Ongwe Minerals Intersects High Grade Gold at Belmont Prospect, Khorixas, Namibia
Ongwe’s narrow BK2 confirmation hits match known targets but fail to advance the scale of the project.
Ongwe Minerals Inc. (OGW) has reported results from reverse circulation scout drilling conducted at the BK2 target within the Belmont Prospect at its Khorixas Gold Project in Namibia. The program comprised a total of 20 RC holes totaling 1,979 meters across the BK2, BK7, and BK13 zones. Only two holes, BKR010 and BKR019, intersected significant gold mineralization.
The reported intervals utilize a 0.3 g/t Au lower cut-off and allow for no more than 3 meters of internal waste. BKR010 returned 3 m @ 9.21 g/t Au from 17 m, 5 m @ 0.90 g/t Au from 39 m, and 3 m @ 6.45 g/t Au from 70 m. BKR019 returned 1 m @ 4.70 g/t Au from 53 m, 5 m @ 1.11 g/t Au from 63 m, and 7 m @ 3.23 g/t Au from 78 m.
Mineralization is described as brecciated quartz veins containing pyrrhotite, pyrite, and arsenopyrite within folded metasediments, a style compared to Osino’s Eureka deposit. The company plans 3,500 m of follow-up drilling across BK1, BK2, BK8 and Plains, and K17 geophysics from October 2026.
Ongwe Minerals Inc. (OGW) is a pre-resource explorer with no current mineral resource estimate and no revenue. The BK2 results confirm known narrow high-grade gold at an existing target but do not open a new zone, demonstrate a large step-out, or materially change scale, grade or odds. The best intervals are below the prior BK2 high-grade benchmark and fail to clear the good gram-metre band.
Against the price chart, the stock has round-tripped from a July high of C$1.60 to C$1.33, so this release is not clearing a strongly embedded BK2 expectation; however, the pre-existing BK2 hits were already part of the story. This is not the company’s flagship catalyst: the Omatjete/Nguni maiden drilling is the larger target, making this Belmont RC scout release secondary.
Ongwe Minerals Inc. (OGW) is a Canadian-listed gold explorer with listings on the TSXV and the Namibia Securities Exchange. Its core assets are located in Namibia, comprising the Khorixas, Omatjete, and Outjo projects, alongside a portfolio in Egypt’s Eastern Desert. The company does not currently provide mineral resource or reserve estimates. In June 2026, Ongwe raised approximately C$23 million, leaving it with as-reported cash of C$24.3 million for the second quarter of 2026. The management team consists of former Osino Resources personnel with prior experience in gold discovery and sales in Namibia.