Ongold Announces Initiation of Comprehensive Exploration Program at the Monument BAY GOLD and Tungsten Project
ONGOLD RESOURCES LTD.
TSX-V: ONAU / OTCQB: ONGRF
Press Release
For immediate release
ONGOLD ANNOUNCES INITIATION OF COMPREHENSIVE EXPLORATION
PROGRAM AT THE MONUMENT BAY GOLD AND TUNGSTEN PROJECT
Toronto, Ontario, July 7, 2025 – ONGold Resources Ltd. (the “ Company” or “ ONGold”) (TSXV:ONAU)
(OTCQB:ONGRF) is extremely pleased to announce that the Company has initiated summer exploration
activities at its Monument Bay Gold and Tungsten Project (“Monument Bay ”). Summer exploration
activities are focused on both existing resource optimization as well as advanced ground geophysical
Induced Polarization (“IP”) surveying. Field exploration activities will be undertaken from the existing fully
serviced 40-person field base camp. The program is being coordinated closely with Red Sucker Lake First
Nation under an existing framework agreement.
Monument Bay is located in northeastern Manitoba, near the Ontario -Manitoba border, and represents
a district-scale exploration opportunity with significant gold and tungsten mineralization over a 40 km
strike length. Monument Bay is an advanced stage expl oration asset with over 233,000 meters drilled in
more than 800 diamond core holes, while still having substantial exploration upside both within the
known deposits and along underexplored satellite zones. The Company’s most recent technical report
dated May 30, 2025 titled “Technical Report on the Monument Bay Project Manitoba,” which was filed on
the Company’s SEDAR+ profile on June 13, 2025 (the “Technical Report”) references historical estimates
of 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. Please see the “Historical Estimate”
section of this news release below for further information.
The key components of the summer exploration program are:
Diamond Drilling Target Evaluation:
• A 30-line kms ground IP survey will be completed over selective gold -tungsten bearing shoots
along the Monument Bay deposit, following the westerly strike extension of the TLSZ where
historically identified anomalies that were never drill tested, along the Mid -East Zone and along
the 1.4 km st rike length of the AZ/Central Zone were a large IP anomalies was identified by
Noranda between 1989 to 1991 (Figures 1 & 2).
• The modern IP survey will target to a vertical depth of 300 m. Historical surveys by Noranda only
penetrated to vertical depths of around 45m.
• These surveys, in concert with ground field investigations this summer, will allow the Company to
define and prioritize target anomalies for future drill testing.
ONGOLD RESOURCES LTD.
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Figure 1: Monument Bay Location Map
Regional Geology:
• The geological team will conduct an initial phase one field exploration program to evaluate high-
priority targets identified across the property to date . This work will focus on deepening the
geological understanding of the existing gold-tungsten deposit at Monument Bay and the nature
of mineralization and control structures along the Mid-East and the AZ/Central Zones.
• Undertake a fixed -wing Lidar/Orthophotography Survey to assist with regional exploration
targeting and improve the structural understanding and interpretation of gold mineralization
control features that might occur along all known regional deformation zones that transect the
property.
• The Lidar should assist in identifying new targets along these important structures to focus future
field exploration activity and possible drill program. These data can be used to update the
geological map of the property and identify other fault and fold structures across the property.
• The Orthophotography will assist geological team to improve geological mapping efforts in the
future.
ONGOLD RESOURCES LTD.
TSX-V: ONAU / OTCQB: ONGRF
Kyle Stanfield, CEO of ONGold state d, “since acquiring Monument Bay from Agnico Eagle in December
2024, our experienced geology team has been focused on review of the vast existing geological database.
With desktop geological review complete and field operations now underway, we are poised to begin
understanding the tremendous potential for expanding existing identified gold and tungsten resources at
Monument Bay.”
About the Project
The Monument Bay Gold and Tungsten project is located in northeastern Manitoba, near the Ontario -
Manitoba border, and represents a district -scale exploration opportunity with significant gold and
tungsten mineralization over a 40 km strike length. Monument Bay is an advanced stage exploration asset
with over 233,000 metres drilled in more than 800 diamond core holes, while still having substantial
exploration upside both within the known deposits and along underexplored satellite zones.
