ONGold Announces Updated Mineral Resource Estimate for the Monument Bay Gold Project, Manitoba

OnGold Resources Ltd. (ONAU) released an updated NI 43-101 Mineral Resource Estimate (MRE) for its Monument Bay Gold Project in Manitoba, effective July 31, 2026. The MRE defines 2.0 million ounces of gold in the Measured and Indicated category and 0.49 million ounces in the Inferred category. The resource is constrained within a conceptual open-pit shell using a 0.20 g/t Au cut-off grade and a US$3,000/oz gold price assumption.

Approximately 80% of contained gold is classified as Measured and Indicated, based on 833 historical diamond drill holes totaling ~237,021 metres across the 4.2-kilometre Twin Lakes Shear Zone. Variable gold recovery assumptions range from 88.5% to 94.5%.

SRK Consulting has proposed a Phase I diamond drilling program of ~20 holes (11,150 metres) to test higher-grade domains in central/eastern portions and below the current pit shell. A significant tungsten opportunity is highlighted but explicitly excluded from the MRE. Recent re-logging and pulp re-analysis show high-grade gold and tungsten in coincidence, with historical metallurgical testing indicating amenable flotation.

OnGold Resources Ltd. (ONAU) released a statement following the January 2026 contract award to SRK Consulting and subsequent core re-logging updates in March and May 2026. The timeline and resource size align with prior management guidance.

The company identified a 2.0M oz measured and indicated resource, which is substantial for a junior explorer but strictly constrained to a conceptual open-pit shell. No Preliminary Economic Assessment (PEA) or metallurgical integration is included.

A US$3,000/oz gold price assumption was used, which is optimistic relative to historical averages though consistent with current macro pricing. This inflates the resource tonnage and grade compared to a $1,200/oz baseline.

Tungsten, while geologically coincident, remains excluded from the economic model. Without metallurgical recovery data or a quantitative assessment, the tungsten component remains an unpriced optionality.

The news validates the geological model but does not alter the company's near-term cash burn or financing requirements. Market pricing likely already reflected the anticipated resource uplift.

OnGold Resources Ltd. (TSX.V: ONAU) is a pre-revenue exploration company focused on gold and critical minerals in Canada. Its flagship assets include the Monument Bay Gold-Tungsten Project in Manitoba and the Ti-pi-ha-kaa-ning (TPK) Project in Ontario.

Monument Bay features a 4.2-kilometre strike length along the Twin Lakes Shear Zone, with historical high-grade intercepts and a newly updated mineral resource estimate. The TPK project’s Gold Ridge area has yielded high-grade gold and copper-silver intersections, with a pervasive 400m x 1,400m gold-bearing system identified.

The company also holds the October Gold Project, which has been optioned to Evolution Mining, and the Rapson Gold Project. All projects are in advanced exploration stages; no mineral reserves or production guidance exist.