Vancouver, BC – June 06, 2024 – Onyx Gold Corp. (“Onyx Gold” or the “Company“) (TSX-V: ONYX, OTCQX:ONXGF) 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

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

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 3 – Property Map – WEAS Property – Historical Surface and Drilling Results

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