Ongold Identifies Five New High-Priority GOLD Exploration Targets at Monument BAY and Announces Grant of Restricted Share Units
ONGOLD RESOURCES LTD.
TSX-V: ONAU / OTCQB: ONGRF
Press Release
For immediate release
ONGOLD IDENTIFIES FIVE NEW HIGH-PRIORITY
GOLD EXPLORATION TARGETS AT MONUMENT BAY AND
ANNOUNCES GRANT OF RESTRICTED SHARE UNITS
Toronto, Ontario, March 3, 2025 – ONGold Resources Ltd. (the “Company” or “ONGold”) (TSXV:ONAU)
(OTCQB:ONGRF) is pleased to provide an update on exploration targets at the Monument Bay Gold
project, located in northeastern Manitoba (“Monument Bay”) recently acquired from Agnico Eagle Mines
Limited (“Agnico Eagle”). Monument bay is 100% owned by ONGold and is comprised of 136 mining
claims covering 31,250 ha, is in the Stull Lake Greenstone Belt in Northeastern Manitoba (Figure 1). This
claim group is contiguous to ONGold’s Rapson Bay Gold proje ct located in Northwestern Ontario . The
Company has identified 5 high priority zones targeting gold mineralization to be the focus of 2025 on the
ground exploration efforts. Additionally, the Company’s board of directors authorized and approved the
grant of restricted share units (“RSUs”) to the Chief Executive Officer of the Company, effective February
28, 2025.
As announced on December 23, 2024, the Company purchased 100% of the interests in both the
Monument Bay project and the Domain Project (the “ Acquisition”). Since the Acquisition, the Company
has initiated a comprehensive geological data review , and begun preparations for the resumption of
exploration activities at the property in 2025. As announced on February 26, 2025, the Company has been
invited to resume exploration at Monument Bay by the local Red Sucker Lake First Nation (“RSLFN”) in
parallel with community engagement according to the RSLFN consultation protocol. Monument Bay has
not seen on the ground exploration activities since the last drilling program completed in April 2021 by
Yamana Gold Ontario Inc ., a wholly owned subsidiary of Agnico Eagle (“Yamana”). As part of the
Acquisition, the Company also acquired an expansive fully serviced 40-person field base camp which the
Company plans to run all future exploration programs from. Both newly identified as well as historical
exploration targets require field investigations using modern techniques to unlock the full potential value
at Monument Bay.
Kyle Stanfield CEO and Director of ONGold commented: “The recently completed geological compilation
was undertaken using modern techniques applied to the expansive Monument Bay geological databases.
As a result of this comprehensive review, w e are excited to unveil five new high -priority exploration
targets at Monument Bay. These zones represent significant potential for expanding our gold resource,
and our integrated approach - leveraging modern exploration techniques coordinated with Red Sucker
Lake First Nation - positions us well to unlock new value in 2025.”
Monument Bay has had numerous mineral resources estimates completed by various Qualified Persons
on behalf of various operators, which are no longer current under National Instrument 43-101 – Standards
ONGOLD RESOURCES LTD.
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of Disclosure for Mineral Projects (“NI 43-101”). The most recent unpublished NI 43-101 Technical Report
(2017) (the “Historical Report”) for the Monument Bay Deposit (formally the Twin Lakes Deposit) (the
“MB Deposit”) identified 2.3 million gold ounces (58.0 million tonnes at an average grade of 1.24 g/t) in
the “Measured” and “Indicated” Mineral Resources categories, and 720,000 gold ounces (24.4 million
tonnes at an average grade of 0.92 g/t) in the “Inferred” Mineral Resources category. This includes both
in-pit and underground (“UG”) resources with cut off grades of 0.3 g/t gold and 4.0 g/t gold, respectively.
New Gold Exploration Targets Identification
The compilation and new interpretive work have resulted in the identification of five (5) new target areas,
detailed below, for field exploration investigations with the goal of defining new targets for drilling. These
zones are denoted and prioritized as follows:
1. Ankerite/Gold Pond Area along the Twin Lakes Shear Zone (“TLSZ”);
2. AZ Zone (Easterly and Westerly strike extensions);
3. Newly discovered Central Zone;
4. Monument Bay Deposit West Extension, also located along the TLSZ immediately west of the MB
Deposit; and,
5. Gold Ridge along the Stull-Wunnummin Fault/Deformation Zone.
The company is focused on exploring target areas that have the best opportunity to provide gold resource
expansion opportunities. ONGold currently believes that the (1) Ankerite/Gold Pond area, (2) the AZ
Zone/Central Zone area, and (3) Monument Bay Deposit West Extension are the “highest priority” areas
having the highest potential to discover new gold resources.
Eighteen (18) conductive, potential sulphidic zone, targets for gold mineralization have also been
identified from airborne magnetic survey data where interpreted north -northwest trending faults
intersect easternly trending iron formations (Musselwhite analog).
Two (2) standalone high conductance zones, possible base metal targets have been identified with what
appears to be iron formation units identified from historical airborne magnetic survey data.
