ONGold Announces Commencement of 2026 Phase 2 Diamond Drilling Program at TPK

OnGold Resources Ltd. announced the commencement of its Phase 2 diamond drilling program at the Ti-pi-ha-kaa-ning (TPK) Project in northern Ontario on October 7, 2026. The program totals approximately 2,100 meters and is scheduled to run through late November 2026.

Targets for the drilling include the Discovery Zone, Goose Lake Structure, Crying Boy Lake Structure, and the newly identified Sidewinder Zone. The initiative aims to test the continuity of interpreted gold-hosting structures and define near-surface targets using integrated 3D modeling, geophysics, and surface mapping.

The release highlights historical and recent high-grade gold intercepts, including 19.39 g/t Au over 8.20 m in the Discovery Zone and a spectacular 749.0 g/t Au over 0.30 m in historical Hole TPK-10-004. QA/QC protocols are detailed, with samples analyzed at Activation Laboratories using fire assay with atomic absorption finish, and re-assays for samples >5 g/t Au.

This announcement follows a $9.3 million upsized private placement announced on October 5, 2026, which provides the capital to fund this drilling and general working capital.

OnGold Resources Ltd. (ONAU) has commenced the TPK Phase 2 drill program, an operational milestone that aligns with the company’s previously announced 2026 exploration plan. The company also announced a concurrent $9.3 million financing, which was upsized from an initial $5.3 million. This standard flow-through offering is designed to fund exploration and working capital. The financing includes warrants exercisable at $0.88, which is currently out-of-the-money relative to the $0.53 share price.

The announcement is incremental to the September 14, 2026 Mineral Resource Estimate update for Monument Bay, which reported 2.0M oz M&I. The news confirms the execution of the exploration strategy, with the market having anticipated drilling to resume in the fall following summer fieldwork and permitting delays. The release introduces no material change to the valuation, resource base, or project economics, serving primarily to confirm planned exploration activities and secure funding.

OnGold Resources Ltd. (ONAU) is a pre-revenue gold and base metals exploration company focused on advanced exploration and discovery-stage projects in Canada. Its flagship asset is the Monument Bay Project in Manitoba, which hosts an open-pit-constrained NI 43-101 Mineral Resource Estimate of 74.39 million tonnes at 0.84 g/t Au (2.0 million ounces Measured & Indicated) and 24.46 million tonnes at 0.62 g/t Au (0.49 million ounces Inferred). The cut-off grade is 0.20 g/t Au. The deposit also hosts significant tungsten potential, though tungsten was explicitly excluded from the 2026 MRE.

The company also holds the TPK Project in Ontario, comprising 69,764 hectares across the Gold Ridge and Big Dam areas. The property is known for high-grade gold, copper, and silver mineralization. Recent drilling has identified a pervasive gold-bearing system spanning approximately 400m wide by 1,400m long.

Additionally, OnGold Resources Ltd. holds the October Gold Project in Ontario, an early-stage orogenic gold project with an earn-in agreement with Evolution Mining. Under the terms of the agreement, Evolution Mining is funding C$7.0 million in exploration and C$1.1 million in cash over five years to earn a 75% interest.