptionally high concentrations of gold within the Croesus Vein.

Results have been returned from hole MC23-132, a 25-meter step-out south of MC23-92, which intersected what is believed to be a new vein in a parallel orientation to the Croesus Vein within the upper portion of the Croesus Flow. The quartz vein was intersected from 83.0-83.3 meters downhole within sulfidic pillowed Croesus Flow and returned the highest-grade interval on the property to date of 363.0 g/t Au over 0.3m (true width) within a broader structural zone averaging 121.8 g/t Au over 0.9m (true width). The quartz vein is characterized by massive, white-grey quartz with abundant fine-grained aggregates of visible gold throughout and in and along the margins of pyrite grains.

The quartz contains coarse, disseminated, and fracture-filling pyrite and trace, fine-grained sphalerite, and arsenopyrite as shown in Plate 1. The 363.0 g/t Au assay was obtained by gold gravimetric analysis (Au-GRA22) at the ALS Canada lab in North Vancouver. A gold screen analysis (Au-SCR21) was also performed and returned a total gold value of 342.0 g/t Au. 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 km2 (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. Q4-2023 Ontario Drill Program The Company successfully completed its planned fall drill program on December 2nd with 4,078 meters drilled in 19 holes.

Approximately half of the drilling budget was focused on expansion drilling at the Argus Zone located on the western side of the Property, with the remaining half of the drilling budget focused on follow-up holes at targets proximal to the historic high-grade Croesus Gold Mine. Assay results from the fall program are currently pending and will be released in due course.