Ongold signs agreement, starts TPK gold exploration

Executive Summary

• Ongold Resources Ltd. has signed a collaboration agreement with Nibinamik First Nation, enabling the initiation of an eight‑hole, 2,400 m diamond drilling program at the Ti‑pi‑ha‑kaa‑ning (TPK) Gold Ridge system.
• The drill program is expected to conclude in the latter half of September and aims to build on 2012 results while testing new grassroots targets identified by till sampling, boulder assays, and geophysical anomalies.
• Prior historic work highlights high‑grade intercepts (e.g., up to 4.62 g/t Au over 5.5 m; 13.40 g/t Au over 1.9 m) and a notable boulder assay of 727 g/t Au, indicating strong exploration potential.

Key Details

• Collaboration Agreement: Formal agreement with Nibinamik First Nation; includes issuance of $150,000 of Ongold common shares pending TSX‑V approval.
• Drilling Program:
• Eight holes, total depth ≈ 2,400 m.
• Targets based on anomalous gold grain counts in till, high‑grade boulder assays, and legacy geophysical anomalies.
• Oriented core to collect structural data for understanding controls on Au and base‑metal mineralization.
• Historical High‑Grade Intercepts (Gold Ridge system):
• Mineralized boulders: up to 727 g/t Au, 111 g/t Ag, 4.1 % Cu.
• Hole NG‑12‑003C: 4.62 g/t Au over 5.5 m (145.6–151.1 m); includes 20.8 g/t Au over 1.0 m.
• Hole NG‑12‑005C: 13.40 g/t Au over 1.90 m (162.3–164.2 m); includes 41.5 g/t Au over 0.6 m.
• Geological Setting: Located in the Bartman‑Lavoie greenstone belt, Oxford‑Stull domain of the Sachigo superterrane; Gold Ridge system hosts mafic/intermediate volcanics intruded by early gabbro and quartz diorite/granodiorite complexes.
• Previous Work Summary:
• 2012 drilling: 2,241 m in seven holes, targeting quartz veins/shears at mafic‑dike contacts.
• 2017 prospecting: 36 bedrock samples, several >1 g/t Au and anomalous Cu values up to 4,370 ppm.
• Technical Review: Content reviewed and approved by Rodney Barber, P.Geo., President of Ongold (NI 43‑101 qualified person).

Notable Quotes

“Through negotiation of the collaboration agreement with Nibinamik First Nation, we have demonstrated again that Ongold understands how to engage with communities in a meaningful way. We are thrilled to be working closely with Nibinamik First Nation as we undertake the diamond drilling exploration program at TPK.” – Kyle Stanfield, CEO & Director, Ongold Resources Ltd.