ONGold Announces Updated Mineral Resource Estimate for the Monument Bay Gold Project, Manitoba
ONGold Announces Updated Mineral Resource
Estimate for the Monument Bay Gold Project,
Manitoba
Toronto, Ontario--(Newsfile Corp. - September 14, 2026) - ONGold Resources Ltd. (TSXV: ONAU)
(OTCQB: ONGRF) (the "
Company
" or "
ONGold
") announces an updated Mineral Resource Estimate
("
MRE
") for the Monument Bay Gold Project in northeastern Manitoba (Figure 1), effective July 31, 2026.
The 2026 MRE was prepared by SRK Consulting (Canada) Inc. ("
SRK
") in accordance with the CIM
Definition Standards for Mineral Resources and Mineral Reserves adopted by the Canadian Institute of
Mining, Metallurgy and Petroleum ("
CIM Definition Standards
") and National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("
NI 43-101
").
Highlights:
Open-pit constrained Measured and Indicated Mineral Resources: 74.39 million tonnes at 0.84 g/t
Au containing 2.0 million ounces of gold (Table 1)
Open-pit constrained Inferred Mineral Resources: 24.46 million tonnes at 0.62 g/t Au containing
0.49 million ounces of gold (Table 1).
The Mineral Resources are constrained within a conceptual pit shell and reported above a 0.20 g/t
Au cut-off grade, using a gold price of US$3,000, recovery and other assumptions summarized in
the notes to Table 1, to demonstrate reasonable prospects of eventual economic extraction.
Approximately 80% of the contained gold in the 2026 MRE is classified as Measured and
Indicated.
The updated MRE incorporates revised geological and mineralization modelling, structural
interpretation, core re-logging and additional assay information.
The MRE incorporates 833 historical diamond drill holes totaling approximately 237,021 metres
across the 4.2-kilometre Twin Lakes Shear Zone ("
TLSZ
").
Additional mineralized areas have been identified within, below and beyond the current pit shell for
follow-up drilling.
SRK has proposed an initial Phase I diamond drilling program of approximately 20 holes totaling
11,150 metres to test the continuity and extent of higher-grade gold domains in the central and
eastern portions of the deposit, including areas below and beyond the current conceptual open-pit
shell.
While tungsten was not included in the 2026 MRE, ONGold's recent re-logging, infill sampling and
pulp re-analysis program substantially improved the tungsten database and supports further
evaluation of tungsten distribution, geological controls and its association with higher-grade gold
mineralization.
Table 1: Mineral Resource Statement for the Monument Bay Project, Manitoba, SRK
Consulting (Canada) Inc., effective July 31, 2026*
Class
Tonnage (kt)
Au (g/t)
Au (koz)
Measured
18,859
1.00
606
Indicated
55,531
0.79
1,403
Measured and Indicated
74,390
0.84
2,009
Inferred
24,456
0.62
491
*Notes: (1) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. (2) Open-pit Mineral Resources are
reported within a conceptual pit shell above a 0.20 g/t Au cut-off grade. The conceptual pit shell and cut-off grade use a gold price of US$3,000
per ounce and a variable gold recovery ranging from 88.5% to 94.5%, based on gold grade. (3) Tonnages and grades have been rounded to
reflect the relative accuracy of the estimate; totals may not add due to rounding. (4) The effective date of the MRE is July 31, 2026.
Figure 1: Map Showing the Location of ONGOLD Projects including the Monument Bay
Project, Manitoba
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10770/313830_7cf716cda4bb7a77_001full.jpg
SRK is completing the NI 43-101 technical report supporting the 2026 MRE, which the Company will file
under its issuer profile on SEDAR+ within the period prescribed by NI 43-101.
ONGold does not
consider any pre-existing historical Mineral Resource Estimates as current.
The MRE is not directly
comparable with historical estimates previously prepared for the Monument Bay Project because it uses
different geological interpretations, mineralization domains, estimation and classification
methodologies, and economic assumptions. This MRE incorporates ONGold's updated geological and
structural interpretation, core re-logging and additional assay information, together with SRK's
geological and mineralization models and estimation methodology constrained within a conceptual
open-pit shell.
