Ongwe Minerals Provides Update on Its Newly Discovered Nguni Prospect, Namibia
Ongwe begins maiden drilling at the Nguni soil anomaly to confirm the scale of the deposit.
Ongwe Minerals Inc. (OGW) released an exploration update regarding its newly discovered Nguni gold prospect at the Omatjete project in Namibia. The company completed 50m x 50m infill soil sampling across the Nguni anomaly, identifying 50 samples above 300ppb Au with a peak of 1,310ppb Au. This work defined a continuous 6km strike length above 50ppb Au, with the anomaly remaining open to the north, east, and west.
Ongwe Minerals announced a maiden 5,000m diamond drill program scheduled to commence in August 2026. The initial phase will utilize a single rig to define geological structure before ramping up operations. The company noted that the Exclusive Prospecting License (EPL) for Nguni is advancing through standard renewal, with a positive outcome expected.
Updates were also provided on other prospects within the portfolio. At Belmont, the company is pending RC assay results. At Manga, bedrock sampling is complete and results are pending. At Khorixas, shallow RC fencelines have been drilled, with assays pending. The company’s methodology relies on in-house detectORE™ screening followed by Fire Assay at MSALAB.
Ongwe Minerals Inc. (OGW) closed a $23 million financing on June 30, 2026, with funds explicitly earmarked for drilling at its Omatjete and Khorixas properties. This capital raise executes previously announced plans, including a maiden drill program at the Nguni target scheduled for August 2026, as outlined in the NI 43-101 report filed on July 28, 2026.
Recent soil sampling results have confirmed the scale of the anomaly, though these findings are incremental to the discovery announcement made on June 9. The company reports no new strategic shifts, unexpected capital raises, or material changes to project economics.
The market had already priced in the drilling campaign following the June financing and the subsequent July technical report. As this is not an earnings release, there are no new financial results to assess. Prior-period context includes a Q1 2026 net loss of $9.73 million, driven by reverse takeover (RTO) expenses. The company’s cash position improved to $3.61 million prior to the financing and is now approximately $23.5 million following the $23 million raise.
Ongwe Minerals Inc. (TSXV: OGW, NSX: ONG) is a Canadian exploration company focused on gold projects in Namibia and Egypt. Its flagship asset is the Nguni prospect at the Omatjete Gold Project in Namibia, a greenfields discovery characterized by a large-scale, high-grade gold-in-soil anomaly. Mineralization at Nguni is hosted by metasedimentary rocks adjacent to granitic contact zones along the Okondeka Fault Zone.
The company also holds the Khorixas Gold Project, which includes the Belmont and K17 prospects, as well as the Eastern Desert Project in Egypt. The Egyptian Umm Salim concession was relinquished in April 2026 due to security clearance delays. Ongwe Minerals is currently in the exploration phase, specifically in target definition and maiden drilling. No mineral resources or reserves have been defined.