ONGold Resources (TSXV: ONAU) has released an updated mineral resource estimate for its Monument Bay gold project in northeastern Manitoba.
The open-pit constrained estimate, prepared by SRK Consulting (Canada) Inc. at a 0.20 g/t gold cut-off and a US$3,000 per ounce gold price, is as follows:
- Measured: 18.86 million tonnes grading 1.00 g/t gold, containing 606,000 ounces
- Indicated: 55.53 million tonnes grading 0.79 g/t gold, containing 1.40 million ounces
- Inferred: 24.46 million tonnes grading 0.62 g/t gold, containing 491,000 ounces
That places roughly 80% of the contained gold in the measured and indicated categories, representing 2.0 million ounces in total. Metallurgical assumptions run to gold recoveries of 88.5% to 94.5%, varying with grade.
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The deposit sits along the Twin Lakes Shear Zone, a 4.2 kilometre structure drilled with 833 holes for about 237,021 metres over its history. Mineralization is distributed across six shoots and tied to a felsic porphyry dyke and sill package, with gold reaching surface in parts of the Simmons, Camp and Lake Shoot West zones. Much of the deposit remains untested below roughly 300 metres, and the eastern end is thinly drilled.
That is where the next program is pointed. SRK has recommended a first phase of about 20 holes totalling 11,150 metres, roughly half of it aimed at the eastern portion of the deposit and at higher-grade domains sitting below and beyond the conceptual pit shell. Historical hole TL16-575 returned 6.15 g/t gold over 132.0 metres there.
“The updated geological interpretation has greatly improved our understanding of the structural controls on mineralization and identified priority areas for additional resource drilling as the deposit remains open at depth,” said chief executive Kyle Stanfield. “We are encouraged by the opportunity to test mineralization at depth particularly along the eastern portion of the deposit where gold grades from historical drilling are demonstrably higher.”
Tungsten, meanwhile, sits outside the estimate entirely. Re-logging and pulp re-analysis through 2025 and 2026 added some 13,900 tungsten assays to the database, with scheelite turning up in the same quartz veining and stockwork that carries the high-grade gold. ONGold says the new block model will support a more targeted look at that association.
ONGold Resources last traded at $0.68 on the TSX Venture.