Kyle Stanfield, Chief Executive Officer and a director of ONGold, commented: "The completion of a
mineral resource estimate prepared in accordance with NI 43-101 for the Monument Bay gold deposit is
a very important milestone for ONGold. With a 2.0-million-ounce gold resource classified as Measured
and Indicated representing 80% of the contained ounces, and approximately 0.5 million ounces of gold
classified as Inferred Mineral Resources, the 2026 MRE establishes a substantial open-pit-constrained
gold resource. The updated geological interpretation has greatly improved our understanding of the
structural controls on mineralization and identified priority areas for additional resource drilling as the
deposit remains open at depth.
We are encouraged by the opportunity to test mineralization at depth
particularly along the eastern portion of the deposit where gold grades from historical drilling are
demonstrably higher. While the new resource estimate does not include tungsten, the updated gold block
model will support a more targeted evaluation of the association between gold and tungsten as part of
additional technical studies underway.
We are grateful for the continued very strong support from both
the local First Nations communities as well as the Government of Manitoba as we continue to advance
the Monument Bay gold deposit in 2027 and beyond."
Updated Geological Model
ONGold completed a comprehensive geological reinterpretation of the Monument Bay deposit and SRK
developed lithology and mineralization models (Figure 2). The work incorporated a revised geological
and structural interpretation, historical drill-hole data, core re-logging and additional assay information.
The new lithological model simplifies the geological coding into the principal intrusive, volcanic,
sedimentary and overburden units. The I2 felsic porphyry dyke/sill is a principal geological unit
associated with gold mineralization throughout the deposit. Leapfrog Geo
©
software was used to
develop the three-dimensional geological model using available logged geology, including ONGold's re-
logging data where available.
Gold Mineralization Model
SRK's gold mineralization model consists of two principal volume components: a number of high-grade
mineralization volumes defined using a minimum domain using a grade threshold of 1.0 g/t Au together
with geological and structural criteria and a relatively low-grade mineralization grade volume domain
defined using a grade threshold of 0.30 g/t Au and (Figure 3).
The high-grade model integrates grade with geological characteristics including silicification, host-
rock controls, stockwork, breccia and vein development, and sericitization.
SRK interpreted several structural controls on higher-grade mineralization, including mineralized
zones associated with the I2 dyke and I2-volcanic contacts and structures related to D3
deformation and shearing.
The low-grade mineralization model recognizes multiple grade populations outside the high-grade
zones and is not solely constrained within the I2 felsic intrusive unit. The threshold value was
selected based on a statistical evaluation of gold assays outside the high-grade structures and
was guided by ONGold's interpretation of re-logged drill sections.
The remaining I2 intrusive and volcanic volume outside the modelled high-grade structures and
0.30 g/t grade volume was treated as a separate domain during grade estimation.
Figure 2: Monument Bay Deposit - Updated Lithological Model (SRK, 2026)
To view an enhanced version of this graphic, please visit:
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Figure 3: Monument Bay Deposit - Gold Mineralization Model (SRK, 2026)
To view an enhanced version of this graphic, please visit:
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Mineral Resource Estimation and Classification
The exploration database was compiled and maintained by ONGold and was audited by SRK. The
geological model, the gold mineralization wireframes, and the MRE were constructed for Monument Bay
by SRK from a geological interpretation developed in collaboration with ONGold. The Mineral Resource
estimation process included data verification, statistical and geostatistical analysis, variography, grade
estimation and classification in accordance with the CIM Definition Standards for Mineral Resources
and Mineral Reserves (May 2014).
Mineral Resource estimation was completed in Leapfrog Geo© software. A total of 32 estimation
domains were defined based on the mineralization model: the high-grade vein structures (domains 901
to 930), the 0.30 g/t grade volume (domain 100) and rest of the modelled volume outside 0.30 g/t grade
volume (domain 200).
