Onyx Gold Mobilizes Drill Rig And Outlines Targets For 10,000-Meter Timmins Spring Drill Program

(MENAFN- Newsfile Corp) Vancouver, British Columbia--(Newsfile Corp. - May 9, 2025) - Onyx Gold Corp. (TSXV: ONYX) (OTCQX: ONXGF ) (" Onyx Gold " or the " Company ") is pleased to announce plans for a 10,000-meter Spring Drill Program (the " Program ") at its Timmins, Ontario properties. The primary focus of the program is to follow-up on the recently reported Argus North discovery (" Argus North "), at the Company's 100% owned Munro-Croesus Project (" Munro-Croesus ") located 75 km east of Timmins, Ontario ( Figure 1 ). To date, this new zone of wide high-grade mineralization has been tested by a single drill hole, MC24-163, which intersected 3.4 g/t Au over 69.6 m , including a high-grade subzone of 13.9 g/t Au over 9.5 m (see news release dated April 10, 2025).

"The initial results from Argus North point to a potentially significant new zone of high-grade gold mineralization in a proven district," said Brock Colterjohn, President & CEO. "Mineralization at Argus North is open in all directions and our upcoming drill program is designed to rapidly evaluate and expand upon this discovery. A drill rig has just been delivered to site and we are excited to be kicking off the follow-up drill program. Upon close of the recently announced and upsized $11 million financing, the Company will have considerable flexibility to expand the size of the drill program to follow-up on further success with the drill bit."

Discussion of Planned 10,000-meter Spring Drill Program

Immediate follow-up plans include an initial Phase 1 program of step-out drilling to extend the Argus North mineralization up-dip to surface, down-dip to depth and along strike to both the east and west . Plans include re-entering and extending drill hole MC23-163 to assess the full breadth of the Argus North mineralizing system and drill holes MC23-140 and MC24-164, both of which stopped short of the down-dip projection of the Argus North Zone.

Phase 1 follow-up drilling is designed on nominal 50-meter spaced step-outs with the objective of expanding the new discovery while concurrently gaining a better understanding on the zone's orientation, shape and geological controls. Drilling will start on the same cross-section as discovery drillhole MC24-163, followed by fences of similarly spaced holes on cross-sections 50 meters to the east and west. Phase 2 follow-up will include larger step-outs along strike and to depth ( Figures 2 and 3 ).

At a larger scale, historical and recent trenching and sampling within the same key prospective mafic variolitic volcanic units and along the Pipestone Fault to both the west and east of Argus North and Argus Main suggests multi-kilometer scale potential along trend completely untested by any drilling to date. A portion of the planned Program meterage is designed to target this larger scale potential, including first ever drilling in the Argus West area.

In addition to the drilling at Munro Croesus, approximately 1,500 metres of the 10,000-meter Program is committed to reconnaissance drilling at the 140 km² Golden Mile property, targeting a key northern splay of the Pipestone Fault approximately 50km to the west. This drilling will be completed with a separate drill rig to the one that is dedicated to Argus North drilling at Munro Croesus. Golden Mile is located 9 km northeast of Discovery Silver's multi-million-ounce Hoyle Pond deposit in Timmins.

Description of the Argus Main Zone and Argus North Discovery

The Argus Main Zone (" Argus Main ") is located 3 km northwest of the past-producing Croesus Gold Mine and represents a near-surface bulk tonnage target with 0.1 to >2.0 g/t Au over a 750 m x 200 m area. Argus Main is hosted by silica-albite-pyrite-specularite-altered mafic variolitic volcanic rocks situated immediately north of the Pipestone Fault, a major structural corridor known to host significant gold deposits, including Mayfair Gold's 4.4-million-ounce Fenn-Gib deposit ¹, located just 6 km away.

Drilling at Argus Main in 2024 returned a highlight of 1.0 g/t Au over 63.0 m in drill hole MC24-166, including 2.2 g/t Au over 17.4 m (see Company news release dated June 17, 2024). Overall drill results to date have shown improving gold grade and mineralized widths as the east-west trending Argus Main Zone is tracked westward.

Argus North is located approximately 100 m north of the Argus Main trend and approximately 150 to 200 m vertically below surface. This zone has only been intersected by one drill hole to date with MC24-163 encountering a 70 m interval of high-grade mineralization within strongly albite- and silica-altered mafic variolitic volcanics, hosting 3-10% fine pyrite stringers, with local visible gold. MC24-163 returned a very encouraging 3.4 g/t Au over 69.6 m , including 13.9 g/t Au over 9.5 m, with consistent gold values throughout, highlighting both the continuity and strength of the mineralization in this newly identified area. Argus North is interpreted to be near-vertical and sub-parallel to the east-west trending Argus Main. Argus North is open in all directions, including to surface.

Figure 1 - Onyx Gold Property Map, Timmins, Ontario

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Figure 2 - Cross-Section Showing Location of Planned Drilling at Argus North Discovery

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Figure 3 - Plan Map Showing Location of Planned Drilling at Argus North Discovery

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About the Timmins Area Gold Properties

Onyx Gold owns 100% of each of its three Timmins properties. The Munro-Croesus Gold Project is located approximately 75 km east of Timmins, proximal to the Porcupine-Destor and Pipestone Faults, and approximately 2 km northwest and along trend of Mayfair Gold Corp.'s multi-million-ounce Fenn-Gib gold deposit. Mining occurred intermittently at Munro-Croesus between 1915 and 1936. The Golden Mile 140 km² property is located 9 km northeast of Newmont's multi-million-ounce Hoyle Pond deposit in Timmins. The Timmins South 187 km² property is located to the south and southeast of Timmins and surrounds the Shaw dome structure.

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

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