Onyx Gold Corp. announced the final exploration drill results from its 2023 Fall Drill Program (the "Program") at its Munro-Croesus Project ("Munro-Croesus" or the "Project") in the Timmins gold camp, Ontario. The Company completed the Program in early December with 4,078 meters drilled in 19 holes.

About half of the Program was focused on expansion drilling at the Argus Zone on the Property's western side, with the remaining half focused on follow-up holes at targets near the historic high-grade Croesus Gold Mine. Initial results reported from the Program included a new quartz vein discovery 350 meters northwest of the historic Croesus Gold Mine, which returned 121.8 g/t Au over 0.9m, including 363.0 g/t Au over 0.3m, within a 30 cm wide quartz vein containing abundant visible gold in drill hole MC23-132. Results reported include eight (8) drill holes totaling 2,163.4 meters from the shallow, bulk-tonnage style Argus Zone located three kilometers west of the Croesus Gold Mine.

The Program tested an area of low drill density to expand the Zone to the northwest and then stepped out in 100-meter increments to the southwest to test the convergence of the Argus Zone and the regional Pipestone Fault. The Argus Zone has now been defined over a strike length of 525 meters and a width of 200 meters and remains open in all directions. The results from hole MC23-140, the most westerly hole drilled by the Company, show the strength of the Argus mineralization system as it approaches the Pipestone Fault and highlight the potential to continue to drill further to the west.

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 Au1.

The Argus Zone is located three kilometers west-northwest of the past-producing Croesus Gold Mine and immediately north of the Pipestone Fault. It is a broad zone of near-surface gold mineralization within the influence of the regional gold-bearing Pipestone Fault. The Argus Zone is characterized by silicified mafic variolitic volcanics cut by northeast-trending pyritic veinlets within a broader halo of carbonate alteration and local development of specular hematite.

Selective historical sampling during a small 1990s-era drill program yielded promising gold assays over narrow widths with large sections of core unsampled. Onyx's recognition that mineralization may be more widespread provided the rationale to target the prospect, resulting in the discovery of shallow, bulk-tonnage style gold in 2022, highlighted by 62.8m at 0.79 g/t within 136.0 m at 0.54 g/t Au in MC22-110. The Company completed 2,163.4m in eight drill holes in the Argus Zone area to expand on the known mineralization identified in 2022.

Three holes, MC23-135/136/137, were drilled on the same drill hole cross-section through a little tested area of the zone; three holes, MC23-138/139/140, were drilled as 100-meter step-outs along the projected intersection of the Argus Zone with the Pipestone Fault; and two holes, MC23-141/142, tested new targets to the east of the Argus Zone within the same variolitic mafic volcanic flow below anomalous surface gold geochemistry (4.0 and 1.6 g/t Au). Results from holes MC23-135/136/137 returned intercepts of 0.61 g/t Au over 47.6m in hole MC23-135, 0.66 g/t Au over 28.5m in hole MC23-136, and 0.45 g/t Au over 21.2m in hole MC23-137. The geological model for the Argus Zone has now been updated and shows an overall east-west trend to the mineralization, which bodes well for its ultimate convergence with the northwest-southeast-trending Pipestone Fault.

Holes MC23-138/139/140 were drilled in 100-meter step-outs along the Pipestone Fault, immediately southwest of the Argus Zone. All three holes collared in sediments of the Porcupine assemblage and were drilled north through the Pipestone Fault into the prospective mafic variolitic flow volcanics of the Kidd-Munro assemblage. All three holes intersected multiple zones of Argus-style mineralization within the mafic volcanics and returned 0.33 g/t Au over 24.0m and 8.33 g/t Au over 0.6m in hole MC23-138, 0.43 g/t Au over 25.5m in hole MC23-139, and 0.96 g/t Au over 27.6m in hole MC23-140.

The Argus Zone has now been defined over a strike length of 525m and a width of 200m and remains open in all directions. The results from hole MC23-140, the most westerly hole drilled by the Company, highlight the continuation of the Argus mineralization system with encouraging 1.0 g/t Au grades as it approaches the Pipestone Fault. The Company is developing a follow-up drill plan with further holes planned to the west.

Results from four (4) additional holes, MC23-130/131/133/134, completed on the Brown-Munro Vein Extension target in the vicinity of previously reported hole MC23-132 have been returned and included 1.92 g/t Au over 0.6m, 25 meters down-dip the visible gold intercept in MC23-132. Due to the high variability in gold grades across the new vein discovery, follow-up work will prioritize drilling on closely spaced centers around hole MC23-132 to determine the orientation and potential plunge to the gold-rich zone. Results from six short holes, MC23-124/125/126/127/128/129, completed on the northeast extension of the Backhoe Vein target, immediately northeast of the Croesus Gold Mine, returned narrow widths of gold mineralization associated with quartz veining with highs of 5.19 g/t Au over 0.8 m and 4.45 g/t Au over 0.4 m in hole MC23-125.

The Company is currently developing exploration budgets and programs for follow-up drilling at the Munro-Croesus project and other Timmins-area projects during 2024.