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ONgold Reports Higher-Grade Gold Composite Assays at Monument Bay, Including 4.12 g/t Au over 26.75m Including 43.50 g/t Au over 0.49m, with Higher Gold Grades Observed in the Eastern Deposit Area

13:30 Uhr  |  Newsfile

Toronto, May 4, 2026 - ONGold Resources Ltd. (TSXV: ONAU) (OTCQB: ONGRF) (the "Company" or "ONGold") is pleased to provide selected new gold and tungsten composite assay results from the conclusion of the historical core re-logging, infill sampling and pulp re-analyses program at its Monument Bay Gold-Tungsten Project ("Monument Bay"). The principal objectives of the core relogging and associated assay program were three-fold:

  1. Deliver a high-confidence verification of gold and tungsten grades across the deposit;
  2. Obtain missing gold and tungsten data by assaying previously untested historical core and pulps thereby closing critical gaps in the geochemical dataset; and
  3. Develop a geologically defensible lithological and resource-domain model suitable for supporting the updated gold mineral resource estimate currently in preparation.

The successful execution of this program has achieved these objectives, positioning Monument Bay exceptionally well as it advances toward publication of its new mineral resource estimate this fall, while simultaneously strengthening the technical foundation required to support and enhance the quality of the NI 43-101- Standards of Disclosure for Mineral Projects ("NI 43-101") compliant resource estimate currently being completed by SRK Canada and to define future resource expansion and conversion drilling opportunities.

The composite intervals reported to date in this, and subsequent Press Releases, include the addition of 1,792 new gold assays (1,307 historical pulps and 485 split cores) and 13,903 tungsten assays (12,418 historical pulps and 1,485 split cores) with the newest results presented in Tables 1a to 1d (Figure 1). The 89 drill holes selectively re-logged on 22 drill sections across the 4.2 km strike length of the deposit were sampled as part of the program were selected on the basis that gold and tungsten values were unavailable or sections of a drill hole were not previously sampled or only partially sampled. A majority of all the historical pulps collected from previous operators at Monument Bay were placed in storage by Yamana Gold at the Kam River storage facility in Thunder Bay, Ontario.

Re-logging of the drill core at Monument Bay has identified a robust gold system that is open downdip with gold mineralization concentrated within north dipping east northeast plunging shoots along the entire 4.2 km strike length of the deposit. Based on results from re-logged and re-sampled drill holes, higher-grade gold intervals appear to be more frequently developed in portions of the eastern deposit area. The highest-grade gold interval sampled as part of the program is at the Eastern end of the deposit in the Lake Shoot where gold mineralization extends to surface. Here, gold composite assays calculated using exclusively historical assays returned 6.15 g/t Au over a core length of 132.0 m (151 m to 283 m) in hole TL-16-575 and 1.84 g/t Au over a core length of 90.3 m (69 to 159.3m) for hole TL-14-514 (Figure 1). The Eastern portion of the deposit still holds significant potential for additional resource expansion opportunities and possibly expansion east of the current deposit boundary as the porphyry felsic dykes, alteration and mineralization continue within the Twin Lakes Shear Zone where drilling is less prevalent.

Program Outcomes:

Kyle Stanfield CEO and a Director of ONGold commented: "The results of the recently completed new composite assay program combined with the improved structural controls assessment has improved continuity of gold grades at Monument Bay. The new tungsten assays have improved our knowledge of tungsten mineralization and its controls. Monument Bay hosts high grade gold starting at surface and the mineralization remains open at depth in many areas. The conclusion of this intensive program spanning 22 sections including 89 holes totaling 10,725m of drill core re-logging and sampling has set a solid foundation not only for the completion of the new mineral resource estimate underway and expected to be completed this September but also for the development of a resource expansion drill program planned for 2027."

The infill pulp sampling program confirmed the presence of tungsten in portions of the deposit previously discussed on September 2, 2025 Press Release (Figure 3 Longitudinal Section) with some additional expansion opportunities. The Fall core relogging and infill core sampling program was focused largely on collecting missing tungsten data from core already assayed for gold within mineralized zones.

