Ongold signs agreement, starts TPK gold exploration

Mr. Kyle Stanfield reports ONGOLD ANNOUNCES AGREEMENT WITH NIBINAMIK FIRST NATION & INITIATION OF EXPLORATION PROGRAM AT TPK GOLD PROJECT Ongold Resources Ltd. has signed a collaboration agreement with Nibinamik First Nation. Meaningful and consistent engagement with the community has resulted in an understanding that is transformational in terms of what the community and Ongold are initiating together. With the agreement in place, exploration diamond drilling of the Ti-pi-ha-kaa-ning (TPK) project was recently initiated and is expected to conclude during the latter half of September. Kyle Stanfield, chief executive officer and director of Ongold, commented: "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." The TPK project hosts two large independent mineralized systems and comprises 2,431 cell claims covering an area of 47,796 hectares within a highly favourable geological setting. The Gold Ridge system (formerly Annex area), the focus of this current exploration program, occurs at the head of a large gold grain-in-till dispersal corridor and is located in the northeast portion of the expansive TPK property. Gold Ridge system previous exploration highlights Mineralized boulders returned assay values of up to 727 grams per tonne gold, 111 g/t silver and 4.1 per cent copper. Drill hole NG-12-003C returned grades of up to 4.62 g/t gold over a core length of 5.5 m (from 145.6 m to 151.1 m), including 20.8 g/t Au over 1.0 m (from 145.6 m to 146.6 m). Drill hole NG-12-005C intersected 13.40 g/t Au over a core length of 1.90 m (from 162.3 m to 164.2 m), including 41.5 g/t Au over 0.6 m (from 162.3 m to 162.9 m). Current program Ongold considers the Gold Ridge system to be a highly promising and largely untapped region, situated within a geologically advantageous setting. Early stage exploration has already revealed encouraging signs of both gold and copper potential, underscoring the area's significant resource prospects. An eight-hole diamond drill program totalling 2,400 metres is currently under way. This initiative aims to build upon the results of the 2012 drilling campaign while also evaluating grassroots targets. These targets have been identified through a combination of anomalous gold grain counts in till samples, boulders exhibiting elevated gold and copper values, and geophysical anomalies previously outlined by earlier ground surveys. Oriented core will be used to collect structural data to enhance the understanding of the structural controls of both gold and base metal mineralization at TPK. Property geology The TPK property is located in the Bartman-Lavoie greenstone belt of Oxford-Stull domain of the Sachigo superterrane. The Stull-Wunnumin fault zone (SWFZ) is a regional-scale structure that forms the boundary between the Oxford-Stull terrane and the North Caribou terrane. In the Gold Ridge system, rocks mapped as mafic and intermediate volcanics and interbedded sediments have been intruded by early gabbro and quartz diorite/granodiorite complexes. In the 2012 drilling, the contacts of mafic dikes with the diorite were found to be loci for the veins and shears carrying gold mineralization. History of the Gold Ridge system Previous property scale till sampling by previous operators defined a 10-kilometre-long-by-3.5-kilometre-wide gold grains in till dispersion train (the Keeley Lake train) of gold grains in till, which terminates in the Gold Ridge system area. Of 100 samples of mineralized boulders 24 returned anomalous gold values between 0.1 and 1.0 g/t Au and nine assays greater than 1.0 g/t Au, including one that assayed 727 g/t gold, 111 g/t silver, 4.1 per cent copper. Subsequent diamond core drilling in 2012 consisted of 2,241 m in seven holes. Significant gold, silver and copper values were most often found in quartz veins and thin shear structures at the contacts of mafic dikes and the quartz diorite host rock. Limited ground magnetometer and induced polarization (IP) surveys were completed in 2012. These outlined NNE (north-northeast) and ENE (east-northeast) trends in the underlying rocks and identified new targets up-ice of angular boulders with anomalous gold and copper values. Additional prospecting in 2017 resulted in several new gold occurrences being found, with 16 of 36 bedrock samples assaying more than 0.1 g/t Au, three of which assayed 1.28, 1.42 and 1.56 g/t Au, respectively. Additionally, three of these 36 samples returned anomalous (greater than 500 parts per million) copper values of 892, 736 and 4,370 ppm Cu, respectively. No other work has been completed since on this part of the TPK property. A more complete description of the TPK property's geology and mineralization can be found in the NI 43-101 technical report titled "Technical Report for the Ti-pa-haa-kaa-ning Property," dated Nov. 7, 2023, and with an effective date of Nov. 7, 2023, prepared by Chantal Jolette, PGeo, of Qualitica Consulting Inc. which has been filed on SEDAR+ under the profile of the company and on the company's website. Other information is available in a report titled "Ti-pa-haa-kaa-ning -- 2017 Summer Exploration Program NTS 43 D/5" filed for assessment purposes with the Ministry of Northen Development and Mines in 2017. The historical data presented in this news release has been obtained from the technical report. The scientific and technical content of this press release has been reviewed and approved by Rodney Barber, PGeo, for Ongold, who is a qualified person as defined by National Instrument 43-101. Mr. Barber is the president of Ongold and is not considered independent. Continuing verification of scientific and technical information is achieved by direct involvement in the exploration work. Certain obligations of the company pursuant to the collaboration agreement are subject to the approval of the TSX Venture Exchange, including the issue of $150,000 of common shares of the company to the Nibinamik First Nation. About Ongold Resources Ltd. Ongold Resources 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. With its extensive technical expertise, strong commitment to social acceptability, mindful indigenous engagement and partnerships, in addition to a proven record of responsible exploration, Ongold's team is uniquely positioned to unlock the full potential of its portfolio of projects. We seek Safe Harbor.