The Technical Report describes the historical exploration work completed at the Monument Bay Gold
Tungsten project , particularly in the period from 1987 to 2021, including geological mapping and
prospecting, trenching, geochemical sampling, airborne magnetometer and VTEM surveying, local ground
induced polarization and magnetometer surveys, local humus, B-horizon soil and biogeochemical surveys.
A total of 233,410m of diamond drilling has been completed in 818 holes, mostly focused on the
ONGOLD RESOURCES LTD.
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Monument Bay Au-W Deposit. In addition, 120 reverse circulation holes were completed between 2019
and 2021 on a very wide (1.5km X 1.5km) spacing across the property. Collectively, this work has resulted
in multiple gold discoveries, most notably at the Monument Bay Au -W Deposit, Mid -East, AZ Zone and
Gold Ridge areas along important regional deformational/shear structures.
Previous operators have delineated three gold and tungsten mineralized zones at Monument Bay through
diamond drilling, field sampling programs and limited surface stripping: the Monument Bay Au-W Deposit,
the Mid-East Deposit and the AZ Zone. Three types of gold mineralization have been identified within
these zones associated with different gener ations of structures: (1) Quartz -tourmaline + /- pyrite-
arsenopyrite-pyrrhotite veins occur within both D1 and D3 shear zones , which strike easterly and dip
shallow and steeply to the south (2) Smoky quartz +/- pyrite-pyrrhotite-arsenopyrite-chalcopyrite veins
as well occur in steeply south dipping D3 shear zones and typically have higher sulphide content but lower
gold content than quartz-tourmaline veins and (3) quartz-albite-ankerite-scheelite +/-pyrite-arsenopyrite-
sphalerite-chalcopyrite-galena-stibnite are the dominant mineralization type observed in the Monument
Bay, Mid-East and AZ deposits.
Historical Estimate
The Technical Report discloses a historical mineral estimate which identified approximately 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 consists of in-pit resources above a cut off grade
of 0.3 g/t gold. This historical mineral estimate, although compliant with NI 43-101 guidelines at the time
it was prepared, is historical and should not be considered current. A qualified person has not completed
sufficient work to classify this historical estimate as current mineral resources or mineral reserves and
accordingly it should not be relied upon. The author and the Company are not treating the historical
estimate as current mineral resources or mineral reserves. In order to verify the historical estimate, a
qualified person needs to review the historical data, review any work completed at Monument Bay since
the date of the historical estimate and complete a new mine ral resource estimate. The author of the
Technical Report and the Company view this historical estimate as a conceptual indication of the potential
size and grade of the gold-tungsten deposit in the area, and this information is relevant to ongoing
exploration efforts.
New Gold Exploration Targets Identification
The compilation and new interpretive work completed by ONGold in Q1 2025 resulted in the identification
of five (5) 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
Monument Bay deposit; and,
5. Gold Ridge along the Stull-Wunnumin Fault/ Deformation Zone.
ONGOLD RESOURCES LTD.
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The Company is focused on exploring target areas that have the best opportunity to provide gold resource
expansion opportunities. ONGold has flagged 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.
An integrated, multi -disciplinary exploration program in two phases is recommended to advance
Monument Bay. A phase one exploration program would include a compilation of known geology data
and re-interpretation based on known geophysics, new, modern IP surveys over the western extension of
the Monument Bay Au-W deposit, the AZ Zone and the Mid-East Zone, followed up by geological mapping
and prospecting of any new targets and known, historical gold showings, the completion of an airborne
Lidar survey, conducting optical televiewer surveys on selected historical drill holes , complete an
expanded audit of the diamond drill hole database and initiate additional assaying of stored pulps for
tungsten.
The cost for all the above proposed work is budgeted at $2,855,600, which includes a contingency
allowance of 10%.
Contingent upon the results of phase one, a phase two exploration program would include diamond core
drilling to test the best exploration targets and any possible resource expansion opportunities. Additional
geophysics, geochemistry and/or surface sampling may also be appropriate.