Metallurgical testing conducted in 2015 by Thibault & Associates Inc. demonstrated that Monument Bay gold-tungsten samples were amenable to flotation (testing cited in Barber, 2025).


Figure 1: Monument Bay Gold Deposit: Best Gold Composite Intercepts Across the Deposit

To view an enhanced version of this graphic, please visit:
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Table 1A: Significant Gold Composite Intercepts for the Lake Shoot

Section Hole No. From (m) To (m) length (m) Au g/t W (ppm) Au Grade-Thickness
(g/t-m)
506350E TL-14-526 62.00 106.00 44.00 4.62* 320** 203
Lake Shoot including 62.00 92.00 30.00 6.53* 456* 196

including 62.00 88.00 26.00 7.26* 521* 189

including 62.00 78.00 16.00 8.83* 23* 141

including 78.00 88.00 10.00 4.74* 1,320* 47

including 66.50 67.00 0.50 40.63* 12*

including 72.00 73.00 1.00 20.70* 50*

including 86.00 87.00 1.00 8.00* 7,840*
Lake Shoot TL-14-533 36.00 90.00 54.00 3.44** 56** 185

including 37.00 72.00 35.00 4.87** 76** 170

including 42.00 43.00 1.00 9.87 73

including 49.00 50.00 1.00 13.02 34

including 51.00 52.00 1.00 5.86 55

including 88.30 89.00 0.70 4.43 28
506200E TL-20-714 116.70 139.50 22.80 1.81* 952 41
Lake Shoot including 118.90 126.00 7.10 2.66* 115

including 118.90 119.70 0.80 18.30* 6,690

and 131.90 139.50 7.60 2.72* 1,759

including 131.90 138.00 6.10 3.33* 1,953

including 134.30 138.00 3.70 4.48* 2,512

including 134.80 138.00 3.20 5.03* 2,897

including 136.30 138.00 1.70 3.13* 4,624

including 136.30 137.60 1.30 3.53* 4,360

including 137.60 138.00 0.40 1.82* 5,480
506490E TL-11-366 502.00 510.00 8.00 0.35 15
Lake Shoot including 502.00 507.00 5.00 0.45 16

and 565.00 576.00 11.00 1.43 34

including 568.00 573.00 5.00 3.06** 43

including 572.00 573.00 1.00 13.1 55

Notes: * = Historical Assay; ** = Mix of Historical and New; No Asterix = All New Assays; All reported intervals are down-hole core lengths. True widths are unknown at this time and will be refined with additional structural modeling. Composites are length-weighted; Bolded = g/t Au X length (m) = >25.0 gram-meters; no top cuts have been applied.

Table 1B: Significant Gold Composite Intercepts for the Lake Shoot West

Section Hole No. From (m) To (m) length (m) Au g/t W (ppm) Au Grade-Thickness
(g/t-m)
505770E TL-02-69 92.30 108.05 15.75 5.61* 327 88
Lake Shoot West including 94.00 106.90 12.90 6.55* 388 84

including 93.10 101.10 8.00 10.673* 330 85

including 99.70 100.10 0.40 11.90* 3,940

including 100.10 100.70 0.60 103.60* 131 62

including 105.90 106.90 1.00 2.37* 2,320
505530E TL-18-646 266.12 272.00 5.88 0.48** 546**
Lake Shoot West including 268.65 272.00 3.35 0.67** 1,114**

including 270.40 271.10 0.70 2.25 5,260
505860E TL-04-191 15.80 25.50 9.70 1.67** 53
Lake Shoot West including 19.70 25.50 5.80 2.64* 79

including 15.80 17.20 1.40 0.59 31

including 22.35 22.65 0.30 9.81* 101

including 22.65 23.00 0.35 6.14* 120

including 23.00 23.50 0.50 6.00* 6
Lake Shoot West TL-11-412 92.00 110.00 18.00 1.54** 40 28

including 103.00 110.00 7.00 1.95** 59

including 107.00 108.00 1.00 7.00 13

including 109.00 110.00 1.00 2.21 122

Table 1C: Significant Gold Composite Intercepts for the Camp Shoot

Section Hole No. From (m) To (m) length (m) Au g/t W (ppm) Au Grade-Thickness
(g/t-m)
505050E TL-14-523 85.70 126.26 40.56 1.98* 324** 80
Camp Shoot including 94.40 122.00 27.60 2.63* 364* 73

