Onyx Gold Corp. announced that drilling has commenced (the Program) at its 100%-owned King Tut Gold Project (King Tut or the Project) located in the Tombstone Gold Belt of east-central Yukon, Canada. King Tut is the most advanced of Onyx Gold's four Yukon properties and includes kilometer-scale, high-tenor gold-in-soil anomalies associated with reduced intrusions, which appear to be similar to mineralization found 50 km away at Snowline Gold Corp.'s recent Valley discovery at their Rogue project.

Crews have been on-site at the Project since early July, conducting an initial work program to refine targets, with drilling now underway at the first hole at the Main Tut gold-in-soil anomaly. Exploration Program Highlights: Plans for 2,500 meters (8-12 drill holes) of diamond drilling with one drill rig; 100% allocated towards discovery drilling at two untested intrusive-related gold-in-soilomal, Golden Mask and Main Tut; Detailed airborne drone-magnetic surveying and LiDAR imagery to refine drill targeting and delineate new targets in prospective geological and structural corridors; Geological and alteration mapping to contextualize historical work and generate new targets in prospective areas for follow-up, and;. Sizeable soil and rock grab sampling programs to generate new target areas (1,200 soil samples planned).

Exploration Drill Program Details: The objective of the 2023 program is to evaluate several large kilometer-scale undrilled gold-in- soil anomalies associated with mapped felsic intrusive rocks and their contact with metamorphic 'hornfelsed' aureoles outlined by a predecessor company in the 2010 and 2011 field seasons. The 2023 exploration program includes approximately 2,500 meters of helicopter-supported diamond drilling with one rig to test the Golden Mask and Main Tut anomalies. Approximately 75% of the drill meterage will be dedicated to the Golden Mask area, which has several key characteristics of RIRGS deposits (Hart, 2007) including: a small (<2 km2) and elongate, isolated pluton; strong Au-Bi-Te-W metal assemblage; low sulfide content (pyrrhotite, pyrite, arsenopyrite); and dense, steeply dipping fractures parallel to the intrusion's elongated axis that may represent the carapace of the intrusion.

The remaining 25% of the drill meterage would be completed at the Main Tut anomaly to target gold mineralization associated with thick (35-50 meter), tabular aplite dykes with quartz-arsenopyrite vein material yielding gold values ranging from 2 g/t to a high of 13.5 g/t. This work will be accompanied by detailed geological mapping, a planned 1,200 sample soil program, prospecting, rock sampling, airborne drone-magnetic surveied, and LIDAR imagery over the main anomalies to refine drill targeting and property-wide evaluation to identify other prospective areas for follow-up.