ONGold to Regain Full Control of the October Gold Project, 35 km Northwest of IAMGOLD's Cote Gold Mine, and Identifies New Exploration Targets
OnGold assumes full funding for the October Gold project after losing its Evolution partner.
OnGold Resources Ltd. (ONAU) has terminated its earn-in and joint venture agreement with Evolution Mining Exploration and Development (Canada) Ltd. for the October Gold Project, effective October 15, 2026. Following the termination, OnGold retains 100% ownership of the project, free of Evolution’s earn-in rights, and assumes full operatorship. Evolution confirmed it had funded aggregate expenditures of at least $2.5 million under the Earn-In Agreement prior to the termination.
The property spans 271 km² in the Swayze Greenstone Belt, located 35 km northwest of IAMGOLD’s Côté Gold Mine. OnGold plans to conduct geophysical surveys and potential drilling in 2026-2027. Additionally, an Indigenous protection and collaboration agreement with Nibinamik First Nation commits up to $327,100 in community payments and $100,000 in common shares.
OnGold Resources Ltd. (ONAU) has terminated a strategic partnership that had committed to funding $7.0 million in exploration expenditures and $1.1 million in cash payments over five years. The company must now self-fund all future exploration on the October Gold Project, a move that increases near-term cash burn. This development aligns with historical patterns for junior explorers, where earn-in agreements are frequently terminated or allowed to lapse. While the loss of external funding is offset by full ownership and operatorship, OnGold’s reliance on equity financings increases dilution pressure. The news is in line with previous expectations for exploration-stage properties and does not represent a fundamental shift in project geology or valuation drivers.
OnGold Resources Ltd. (ONAU) holds a portfolio of exploration assets across Canada, anchored by the Monument Bay Project in Manitoba. This advanced-stage property features a 2026 NI 43-101 Mineral Resource Estimate of 2.0 million ounces in the Measured and Indicated category and 0.49 million ounces in the Inferred category, based on a 0.20 g/t Au cut-off. The deposit remains open at depth and presents a significant tungsten opportunity.
In Ontario, the company is conducting discovery-led exploration across 69,764 hectares at the TPK Project. Recent drilling has identified high-grade gold, copper, and silver intersections, including 19.39 g/t Au over 8.2 m at the Discovery Zone and massive sulphide zones with up to 11.10% Cu.
OnGold also owns 100% of the October Gold Project, an early-stage orogenic gold deposit located in a proven gold corridor near IAMGOLD's Côté Gold Mine. Additional assets in the portfolio include the Rapson Bay and Domain projects in Ontario.