including 100.00 110.00 10.00 5.01* 710* 50

including 101.00 102.05 1.05 7.89* 2,140*
504800E TL-20-703 132.00 149.07 17.07 3.36** 663 57
Camp Shoot including 143.50 149.07 5.57 5.94** 1,769 33

including 144.00 149.07 5.07 6.35** 1,888 32

including 144.00 145.55 1.55 12.20** 2,352

including 147.00 149.07 2.07 5.48** 2,811

including 140.50 141.50 1.00 12.80* 23

including 144.45 144.90 0.45 5.19 3150

including 144.90 145.55 0.65 23.40* 2,700

including 147.00 147.30 0.30 10.40* 4,530

including 148.77 149.07 0.30 3.13* 6,350
504700E TL-20-702 26.45 35.70 9.25 3.90* 516 36
Camp Shoot including 27.10 35.70 8.60 4.01* 549 34

including 27.10 28.80 1.70 7.86* 1,417

including 27.10 27.40 0.30 34.00* 2,320

including 28.50 28.80 0.30 8.48* 5,570

including 35.20 35.70 0.50 16.75* 3,470
504700E TL-11-394 97.00 106.70 9.70 2.20** 728
Camp Shoot including 99.00 103.00 4.00 5.01 1,728

including 100.00 103.00 3.00 6.33 2,294

including 101.00 103.00 2.00 9.28 2,881

including 100.00 101.00 1.00 0.42* 1,120

including 101.00 102.00 1.00 13.08 5,530

including 102.00 103.00 1.00 5.49 231
504950E TL-14-538 152.74 168.00 15.26 0.699** 1,270**
Camp Shoot including 156.83 165.00 8.17 1.02** 2,212**

including 158.17 164.00 5.83 1.15** 3,013**

including 158.17 158.68 0.51 1.04* 1,640**

including 161.00 162.00 1.00 1.296* 11,280*

including 162.00 163.07 1.07 1.42* 3,840*

including 163.07 164.00 0.93 1.90* 1,400*
504700E TL-20-701 14.70 36.56 21.86 1.03** 331**
Camp Shoot including 18.30 29.00 10.70 0.61* 430

including 16.80 17.20 0.40 15.10*


including 24.00 25.00 1.00 0.96* 2,430*

including 27.62 28.34 0.72 1.88* 2,340

including 36.14 36.56 0.42 0.996* 3,370*
504530E 91-56 423.40 444.40 21.00 1.17* 49
Camp Shoot including 441.40 442.90 1.50 1.51* 260
Camp Shoot TL-03-124 144.00 148.00 4.00 3.56** 48**

including 146.00 146.30 0.30 12.4 14

Table 1D: Significant Gold Composite Intercepts for the River, Simmons and Simmons West Shoots

Section Hole No. From (m) To (m) length (m) Au g/t W (ppm) Au Grade-Thickness
(g/t-m)
504200E TL-18-668 108.75 113.85 5.10 1.21** 433**
River Shoot including 108.75 112.00 3.25 1.52** 623**

including 108.75 110.00 1.25 1.82 1,220
River Shoot TL-04-234 195.30 200.30 5.00 4.64 922

including 197.30 200.30 3.00 7.72 1,527

including 197.30 198.30 1.00 22.83 4,370

including 199.30 200.30 1.00 0.04 176
503930E TL-14-532 74.10 137.00 62.90 2.91* 390** 183
Simmons Shoot including 80.00 137.00 57.00 3.12* 412** 178

including 123.00 137.00 14.00 5.28* 1,435* 74

including 84.00 85.00 1.00 62.35* 50*

including 124.00 125.00 1.00 14.70* 3,830*

including 127.00 128.00 1.00 16.28* 2,586*

including 134.00 135.00 1.00 26.21* 50*
503300E TL-19-697B 160.25 187.00 26.75 4.12** 730** 111
Simmons Shoot including 163.48 182.65 19.17 5.38* 1,002* 103

