ONGold Commences Drilling at the AZ Zone and Launches First Nation Drill Helper Training Program at Monument Bay
OnGold advances its Monument Bay drill program following the launch of a government grant and an Indigenous training initiative.
OnGold Resources Ltd. (ONAU) has commenced diamond drilling at the AZ Zone, an exploration target located approximately 800 meters south of the existing Monument Bay Gold Deposit in northeastern Manitoba. The drill program is designed to test induced polarization (IP) anomalies identified during the 2025 ground geophysical survey. This announcement follows the September 15, 2026 release that initially outlined the planned 2,500-meter drill program at the AZ Zone.
The release coincides with the launch of a First Nation drill helper training program and highlights a $300,000 grant from the Government of Manitoba to support project development and Indigenous engagement. Geological context provided includes historical trench sampling, which yielded up to 12.97 g/t Au grab samples and 10.29 g/t Au channel samples, as well as limited historical drilling by Bema Gold Corp. and Rolling Rock Resources Corp.
The company also recapped the 2026 Mineral Resource Estimate (MRE) for Monument Bay, which includes 74.39 million tonnes at 0.84 g/t Au for 2.0 million ounces (Measured & Indicated) and 24.46 million tonnes at 0.62 g/t Au for 0.49 million ounces (Inferred), based on a US$3,000/oz gold price assumption. Additionally, OnGold Resources Ltd. granted 1,600,000 stock options to directors, officers, employees, and consultants at an exercise price of $0.58 per share. These options vest over two years and expire in five years.
OnGold Resources Ltd. (ONAU) has commenced drilling at the AZ Zone, marking an expected operational milestone that follows the company’s September 15 exploration update. The announcement does not disclose any new assay results, resource expansions, or financial changes.
The company also reported a $300,000 grant from the Manitoba government and the launch of an Indigenous training program. These initiatives provide minor positive sentiment regarding community relations and reduced near-term cash burn, though they do not materially alter the company's financial profile.
Additionally, OnGold granted 1.6 million stock options at an exercise price of $0.58. This standard management retention practice introduces incremental dilution. Because the exercise price is below the recent trading range, the grants may create short-term selling pressure upon vesting.
The company’s Mineral Resource Estimate (MRE) recap utilizes a US$3,000/oz gold price assumption. This figure is significantly above current market prices, inflating the perceived economic viability of the resource. Consequently, this assumption should be treated as a forward-looking scenario rather than a current valuation anchor.
Overall, the news represents routine execution of a previously announced exploration plan. It confirms operational progress without delivering unexpected catalysts, financial upgrades, or strategic shifts.
OnGold Resources Ltd. (ONAU) is a Canadian exploration company focused on gold and critical mineral projects in Ontario and Manitoba. Its flagship asset is the Monument Bay Gold-Tungsten Project in Manitoba, which is in the advanced exploration stage. The project hosts a 2.09 million ounce measured and indicated resource constrained within a conceptual open-pit shell, with the AZ Zone representing a priority near-mine target extending the deposit southward.
The company also holds the TPK (Ti-pi-ha-kaa-ning) Project in Ontario, which is in the exploration stage. This property features high-grade gold, copper, and silver targets, including the Discovery Zone, Goose Lake, and Sidewinder. Recent drilling at TPK returned intervals up to 359 g/t Au over 0.30 m.
OnGold’s third asset is the October Gold Project in Ontario. The company owns 100% of the district-scale property, which spans 271 km², after Evolution Mining terminated its earn-in agreement. The property is located 35 km northwest of IAMGOLD's Côté Gold Mine.
OnGold is led by CEO Kyle Stanfield, who has 29 years of mining experience, and VP Exploration Paul Dunbar, who has over 35 years of experience. The board includes Indigenous affairs leader John Kim Bell and mining capital strategist David Medilek.