Assays were composited to a length of 1.0 m while respecting estimation domain
boundaries. The composited data was reviewed to identify any potential outliers and assess the need to
cap the data. Capping values were applied to some estimation domains: 30 g/t for domain 100,
between 8 g/t and 55 g/t for high-grade structures, and 10 g/t for domain 200. Variogram models were
generated to evaluate the spatial continuity of gold grades within selected domains. Gold grades were
estimated into the block model, with parent block size of 10 x 5x10 meters, using Ordinary Kriging (OK)
and Inverse Distance (ID) to the power of three. The general estimation strategy involves up to three
estimation passes with progressively relaxed search ellipsoids and data requirements.
Mineral Resource classification criteria included drill-hole spacing, data quality and QA/QC, geological
and grade continuity, estimation confidence and the QP's professional judgment. The following drill-hole
spacing criteria generally supported, but did not solely determine, classification:
Measured: Up to 30 m of drillhole spacing. Areas with confidence in geological model, within
modelled I2 intrusive and volcanics, were only considered for Measured class.
Indicated: Up to 50 m of drillhole spacing within modelled I2 intrusive and volcanics.
Inferred: Up to 100 m of drillhole spacing within modelled I2 intrusive and volcanics.
Reasonable Prospects of Economic Extraction
The gold mineralization in the Monument Bay Project is considered to be primarily amenable to open pit
extraction. To determine the quantities of material offering "reasonable prospects for economic
extraction" by an open pit, SRK used a pit optimizer and reasonable mining assumptions to evaluate the
proportions of the block model that could be "reasonably expected" to be extracted from an open pit.
Tungsten: An Under-Evaluated Critical Mineral Opportunity
Tungsten was not included in the 2026 MRE. ONGold believes tungsten represents an important
additional exploration opportunity at Monument Bay because tungsten occurs within the broader
hydrothermal system associated with gold mineralization and has historically been under-evaluated
across portions of the drill database.
Tungsten occurs primarily as scheelite associated with quartz and quartz-albite veining, fractures and
stockwork vein systems and has been observed across multiple host lithologies. Recent geological and
assay work indicates that higher-grade tungsten can occur in association with higher-grade gold
mineralization domains in portions of the deposit.
ONGold's 2025-2026 re-logging, infill sampling and pulp re-analysis program added approximately
13,900 tungsten assays to the Monument Bay database, materially improving the Company's
understanding of tungsten distribution across the approximately 4.2-kilometre deposit. The program was
designed primarily to obtain tungsten analyses from historical samples that had previously been assayed
for gold but had not been systematically analyzed for tungsten.
Recent results include coincident gold and tungsten mineralization in several of the principal gold-
mineralized shoots associated with high-grade gold domains; as illustrated by the examples presented
in Table 2.
With the updated gold block model now available, ONGold can conduct a targeted "gap analysis" of
higher-grade gold domains to identify historical drill holes with missing tungsten assays. Future work will
focus on higher-grade gold-tungsten intercepts and on improving the understanding of the structural
controls and distribution of the associated metals. This work, together with additional structural studies of
historical and new drill core, is intended to determine whether sufficient continuity can be established to
support future tungsten domain modelling and resource evaluation.
Table 2: Examples of New Tungsten Assays from Historical Samples within High-Grade Gold
Domains (>1.0 g/t Au)
Shoot
Hole
Sample No.
From (m)
To (m)
Interval (m)
Au (g/t)
W (ppm)
Lake
TL-11-377
843533
222.00
223.00
1.00
2.81
744
TL-20-714
A0770622
131.90
132.45
0.55
5.14
4,590
TL-20-714
A0770629
137.60
138.00
0.40
1.82
5,480
TL-20-714
A0769558
143.50
144.00
0.50
1.79
560
Camp
TL-20-703
A0769561
144.90
145.55
0.65
22.30
2,700
TL-20-703
A0769566
147.00
147.30
0.30
9.55
4,530
TL-20-703
A0769570
147.80
148.30
0.50
7.09
569
TL-20-703
A0769548
136.00
136.70
0.70
1.82
1,260
TL-20-703
A0769559
144.00
144.45
0.45
3.02
1,050
TL-20-703
A0769568
147.30
147.80
0.50
2.76
1,110
TL-20-703
A0769571
148.30
148.77
0.47
4.60
3,650
TL-20-703
A0769572
148.77
149.07
0.30
2.83
6,350
TL-03-143
A563508
146.80
147.40
0.60
1.78
509
TL-03-132
318116
107.00
108.00
1.00
1.09
704
Simmons West
TL-20-708
A0769946
41.56
41.88
0.32
9.09
1,800
TL-20-708
A0769948
41.88
42.42
0.54
4.09
6,270
TL-20-708
A0769560
144.45
144.90
0.45
5.19
3,150
TL-11-419
1011799
89.00
90.00
1.00
2.82
1,410
Notes: All reported intervals are downhole core lengths. True widths are unknown at this time and will be refined with additional
structural modeling.