including 181.03 181.38 0.35 125.00* 18,700* 44

including 181.38 181.87 0.49 43.5 4,660
503650E TL-11-434 144.00 189.00 45.00 1.35** 104 61
Simmons Shoot including 144.00 159.00 15.00 1.01* 191

including 144.00 145.00 1.00 0.78* 1,780

including 167.00 167.50 0.50 2.01* 1,060
Simmons Shoot TL-12-448 209.00 253.00 44.00 1.38** 59** 61

including 232.00 253.00 21.00 1.927** 42 40

including 242.00 242.50 0.50 45.33 101
503650E TL-11-430 420.00 428.00 8.00 0.99** 154
Simmons Shoot including 425.00 428.00 3.00 1.57* 292

including 426.00 428.00 2.00 0.52* 581

including 426.00 427.00 1.00 0.69* 1,120
503200E TL-11-417 95.00 108.00 13.00 2.63** 243 34
Simmons Shoot West including 101.00 108.00 7.00 1.95* 402

including 99.10 100.00 0.90 13.2 44

including 106.00 107.00 1.00 0.43* 1,740

and 118.00 124.00 6.00 0.60* 1,544

including 121.00 122.00 1.00 0.72* 5,240

including 122.00 123.00 1.00 0.25* 61

including 123.00 124.00 1.00 0.19* 3,910
503200E TL-11-419 83.00 92.00 9.00 2.51** 384
Simmons Shoot West including 86.00 91.00 5.00 1.92** 670

including 86.00 87.00 1.00 0.68 1,210

including 89.00 90.00 1.00 1.67 1,410
504530E TL-14-519 49.00 65.00 16.00 1.01** 195
Simmons Shoot West including 55.44 65.00 9.56 1.11** 320

including 55.44 60.54 5.10 0.79** 566

including 55.44 55.83 0.39 0.55* 3,420

including 60.15 60.54 0.39 0.64* 3,691

including 64.74 65.00 0.26 16.78* 330
503090E TL-20-708 41.06 46.43 5.37 2.91** 759
Simmons Shoot West including 41.06 43.03 1.97 3.53 2,026

including 41.56 42.42 0.86 5.95* 4,607

including 41.88 42.42 0.54 4.09* 6,270

All tungsten assays received: out of 12,418 historical pulps across the deposit in 308 drill holes totaling 12,422 meters of core were dispatched for tungsten assaying, 55 samples returned greater than 500 ppm tungsten (529 to 6,350 ppm range). Assaying from the winter program returned only two (2) samples grading of 509 and 2,350 ppm W (with a re-assay returning 5,340 ppm W); TL-03-143 (146.8 to 147.4m) and GSC-04-04 (86.9 to 87.5 m), respectively. Hole TL12-484 returned one sample assaying 2,140 ppm W.

Geology of the Monument Bay Gold Deposit

The Monument Bay Gold Deposit consists of a series of trending east to northeast, shallow to steeper plunging shoots that extend for over 4.2 km within the regional Twin Lakes Shear Zone ("TLSZ"). The TLSZ is a major break splay off the regional Stull-Wunnummin Fault, which extends for over 400 kilometers. The deposit consists of at least six (6) east-west historical shoots, dipping between 70° to 75° to the north. A detailed structural review of selected cores by a seasoned structural geologist from Terraine Geoscience Ltd. has determined that gold deposition is structurally controlled by a combination of shallow ~20 to 25 degree east-northeast plunging and moderate 35 to 45 degree east northeast plunging shoots."

The main gold-(tungsten) host is the Twin Lake Porphyry ("TLP"), a feldspar porphyry/felsite body which is up to 80 meters thick and extends in excess for 4.2 kms. The surrounding co-magmatic felsic to intermediate metavolcanics forms an apron about the TLP and is dominant for most of the deposit area transitioning into a hanging-wall clastic metasediments in the western part of the deposit area.

On a deposit-scale a gold-bearing potassic (kspar + sericite) alteration 'pipe' in the western part of the deposit transitioning to sericite-quartz-albite feeder in the eastern part of the deposit hosted in the TLP. There are extensive tourmalinized crackle breccias within the TLP and localized tourmaline hydrothermal breccias. Tourmaline is associated with secondary quartz-carbonate-albite veining. Fuchsite has been locally noted.

