Onyx Gold Continues to Consolidate Key Ground at Munro- Croesus with Strategic Acquisitions Total Project Land Holdings Expanded to 109 km2 to cover Key Geological Real Estate
June 24th, 2025 NR# 028-2025
NEWS RELEASE
Onyx Gold Continues to Consolidate Key Ground at Munro-
Croesus with Strategic Acquisitions
Total Project Land Holdings Expanded to 109 km2 to cover Key Geological Real
Estate
Vancouver, BC – June 24th, 2025 – Onyx Gold Corp. (“Onyx Gold” or the "Company") (TSX-
V: ONYX, OTCQX: ONXGF) is pleased to announce that it has signed mineral property purchase
and sale agreements (the “ Purchase Agreements”) with two separate a rm’s length private
vendors through its wholly -owned subsidiary to acquire a 100% interest in the Munro property
(the “ Munro Property”) and Hewitt propert y (the “ Hewitt Property”, and collectively with the
Munro Property, the “ Properties”) located within and proximal to the company’s 100% owned
Munro-Croesus Project (the “Munro-Croesus Project” or the “Project”), 75 km east of Timmins,
Ontario (Figure 1).
These strategic acquisitions expand Onyx Gold’s Munro -Croesus land package to 10,921
hectares (109 km²), further enhancing the Company’s footprint and reinforcing its position as a
leading gold explorer in the Timmins Camp.
“These acquisitions are another step forward in executing our strategy to consolidate prospective,
but highly underexplored ground in one of Canada’s most prolific gold camps,” said Brock
Colterjohn, President & CEO of Onyx Gold. “The addition of the Munro property , in particular,
further enhances the strategic value of our Munro -Croesus Project by expanding our footprint
along the prospective ‘Croesus Flow’ — a key geological unit that hosts the historic high-grade
Croesus Mine and our recently discovered GM Vein, just 350 metres away. We’re excited to
advance these new properties and unlock additional high -impact drill targets for future
exploration.”
Terms of the Purchase Agreement for the Munro Property Claims
The Munro Property is a strategically located 227-hectare inholding within the Munro -Croesus
Project (Figure 2 ). The Property covers the northwestern strike extension of the highly
prospective mafic volcanic pillowed flow (the Croesus Flow), which hosts the past producing high-
grade Croesus Gold Mine, the new GM vein target (see Company news release dated May 1,
2024), and numerous other prospects. The Munro Property also hosts the fully reclaimed past
producing Munro Mine which produced chrysotile asbestos from 1950 to 1964.
The Company has the right to acquire 100% of the Munro Property from the vendor, pursuant to
the mineral property purchase and sale agreement (the “ Munro Agreement”) by making two
staged cash payments over 12 months for a total aggregate consideration of $300,000 and
subject to the completion of satisfactory due diligence, including receipt and review of
environmental study results.
Terms of the Purchase Agreement for the Hewitt Property Claims
The Hewitt Property is situated on a northeast -trending secondary fault splay to the Painkiller
Fault and contains gold-bearing mineralization with grab samples yielding 15.7 g/t Au, 5.6 g/t Au,
4.8 g/t Au, and 2.5 g/t Au2.
The Company has entered into a mineral property purchase and sale agreement (the “ Hewitt
Agreement”) with the vendor for its 50% interest in the Hewitt Property for total consideration of
$20,000 and 75,000 common shares of the Company . Onyx currently owns the remaining 50%
interest in the Property.
In addition, the Company will grant the vendor a 1.0% net smelter returns royalty on the Hewitt
Property.
The Purchase Agreements are subject to the approval of the TSX Venture Exchange (the
“Exchange”).
Consultant Agreement
The Company has also entered into an investor relations agreement (the "IR Agreement") dated
June 19th, 2025, with Chad Levesque Consulting ("CLC").
CLC has been retained for an initial term of six (6) months, with an anticipated start date of June
24th, 2025 (the “Initial Term”), to provide corporate and communications services to the Company,
in consideration for an aggregate amount of $5,000 per month in cash as well as the
reimbursement of reasonable and standard travel and other expenses incurred by CLC in
connection with the services performed thereunder.