A detailed analysis of the 2015 VTEM airborne survey was completed resulting in the identification and
prioritization of eight (8) strong conductor targets warranting field investigation this summer. The best
gold exploration targets will then be considered for a follow-up ground-based Fixed-Loop Electromagnetic
(“EM”) and Magnetic surveying if required.
ONGOLD RESOURCES LTD.
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Figure 1: Monument Bay Location Map
Advanced Stage Exploration Targets
Based on the Historical Report, Monument Bay is an advanced stage gold exploration asset with more
than 800 (+232,000 m) diamond and RC drill holes, numerous historical ground and airborne geophysical
surveys, expansive geochemical surveys (soil, humus, rock, biogeochemistry, till), geological mapping and
prospecting and some isolated trenches/channel sampling programs. The recently completed
comprehensive geological compilation has identified a range of new, highly prospective exploration
targets as well as opportunities for resource expansion (Figure 2).
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The Ankerite/Gold Pond Area has limited historical field work and has never been drill -tested over the
5.0 km strike length of the TLSZ to the Ontario provincial boundary. It lies along the easterly strike
extension of the TLSZ which hosts the MB Deposit and Mid-East Au-W deposit located approximately 7
km and 4.5 km to the West, respectively. This area is underlain by the same metasedimentary and
intermediate to mafic volcanic rock package lying just to the south of the same iron formation unit as the
MB Deposit in a geological se tting analogous to the MB Au -W deposit. A 1991 Noranda Exploration
ground IP survey identified multiple (6 plus) anomalies coinciding with the TLSZ and soil B -Horizon soils
have returned assays up to 883 ppb gold at one location along the structure in association with a strong
resistivity IP anomaly. Gold mineralization at the MB Deposit occurs in association with IP Resistivity and
sporadic chargeability anomalies, proving IP is a useful tool to further explore the TLSZ and other target
areas across the property. This structure has strong potential to locate another significant g old deposit
along its strike length. An updated IP survey, a field mapping/prospecting and sampling program and
follow-up trenching and channel sampling program is planned to further unlock the potential of this target
area and define drill targets this summer.
The AZ Zone, including its eastern and western extensions, is a gold showing located approximately 800
m south of the MB Deposit and is hosted in metasedimentary rocks (including conglomerates) and has
previously returned surface rock gold grab assays of 12.97 g/t Au and 10.30 g/t Au. It was previously
tested in 2002 (Bema Gold Corp.), 2006 (Rolling Rock Resources) and finally in 2012 (Mega Precious
Metals) by nine (9) shallow diamond drill holes but over a strike length of just 180 m. The best assay was
4.78 g/t Au over a core length of 0.8 m intersected by hole TL-02-96. Historical IP interpretations indicate
that this gold-bearing structure is continuous for at least another 1,100 km East and remains open to the
West for at least another 1,200 m. A large resistivity/chargeability anomaly can be traced east of the fault
for a strike length of 1,000 m. This is a high-priority exploration target this year given that the area remains
largely unexplored and due to its proximity to ONGold’s exploration field camp. A new modern IP survey
as well as ground geological mapping and sampling program are planned for this field season, and the
historical drill core will also be reviewed.
The Monument Bay Deposit West Extension lies along the TLSZ immediately west of the MB Deposit for
a strike length of 2,670 m to the northwest trending regional diabase dyke and remains underexplored by
previous operations. The area has been poorly sampled even by soils/humus programs with limited drill
testing. Many IP anomalies remain untested along this structure. Field work will be focused on searching
for surface signs of mineralization and conducting a new IP survey program this summer.
The Central Zone, a new possible target structure identified by historical IP survey data resides 120 m
north of the AZ Zone and can be defined by a strong resistivity high (at least 530 m in length) associated
with the same chargeability anomaly as the AZ Zone west of th e northeast trending fault zone. This
apparent structure has an east -westerly strike length of 1.5 kms and is hosted within the same
metasedimentary rock unit as the AZ Zone. No apparent field work has been completed over this
structure, it has never been drill tested and is again located in close proximity to the Company’s field camp
ONGOLD RESOURCES LTD.
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facility. The AZ and Central Zones can be targeted by the same new IP survey this summer with trenching
and prospecting also under consideration for this field season.
Mineralization at Gold Ridge is described as multiple quartz -tourmaline veins associated with a rusty
sheared contact between metasedimentary and mafic volcanic rocks and outcrops along the southern
shore of Monument Bay. The showing is hosted within the Stull -Wunnummin Shear Zone (deformation)
zone, which is around 430 m wide and can be trace across to the western property boundary for another
18.4 km. Previous operators have traced mineralization for a strike length of 1.5 km with grab samples
assaying up to 6.4 g/t Au and a channel sample returning 1.24 g/t Au over a sample length of 2.03m. The
zone was tested by one drill hole in 2005, 2.4 km west of the main showing, which found quartz-scheelite
veins with assays up to 0.28 g/t gold over 1.0m. However, the main showing has not been drill tested.