Sheeted, stockwork veining (>10%-15% veining) reflect high-grade gold-(tungsten) grade thickness. The veining is continuous along strike and at depth, commonly forming within the TLP and its contacts. They form sinuous to linear/planar bodies in section with four main stockwork vein types as follows:

  1. Quartz;

  2. Quartz-Albite (smoky/mauve quartz);

  3. Quartz Tourmaline; and

  4. Quartz-Carbonate Vein.

The gold-(tungsten) mineralization is associated with very fine-grained disseminated and fracture-fill arsenopyrite, pyrite, and scheelite ± visible gold ± electrum ± galena ± chalcopyrite ± pyrrhotite. Arsenopyrite and pyrite typically range <1% to 5%, where arsenopyrite is replacing pyrite. Visible gold is commonly free and spatially associated with arsenopyrite but can occur as in inclusions within the arsenopyrite and pyrite.

Tungsten mineralization occurs in the form of scheelite and commonly occurs as follows:

  1. Multiple or isolated linear, thin fractures associate quartz and quartz-albite veining sub-parallel to shearing.
  1. Series of folded thin fractures and fine grained disseminated attenuated lenses.
  1. Isolated to patchy grains spatially close to faults.

The re-logging and re-sampling program observed scheelite in a variety of host lithologies, but more commonly in the TLP, particularly in stockwork vein systems. Both the re-sampling and pulp re-analyses programs did not significantly increase the tungsten content, but it did both confirm and added to the confidence of the historical data. The analyses for tungsten will assist both the geological and re-enforce the resource modelling of the deposit.

Historical Resource Estimate of the Monument Bay Deposit

The last official gold resource estimate was completed in 2017 by Yamana Gold and did not include tungsten. ONGold's published NI 43-101 technical report published on sedarplus.ca in 2025 discloses a historical gold mineral estimate of approximately 2.3 million gold ounces (58.0 million tonnes at an average grade of 1.24 g/t) in the "Measured" and "Indicated" Mineral Resources categories, and 720,000 gold ounces (24.4 million tonnes at an average grade of 0.92 g/t) in the "Inferred" Mineral Resources category (see Press Release Dated June 13, 2025). This consists of in-pit resources above a cut-off grade of 0.30 g/t gold.

These historical mineral estimates, although compliant with NI 43-101 guidelines at the time they were prepared, are historical and should not be considered current. A qualified person has not completed sufficient work to classify this historical estimate as current mineral resources or mineral reserves and accordingly it should not be relied upon. The author and the Company are not treating the historical estimate as current mineral resources or mineral reserves. To verify the historical estimate, a qualified person needs to review the historical data, review any work completed at Monument Bay since the date of the historical estimate and complete a new mineral resource estimate. The author of the Technical Report and the Company view this historical estimate as a conceptual indication of the potential size and grade of the gold-tungsten deposit in the area, and this information is relevant to ongoing exploration efforts.

No mineral reserves have been defined at Monument Bay.

Sampling, QA/QC and Analytical Methods

Quality Assurance/ Quality Control ("QA/QC") procedures were executed to ensure all work is conducted in accordance with best practices. Drill core of various sizes was logged and sampled by Company personnel.

Sample sizes respect both geological and mineralized contacts and generally range from 0.3m to a maximum length of 1.0 m. Drill is cut in half, or quartered (historical core), with the other half retained for future verification. The other half of the core is placed in strong plastic sample bags, a sample tag placed in the bag and the bag numbered, with a permanent magic marker with the sample number. Coarse blanks and certified reference standards (Oreas) as inserted by the geologist into the sample stream every 10th sample. Each bag is then individually sealed using strong zip ties. Sample batches of ten (10) are placed in security tag-sealed rice bags for shipment to the laboratory. Sample submission forms are completed as a part of the chain-of-custody tracking process with sample dispatched to the laboratory with ONGold personnel or contracted courier services.

Samples are then analyzed at Actlabs in Thunder Bay, Ontario, the company's primary analytical laboratory. ONGold always uses labs that are both ISO 17025 and ISO 9001 certified. Upon receiving the samples, the laboratory sends ONGold a sample submission confirmation email verifying that the samples have been received and will advise if any security tracking tags have been tampered with or lost in the process.

