Ongold Announces Closing of Acquisition of Monument Bay and Domain Projects in Manitoba

Core Viewpoint - ONGold Resources Ltd. has successfully completed the acquisition of the Monument Bay and Domain Projects, enhancing its position as a leading junior explorer in Northern Canada, particularly in the Stull Lake Greenstone belt [1][69]. Group 1: Acquisition Details - The acquisition includes a 100% interest in both Monument Bay and Domain Projects for an initial aggregate consideration of $250,000 in cash and 8.7 million ONGold common shares valued at approximately$4.2 million [18][20]. - Agnico Eagle now holds approximately 15% of ONGold's total issued and outstanding common shares as a result of this transaction [18][25]. - The acquisition is expected to provide ONGold with significant exploration opportunities and operational synergies in the region [24][27]. Group 2: Monument Bay Project Overview - Monument Bay is an advanced stage exploration asset with over 232,000 meters drilled in more than 800 diamond core holes, indicating substantial exploration potential [2][44]. - Historical mineral resource estimates from 2017 identified 2.3 million ounces of gold at an average grade of 1.24 g/t in the Measured and Indicated categories, and 720,000 ounces at an average grade of 0.92 g/t in the Inferred category [7][21]. - The project is located in a district-scale land package with significant gold and tungsten mineralization over a 40 km strike length [2][44]. Group 3: Strategic Importance - The acquisition strengthens ONGold's portfolio and complements its broader exploration footprint in Northern Ontario, particularly enhancing its nearby Rapson Bay Properties [3][24]. - The company aims to leverage its technical expertise and commitment to responsible exploration to unlock the full potential of the acquired assets [3][43]. - The Monument Bay property is situated along the prolific Stull-Wunnummin Fault Zone, which is known for hosting significant mineral deposits, suggesting high potential for future discoveries [23][25]. Group 4: Future Exploration Plans - ONGold plans to conduct further drilling and geological modeling to verify and update historical mineral resource estimates to current NI 43-101 standards [11][41]. - The company has identified several high-priority drill targets based on untested shear zones and geophysical anomalies, which could lead to resource expansion [22][32]. - A multi-phase work program is anticipated to focus on refining geological models and identifying new target areas for exploration [33][34].