It is possible that North-Northwest trending features identified in the historical aeromagnetic survey data
might control the high -grade gold mineralization in the MB Deposit. These features, interpreted to be
faults cut across iron formations throughout the property where a decrease in magnetic intensity suggests
magnetite-destructive alteration (sulphidization) may be present (18 Targets discussed above). Similar
magnetic signatures are characteristic of iron formation hosted gold deposits such as the M usselwhite
Mine in Northern Ontario operated by Newmont Corporation. In addition, recently analyzed airborne
electromagnetic (EM) surveys found several zones of high conductivity. These represent standalone
targets, which may be prospective for critical metals. Again, these targets are untested by drilling. These
sets of data are based on this Historical Report.
Technical Information
The scientific and technical content of this news release has been reviewed and approved by Paul Dunbar,
P. Geo. for ONGold, who is a “Qualified Person” as defined by NI 43 -101. Mr. Dunbar is geological
consultant to ONGold and is not considered independent.
All technical data contained in this press release related to Monument Bay is considered historical in
nature. Please see the disclaimer in the section of this news release titled “Historic Mineral Resource
Estimate” for further details.
Historic Mineral Resource Estimate
The historical mineral resource estimate for the MB Deposit is derived from the Historical Report, an
unpublished report prepared for Yamana by WSP dated July 2017. The resource estimate was calculated
using cut-off grades of 0.3 grams per tonne (g/t) gold for open-pit resources. The 2015 pit shell was used
to constrain the resource. The Mid-East and AZ Zones are not included in this estimate. This resource only
considers open-pit resources and is pit-constrained. Subsequent resource modelling has indicated there
is a high degree of variability in tonnage, metal grades, and contained metal as a result of different
estimation methodologies and geological models.
ONGOLD RESOURCES LTD.
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This estimate, prepared prior to the Acquisition, is considered historical in nature. It is no longer current
and should not be relied upon. The 2015 pit shell used to constrain the resource is outdated and would
need to be updated to reflect current economic conditions and technical parameters. A quali fied person
has not done sufficient work to classify the historical estimates in this news release as current mineral
resources or mineral reserves, and ONGold is not treating the historical estimates as current mineral
resources or current mineral reserves. ONGold does not have any more recent estimates or data available
with respect to these historical estimates and has not conducted sufficient work to establish the relevance
and reliability of the historical resource estimates.
To verify and update this historical estimate to current NI 43 -101 standards, additional work is required.
This includes further drilling, a review of the geological model, and validation of previous findings under
the oversight of a qualified person. Unti l such work is completed, investors are cautioned that the
historical estimate does not meet current NI 43 -101 standards, and any economic analysis or decisions
based on this estimate should be avoided.
RESTRICTED SHARE UNITS GRANT
The Company has issued a total of 65,664 restricted share units (“RSUs”) under its omnibus equity
incentive plan (the “Plan”) . The RSUs will vest over a period of one year from the date they are issued.
Upon vesting, each RSU grants the holder the right to receive one common share in the capital of the
Company, or at the discretion of the Company’s board of directors pursuant to the Plan may be settled in
cash.
ONGOLD RESOURCES LTD.
TSX-V: ONAU / OTCQB: ONGRF
About ONGold Resources Ltd.
ONGold Resources Ltd. owns significant exploration assets in Northern Ontario, including the district-scale
Monument Bay Gold-Tungsten Project, TPK Project, Domain Gold Project and October Gold Project. These
projects represent a strategic footprint in one of Canada’s most prolific gold-producing regions.
With its extensive technical expertise, strong commitment to social acceptability, mindful Indigenous
engagement and partnerships, in addition to a proven track record of responsible exploration, ONGold’s
team is uniquely positioned to unlock the full potential of its portfolio of projects.
ONGold Resources Ltd. on behalf of the Board of Directors
Kyle Stanfield, Chief Executive Officer & Director
Contact Information
Kyle Stanfield
Chief Executive Officer
Telephone: 1 (855) 525-0992
Email: [email protected]
Neither the 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 news
release.
All figures are in Canadian dollars unless otherwise noted.
Cautionary Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of the applicable Canadian
securities legislation that is based on expectations, estimates, projections and interpretations as at the
date of this news release. The information in this news release about the plans at the Monument Bay
project; exploration plans; the Company’s potential to expand gold resources at Monument Bay;
Ankerite/Gold Pond area, the AZ Zone/Central Zone area, and Monument Bay Deposit West Extension
being the Company’s the “highest priority” having the highest potential to discover new gold resources ;
plans to complete an updated IP survey, a field mapping/prospecting and sampling program and follow -
up trenching and channel sampling program for the Ankerite/Gold Pond Area; statements about field work
on the various properties; the AZ Zone being a high-priority exploration target this yea r; and any other
information herein that is not a historical fact may be “forward-looking information”. Any statement that
involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections,
objectives, assumptions, f uture events or performance (often but not always using phrases such as
“expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does
not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “b elieves” or “intends” or
variations of such words and phrases or stating that certain actions, events or results “may” or “could”,
“would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may
be forward- looking information and are intended to identify forward -looking information. This forward-
looking information is based on reasonable assumptions and estimates of management of the Company,
and at the time it was made, involves known and unknown risks, uncertain ties and other factors which