Historical metallurgical testing conducted in 2015 by Thibault & Associates Inc. indicated that the
Monument Bay gold-tungsten samples tested were amenable to flotation, as summarized in the technical
report on the Monument Bay Project dated May 30, 2025 (Barber, 2025). The historical testing was
preliminary in nature and may not be representative of mineralization across the deposit.
Tungsten is designated by the Government of Canada as a critical mineral, with applications including
defense, advanced manufacturing and other strategic industries.
Potential Resource Expansion or Conversion and Future Exploration
SRK has proposed an initial Phase I diamond drilling program consisting of approximately 20 holes
totaling 11,150 metres to test the continuity and extent of higher-grade gold domains in the central and
eastern parts of the deposit, including areas below and beyond the current conceptual open-pit shell.
Some of the high-grade domains fall outside of the open pit shell and could form the basis of a future pit
expansion at depth.
ONGold will review this proposed drill program and other drill targets within the
deposit to prepare a final drill program to advance the Monument Bay gold deposit.
ONGold generated an updated longitudinal section illustrating the revised geological interpretation of the
principal gold-mineralized shoots along the approximately 4.2-kilometre strike length of the deposit
(Figure 4). The interpretation identifies areas where historical drilling density is relatively limited and
which may warrant additional exploration drilling as depicted on the longitudinal section by red stars,
which depict examples of drill targets generated by ONGold, and blue stars, which depict the targeted
intercepts of drill holes proposed by SRK.
The section illustrates selected 10-metre drill-hole gold composites projected onto the longitudinal
section and the geological framework by ONGold; the line of section (A-B) represents an east-west
plane dipping 63 degrees to the north.
The figure is intended to illustrate the current geological
interpretation and exploration targets and should not be interpreted as representing a Mineral Resource
Estimate or predicting the results of future resource estimation.
Principal Exploration Observations
Six principal east-plunging mineralized shoots have been interpreted along the deposit, including
the Simmons Shoot West, Simmons Shoot, River Shoot, Camp Shoot, Lake Shoot West and Lake
Shoot (Figure 4).
Significant portions of the deposit remain largely untested by drilling below approximately 300
metres vertical depth from surface (Figure 4).
The eastern extension of the deposit remains relatively sparsely tested by historical drilling
(Figure
4)
Areas of relatively sparse drilling along strike, down plunge and at depth provide targets for future
drilling to further evaluate the continuity and extent of mineralization (Figure 4).
Gold mineralization has been interpreted to extend to surface in portions of the Simmons Shoot,
Camp Shoot and Lake Shoot West (Figure 4).
Figure 4: Longitudinal Section with Potential Drill Targets (ONGold, 2026)
To view an enhanced version of this graphic, please visit:
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Selected Historical Drill Result
In the eastern portion of the deposit, historical drill hole TL16-575 returned 6.15 g/t Au over a core length
of 132.0 metres (151.00 to 283.00), including 163.92 g/t Au over 2.75 metres (171.25 to 174.00) as
previously disclosed in the Company's news release dated March 2, 2026 (Figure 5). These reported
intervals are core lengths and true widths have not been determined. This historical result is one of the
drill intersections supporting the geological interpretation of the eastern portion of the deposit. SRK has
proposed that approximately half of its recommended initial drilling program be directed to the eastern
portion of the deposit, where historical drilling has identified higher-grade gold mineralization.
Additional
drilling is also being considered by ONGold to further evaluate the continuity and extent of gold
mineralization.
Figure 5: Drill Section 506350E - Lake Shoot, Eastern Monument Bay Deposit (ONGold, 2026)