ONGold Announces $3 Million Flow-Through Private Placement to Fund Exploration in Manitoba and Ontario

ONGold Resources Ltd. has announced a non-brokered flow-through private placement offering to raise up to $3 million. The proceeds will be used for eligible exploration expenses in Manitoba and Ontario, furthering the company’s strategic focus on advancing its Monument Bay, Domain, TPK, and October Gold projects.

The offering comprises up to 4,615,384 flow-through common shares priced at $0.65 per share. The funds raised will qualify as Canadian Exploration Expenses under the Income Tax Act. Finder’s fees of 6% cash and 6% warrants may be issued to qualified non-related parties in accordance with TSX Venture Exchange policies.

The closing of the offering is planned for December 19, 2024, subject to customary approvals and a mandatory hold period of four months and one day for issued securities.

Strengthening Exploration Assets in Manitoba and Ontario

This financing supports ONGold’s ongoing acquisitions and exploration initiatives, particularly at the advanced-stage Monument Bay and Domain Projects in Manitoba. These projects were recently acquired from Agnico Eagle Mines and Capella Minerals Ltd., bolstering ONGold’s portfolio in the Stull Lake Greenstone Belt.

The Monument Bay Project, with over 232,000 meters of historical drilling, offers a district-scale opportunity with a historical 2017 mineral resource estimate identifying 2.3 million ounces of gold in the Measured and Indicated categories. ONGold aims to modernize these estimates to comply with NI 43-101 standards and unlock further exploration potential.

The Domain Project, known for its significant exploration upside, complements ONGold’s holdings in Manitoba, while projects such as TPK and October Gold in Ontario continue to showcase potential for large-scale gold discoveries. TPK covers nearly 48,000 hectares and October Gold spans 271 km², strategically located near prolific mining regions.

Strategic Vision for Sustainable Growth

ONGold is committed to responsible exploration practices, emphasizing environmental stewardship, Indigenous partnerships, and community engagement. With seasoned leadership and a robust portfolio of gold-focused assets, the company is positioned to become a leading junior explorer in Canada’s mining sectors.

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