Onyx Gold Acquires Strategic WEAS Property in the Yukon: A Valuable Investment Opportunity

Vancouver, British Columbia–(Newsfile Corp. – May 9, 2024) – Onyx Gold Corp. (TSXV: ONYX) (OTCQX: ONXGF) (“Onyx Gold” or the “Company“) is pleased to announce that it has entered into an option agreement (the “Agreement“) with Senoa Gold Corp. (the “Optionor“) and a wholly-owned subsidiary of the Company (the “Optionee“) to acquire the WEAS property (the “Property“), which consists of claims that are contiguous to the Company’s King Tut property, in Yukon’s Tombstone Gold Belt.

### Insight:
The acquisition of the WEAS property by Onyx Gold consolidates its holdings in the Tombstone Gold Belt and enhances its potential for discovering new gold deposits in the region.

### Highlights of the Property and the Agreement:

• The 627-hectare (“ha“) land package comprising the Property is located within the King Tut Property (Figure 1). This strategic acquisition consolidates the King Tut Property and provides the Company full control of the two mineralized intrusions on the King Tut Property, the WEAS intrusion and the Golden Mask intrusion located 9 km to the west (Figure 2).

• The Property covers a prospective reduced intrusion-related gold target. Historical work completed by previous operators reported multigenerational gold-bearing sheeted quartz veins within an exposed, 3 km by 2 km granitic intrusion (Plate 1) (See Yukon Occurrence Number 105O 056). Drilling in 1996 (five holes totaling 1,280 m) intersected 1.0 grams per tonne (“g/t“) gold (“Au“) over 21 meters (“m“) (true width unknown) associated with the sheeted quartz veins, along with surface grab samples of up to 20.1 g/t Au (Figures 2 and 3).

• There has been limited work done on the Property and no significant exploration since the mid-1990s. The Company is planning an early summer work program consisting of field mapping, prospecting, and channel sampling to prioritize potential drill targets within areas of exposed gold-bearing sheeted quartz veins. This program will inform a potential drilling program later in the summer.

• Under the terms of the Agreement, the Company can acquire 100% of the WEAS Property by providing the Optionor a total of 3,000,000 common shares of Onyx, consisting of 500,000 shares on closing, 500,000 shares on the first anniversary, 500,000 shares on the second anniversary, and 1,500,000 shares on the third anniversary.

The newly acquired WEAS property holds significant potential for the discovery of gold deposits due to the historical data indicating substantial gold potential associated with exposed sheeted quartz veins within a granitic intrusion.

### Details of the Property:
The 30-claim (627 ha) Property lies internal to the Onyx’s King Tut Property and covers an intrusion target situated between the Golden Mask and Main Tut targets. Historical work conducted on the property has revealed the presence of multigenerational gold-bearing sheeted quartz veins, with drilling intercepts showing promising grades of gold.

### Details of the Transaction:
Under the terms of the Agreement, Onyx Gold Corp. can acquire 100% of the WEAS Property by issuing a total of 3,000,000 Shares in tranches over a three-year period. Additionally, a 1% NSR royalty on the Property will be granted to the Optionor upon the exercise of the Option.

By providing insights into the geological potential of the WEAS Property and the details of the transaction, Onyx Gold Corp. demonstrates its strategic approach to expanding its gold exploration portfolio and creating value for its shareholders.