ONGold Resources Ltd. has released an updated Mineral Resource Estimate for the Monument Bay project in northeastern Manitoba, replacing previous historical estimates with an open-pit-constrained model containing 2.0 million ounces of gold in the Measured and Indicated categories.

The effective July 31, 2026, estimate, prepared by SRK Consulting (Canada) Inc., totals 74.39 million tonnes at an average grade of 0.84 g/t Au for the Measured and Indicated classes. An additional 24.46 million tonnes grading 0.62 g/t Au containing 0.49 million ounces of gold have been classified as Inferred.

The figures revise the company's previously disclosed position from the project's earlier technical report, which referenced historical Measured and Indicated resources of 58.0 million tonnes at 1.24 g/t Au containing 2.3 million ounces. The updated resource was constrained within a conceptual pit shell using a gold price of US$3,000 per ounce and a cut-off grade of 0.20 g/t Au. Approximately 80% of the contained gold in the new estimate is classified in the Measured and Indicated categories.

The updated estimate incorporates revised geological modelling, structural interpretation, core re-logging, and additional assay information across 833 historical diamond drill holes totaling approximately 237,021 metres along the Twin Lakes Shear Zone.

“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.”

— Kyle Stanfield, Chief Executive Officer and a director of ONGold

SRK Consulting has proposed an initial Phase I diamond drilling program of approximately 20 holes totaling 11,150 metres to test higher-grade gold domains in the central and eastern portions of the deposit. ONGold will review the proposal to prepare a final drill program, while SRK completes the NI 43-101 technical report for filing on SEDAR+.

Read the full announcement: ONGold Announces Updated Mineral Resource Estimate for the Monument Bay Gold Project, Manitoba