The scientific and technical content of this press release has been reviewed and approved by Rodney
Barber, P. Geo. for ONGold, who is a " Qualified Person " as defined by NI 43 -101. Mr. Barber is the
President of ONGold and is not considered independent . Ongoing verification of scientific and technical
information is achieved by direct involvement in the exploration work.
About ONGold Resources Ltd.
ONGold Resources Ltd. owns significant exploration assets in Northern Ontario and Northern Manitoba,
including the district-scale Monument Bay Gold and 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.
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]
ONGOLD RESOURCES LTD.
TSX-V: ONAU / OTCQB: ONGRF
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.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward -looking statements and forward -looking information (collectively,
“forward-looking statements”) within the meaning of applicable Canadian securities legislation. These
statements relate to matters that identify future eve nts or future performance. Often, but not always,
forward looking information can be identified by words such as “could”, “pro forma”, “plans”, “expects”,
“may”, “will”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”,
“believes”, “potential” or variations of such words including negative variations thereof, and phrases that
refer to certain actions, events or results that may, could, would, might or will occur or be taken or
achieved.
The forward-looking statements contained herein include, but are not limited to, statements regarding:
the performance of the Monument Bay project, the Company’s plans relating to the Monument Bay
project, and results of the Company’s mineral exploration activities on the Monument Bay p roject
(including, without limitation, its mineral resources, current claims and its ability to utilize global gold
needs); and the performance of gold as a commodity, including the sustained gold demand and prices.
In making the forward looking statements in this news release, ONGold has applied several material
assumptions, including without limitation: market fundamentals that result in sustained gold demand and
prices; the receipt of any necessary permits, licenses and regulatory approvals in connection with the
future development of Monument Bay in a timely manner; the availability of financing on suitable terms
for the development; construction and continued operation of Monument Bay; Monument Bay containing
mineral resources; the Company’s ability to conduct an initial phase one field exploration program; the
Company’s ability to execute on its plans relating to the Monument Bay project; and the Company’s ability
to comply with all applicable regulations and laws, including environmental, health and safety laws.
Investors are cautioned that forward -looking statements are not based on historical facts but instead
reflect the Company’s management’s expectations, estimates or projections concerning future results or
events based on the opinions, assumptions and estimates of managements considered reasonable at the
date the statements are made. Although the Company believes that the expectations reflected in such
forward- looking statements are reasonable, such information involves risks and uncertainties, and under
reliance should not be placed on such information, as unknown or unpredictable factors could have
material adverse effects on future results, performance or achievements expressed or implied by the
Company. Among the key risk factors that could cause actual results to differ materially from those
projected in the forward - looking statements are the following: operating and technical difficulties in
connection with mineral exploration and development and mine development activities at Monument Bay;
ONGOLD RESOURCES LTD.
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estimation or realization of mineral reserves and mineral resources, requirements for additional capital;
future prices of precious metals and gold; changes in general economic, business and political conditions,
including changes in the financial markets and in the demand and market price for commodities; possible
variations in ore grade or recovery rates; possible failures of plants, equipment or processes to operate as
anticipated; accidents, labour disputes and other risks of the mining industry; delays or the inability of
OnGold to obtain any necessary approvals, permits, consents or authorizations, financing or other planned
activities; changes in laws, regulations and policies affecting mining operations; currency fluctuations, title
disputes or claims limitations on insurance coverage and the timing and possible outcome of pending
litigation, environmental issues and liabilities; risks relating to epidemics or pandemics such as COVID-19,
including the impact of COVID -19 on ONGold’s business; as well a s those factors discussed under the
heading “Risk Factors” in the Company’s latest Management Discussion and Analysis and other filings of
ONGold filed with the Canadian securities authorities, copies of which can be found under the Company’s
profile on SEDAR+ at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialized, or should assumptions underlying the
forward-looking statements prove incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, es timated or expected. Although the Company has
attempted to identify important risks, uncertainties and factors which could cause actual results to differ
materially, there may be others that cause results not to be as anticipated, estimated or intended. ONGold
does not intend, and does not assume any obligation, to update this forward -looking information except
as otherwise required by applicable law.