Yukon Territory Mining

[Lone Clone]

Onyx Gold Provides Exploration Update at King Tut Property in Yukon

https://www.newsfilecorp.com/release/180176

Vancouver, British Columbia--(Newsfile Corp. - September 11, 2023) - Onyx Gold Corp. (TSXV: ONYX) ("Onyx" or the "Company") is pleased to provide an update on its ongoing exploration program at the King Tut Property located in Yukon, Canada (Figure 1).

A fully funded drill program consisting of 8-10 diamond drill holes for a planned 2,500 meters is underway and is expected to continue until mid to late September. Results are expected in mid-to-late October and will be issued regularly throughout the remainder of the year.

Exploration Update:

Completion of Seven diamond drill holes (1,661 m) at the Main Tut and Golden Mask targets, with drilling ongoing;
Collection of Over 1,350 soil samples looking to expand known gold-in-soil anomalies to identify new targets for follow-up;
Completion of High-resolution LiDAR topographic surveying of the entire property;
Completion of 1,500 line-km of drone-based magnetic geophysical surveying, with preliminary data generating several prospective targets to help guide current drilling; and
Mapping, prospecting, and geochemical sampling is ongoing.

"We are excited to be the first team drilling this prospective property," said Brock Colterjohn, President & CEO. "We believe we are on the ground floor in this emerging Canadian gold district in the eastern Tombstone belt, as well as being part of the larger Tintina Gold Province hosting many large bulk tonnage gold systems with predictable exploration models (Figure 2). This year's work is progressing well, with our first core delivered for assaying with results expected in mid to late October."

Yukon Properties

Onyx controls a portfolio of greenfield gold properties in eastern Yukon, totaling 210 km2. The King Tut Property is Onyx's most advanced and compelling property, located in the heart of an emerging reduced intrusive-related gold district in Yukon's Selwyn Basin. Previous fieldwork identified large-scale undrilled gold-in-soil anomalies in a comparable geological setting 50 km from Snowline Gold's Rogue/Valley Discovery, one of Canada's most significant new gold discoveries.

Onyx commenced the first-ever drill program on the King Tut Property in late July of this year. Phase 1 drilling focused on testing the Main Tut and Golden Mask gold-in-soil anomalies which are associated with two separate intrusion-related gold systems. Two drill holes were completed at the Main Tut target (639 m), and five drill holes (1,022 m) have been completed at the Golden Mask target. Results are pending.

In addition to drilling, Onyx has undertaken extensive geophysical and geochemistry surveys and mapping and prospecting programs that have generated prospective targets for future drilling and other exploration work. Preliminary data from the drone-based magnetic geophysical survey has been processed and interpreted, and the results are helping guide current drilling and future exploration plans, highlighting the significant upside potential of the King Tut Property.



Figure 1 - Tombstone Belt Gold Belt

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Figure 2 - Reduced Intrusive Related Gold Systems (Red Dots) Within The Tombstone Gold Belt (Pink)

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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.

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: [phone] or North American toll-free 1-855-629-1165
Email: [e-mail] or [e-mail].
Website: www.onyxgold.com
Twitter: @OnyxGoldCorp

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward looking information: This news release includes certain "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward looking statements").

Forward-looking statements include predictions, projections, and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company's planned exploration programs and drill programs and potential significance of results are forward-looking statements that involve various risks and uncertainties. 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. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital, and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials, and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate, and accordingly readers are cautioned not to place undue reliance on forward-looking statements.