At the lab, samples are organized for internal tracking, dried and prepared using RX1 sample preparation handling. The entire sample is crushed to a nominal -2 mm, mechanically split to obtain a representative sub-sample and then pulverized to at least 95% -105 microns (μm). All steel mills are mild steel and do not introduce Cr or Ni contamination. Samples are initially analyzed by 50-gram fire assay with atomic absorption finish (1A2-50). Any sample assaying greater than 5.0 g/t Au is re-assayed by fire assay gravimetric analyses (1A3-50) which has an upper detection limit of 10.0 g/t Au. Samples exceeding 10.0 g/t Au or those samples identified as containing visible gold are analyzed by 1,000-gram gold-fire assay metallic screen analysis (1A4-1000).

Geochemical analyses consist of near total digestion analyses for 35 elements, including tungsten, by ICP which has a maximum detection limit for tungsten (W) of 10,000 ppm. Overlimit samples for tungsten are analyzed using XRF (Code 8-XRF W). If a coarse blank or certified reference standard fails, then five (5) samples on either side of the failed samples are re-assayed by the lab, including the standard, and if the issue has been resolved, the new assays are entered as finals in the database.

Once all the final assay reports are received, 10% of the pulps are dispatch from Actlabs directly to a secondary laboratory for assay verification as part of the QA/QC procedures; in this case AGAT Laboratories in Thunder Bay. For field samples, 5% of the samples are dispatched for verification.

References:

Rodney Barber of ONGold Resources Ltd. and Karen Mathers of Stantec Consulting Ltd. (2025): "Technical Report on the Monument Bay Project, Manitoba", dated May 30, 2025, prepared for ONGold Resources Ltd., published by the Company on its profile on SEDAR+ at www.sedarplus.ca, 118 pp.; report also referenced met. work Thibault & Associates Inc. (2015).

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Paul Dunbar, P.Geo., Vice President Exploration of ONGold, a 'Qualified Person' under NI 43-101 (not independent). Data verification included (i) review of historical drilling and assay database records for the drill holes referenced herein, (ii) review of core logging and sampling records from the 2025 re-logging program, and (iii) check assays on a subset of historical pulps (including the 1,204 pulps described in this news release) to compare original and duplicate gold results. Final pulp samples have been dispatched by the primary laboratory directly to the secondary laboratory for secondary assay verification with results expected in the next three weeks. Limitations: the QP has not verified all underlying historical data for the entire 615-hole dataset and verification is limited to the referenced holes and the described check-assay program. Ongoing verification of scientific and technical information is achieved by direct involvement in the exploration work.

About ONGold Resources Ltd.

ONGold Resources Ltd. owns significant exploration assets in Northern Ontario and Northern Manitoba, including the district-scale Monument Bay Gold-Tungsten Project, TPK Gold Project, Domain Gold Project and October Gold Project. These projects represent a strategic footprint in one of Canada's most prolific gold-producing regions.

ONGold Resources Ltd. on behalf of the Board of Directors

Kyle Stanfield, Chief Executive Officer & Director

Contact Information
Kyle Stanfield
Chief Executive Officer
Telephone: 1 (647) 749 5836
Email: info@ongoldresources.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release contains 'forward-looking information' and 'forward-looking statements' within the meaning of applicable Canadian securities laws (together, 'forward-looking information'). Forward-looking information herein includes, but is not limited to, statements regarding the timing, scope and results of the updated mineral resource estimate, the interpretation of geological information, the potential for resource expansion and conversion, planned sampling, surveys and drilling, and the timing of future work programs. Readers are cautioned that the historical mineral resource estimate disclosed in this news release is not current and may differ materially from any future mineral resource estimate. Forward-looking information is based on reasonable assumptions made by management at the date hereof, including assumptions regarding current and planned exploration activities, availability of financing, commodity prices, permits, laboratory turn-around times, and general business and economic conditions. Forward-looking information is inherently subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including risks related to exploration, sampling and assay results, geological interpretation and model risk, commodity price volatility, access, permitting and environmental matters, financing, contractor and equipment availability, and regulatory approvals. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295567

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