In addition, CLC will be granted 100,000 stock options (the “ Options”) with an exercise price
determined based on the market price of the Company’s shares at the time of issuance and
expiring within 5 years of the date of issuance. The stock options shall vest over 12 months with
no more than 1/4 of the options vesting in any 3 -month period, in accordance with the terms of
the Company's stock option plan. Following completion of the Initial Term either Onyx Gold or
CLC may terminate the Agreement with 30 days' notice.
CLC and the Company are arm’s length parties. CLC is principally owned by Chad Levesque.
The entering into the IR Agreement and the grant of the stock options thereunder are subject to
the approval of the Exchange.
Figure 1 – Munro-Croesus Gold Project with Newly Acquired Claims Highlighted in Yellow
Figure 2 – Newly Acquired Munro Property Claims Highlighted in Red, Partially Cover The
Prospective ‘Croesus Flow’
The Munro-Croesus Project
The Munro-Croesus Project is located along Highway 101 in the heart of the Abitibi greenstone
belt, Canada's premier gold mining jurisdiction (Figure 1). 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 2020-2025 has unified the patchwork of
patented and unpatented mining claims surrounding the Croesus Gold Mine into one coherent
package and enhanced the project's exploration potential.
The Project covers 109 km 2 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 4.31 Moz at 0.74 g/t Au and an Inferred Resource of 141 koz at 0.49 g/t Au, and the
Tower Gold Project being developed by STLLR 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.
About Onyx Gold
Onyx Gold is an exploration company focused on well-established Canadian mining jurisdictions,
with assets in Timmins, Ontario, and Yukon Territory. Totaling more than 444 km2, 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. The Golden Mile 140 km 2
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.
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 sharehold er 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, NIKLI Communications – [email protected]
Phone: 1-604-283-3341
Email: [email protected]
Website: www.onyxgold.com
LinkedIn: https://www.linkedin.com/company/onyx-gold-corp
Twitter: https://twitter.com/OnyxGoldCorp
Ian Cunningham-Dunlop, P.Eng., Executive Vice President for Onyx Gold Corp . and a qualified
person ("QP") as defined by Canadian National Instrument 43 -101, has reviewed and approved
the technical information contained in this release.
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.
Cautionary and Forward-Looking Statements
This news release includes certain statements and information that may constitute forward -looking information within
the meaning of applicable Canadian securities laws. Forward -looking statements relate to future events or future
performance and reflect the expectations or beliefs of management of the Company regarding future events at the time
of this news release . Generally, but not always, forward -looking statements and information can be identified by the
use of forward -looking terminology such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”,
“potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or r esult “may”, “will”,
“should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. This
information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made
as of the date of this news release and include without limitation, statements regarding discussions of future plans,
estimates and forecasts and statements as to management's expectations and intentions with respect to, among other
things, statements regarding obtaining required regulatory approvals for the Purchase Agreements and the IR
Agreement, the issuance of the Op tions under the IR Agreement, the Company’s future exploration plans; and other
statements that are not historical facts.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially
from results suggested in any forward-looking statements. These risks and uncertainties include, among other things,
delays in obtaining or failure to ob tain required regulatory approvals for the Purchase Agreements and the IR
Agreement, that the Company may not issue the Options, and other risks associated with executing the Company’s
objectives and strategies as well as those risk factors d iscussed in the Company’s continuous disclosure documents
filed under the Company’s SEDAR+ profile at www.sedarplus.ca.
In making the forward looking statements in this news release, the Company has applied several material assumptions,
including without limitation, the assumption that the Company will obtain the required regulatory approvals for the
Purchase Agreements the IR Agreement, that the Company will issue the Options, and that the Company will have the
necessary resources to carry out its exploration plans as anticipated, or at all.
Although management of the Company has attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking statements or forward-looking information, there may be other
factors that cause res ults not to be as anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-
looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
The Company does not undertake to update any forward -looking statement, forward-looking information or financial
outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe
harbor.