ONGold Identifies AZ Zone as Priority Near-Mine Gold Drill Target at Monument Bay & Receives Manitoba Government Support
OnGold’s Monument Bay MRE confirms a 2 million ounce resource while AZ Zone drilling advances with a $300,000 grant.
OnGold Resources Ltd. (ONAU) announced on September 15, 2026, that it plans to conduct a 2,500-meter diamond drill program at the AZ Zone, a priority near-mine target located 800 meters south of the Monument Bay deposit. Drilling is scheduled to commence in November 2026. Historical geochemical and geophysical data support the AZ Zone, with trench samples returning up to 10.29 g/t Au and IP survey anomalies outlining potential gold-bearing structures over a 1,200-meter strike length.
The company also secured a $300,000 grant from the Manitoba Government to fund project development, indigenous engagement, and training. This announcement follows the September 14, 2026, release of an updated NI 43-101 Mineral Resource Estimate (MRE) for Monument Bay. The estimate defines 2.0 million ounces in Measured & Indicated categories and 0.49 million ounces in Inferred categories, constrained within a conceptual open-pit shell at a $3,000/oz gold price assumption. Additionally, SRK Consulting has proposed an initial Phase I drilling program of approximately 11,150 meters to test higher-grade domains and continuity below the current pit shell.
OnGold Resources Ltd. (ONAU) released a Mineral Resource Estimate (MRE) that confirms the project's scale, though it relies on a $3,000/oz gold price assumption significantly above current spot prices. This optimistic valuation inflates the economic viability of the open-pit shell, a factor that warrants caution until metallurgical and cost studies are completed.
The AZ Zone drill target represents a logical, expected follow-up to the extensive core re-logging and pulp sampling completed in early 2026. Rather than a surprise discovery, the target is a planned step in the exploration lifecycle.
Additionally, the company secured a $300k government grant. This funding is incremental and immaterial to the company's overall capital requirements, meaning it does not de-risk the project or eliminate the need for future equity financing.
The news is positive but fully expected given the Jan 2026 announcement of the SRK contract and the company's stated 2026 exploration roadmap. It does not materially alter the risk/reward profile or the immediate need for capital.
OnGold Resources Ltd. (TSXV: ONAU) is a pre-revenue exploration company focused on gold and critical minerals in Canada. Its flagship asset is the Monument Bay Gold Project in Manitoba, a 4.2 km strike length property featuring historical drilling and a newly updated mineral resource estimate. The project is currently in advanced exploration, transitioning from core re-logging to resource definition drilling.
The company also holds other assets, including the TPK Project in Ontario, which has produced high-grade gold, copper, and silver intersections at Gold Ridge; the October Gold Project in Ontario, which is under an earn-in agreement with Evolution Mining; and the Rapson Gold Project in Ontario, which contains historical drilling. The company is entirely exploration-stage, with no reserves, production, or economic studies published.