ONGold Completes Acquisition of Monument Bay and Domain Projects
ONGold Resources Ltd. has announced the completion of its previously disclosed acquisitions of the Monument Bay Gold Project and Domain Project, both located in Manitoba. These acquisitions mark a pivotal moment for the company as it expands its exploration footprint in the prolific Stull Lake Greenstone Belt in Northern Canada.
Strategic Addition of Monument Bay and Domain
The Monument Bay property represents a district-scale exploration opportunity with extensive historic drilling of over 232,000 meters in more than 800 diamond drill holes. The property, located near the Ontario-Manitoba border, is known for its significant gold and tungsten mineralization along a 40-kilometer strike length. Historic mineral resource estimates identified 2.3 million ounces of gold in the Measured and Indicated categories and 720,000 ounces in the Inferred category, though these estimates are not currently compliant under NI 43-101 standards.
The Domain Project further enhances ONGold’s portfolio, adding another high-potential exploration opportunity to the company’s already impressive suite of assets.
CEO Commentary
“We are pleased to have completed the acquisition of these assets from Agnico Eagle and Capella and to welcome Agnico Eagle as a shareholder,” said Kyle Stanfield, CEO of ONGold. “The Company looks forward to unlocking the value of these assets through expanded geological interpretation paired with meaningful community engagement.”
Transaction Highlights
• Attractive Terms: ONGold acquired the projects for $250,000 in cash and 8.7 million common shares valued at $4.2 million, representing approximately 15% of ONGold’s outstanding shares. Agnico Eagle is also entitled to milestone-based payments of up to $21.5 million.
• Advanced Exploration Asset: Monument Bay adds a well-documented, advanced-stage exploration project to ONGold’s portfolio, providing a foundation for future resource development.
• Significant Regional Potential: Both projects offer district-scale exploration opportunities with underexplored zones and untapped geological features similar to major gold mines in the region.
• Strategic Shareholder: Agnico Eagle’s 15% stake in ONGold provides a strategic partnership with one of the industry’s leading gold producers.
Future Opportunities
The acquisition positions ONGold as a leading junior explorer in Northern Ontario and Manitoba. The Monument Bay property, in particular, provides a significant platform for expanding mineralization through near-mine exploration at the Twin Lakes Deposit and other key zones.
Moreover, the district-scale land package and proximity to ONGold’s Rapson Bay Property and TPK Project create synergies that will streamline exploration efforts and optimize resource sharing.
Looking Ahead
With its enhanced portfolio, strong technical expertise, and commitment to responsible exploration, ONGold is well-positioned to drive future growth. The company plans to leverage the advanced infrastructure at Monument Bay to accelerate exploration activities across its newly acquired and existing properties.
The successful integration of these projects underscores ONGold’s strategic vision of becoming a key player in Canada’s gold exploration sector, while building value for shareholders and supporting local communities.
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