ONGold Initiates Infill Sampling Program to Recover Missing Tungsten and Gold Assays at Monument Bay for Enhanced Resource Modeling and Development

Rhea-AI Summary

ONGold Resources (OTCQB: ONGRF) has initiated an infill sampling program at its Monument Bay deposit to recover missing tungsten and gold assays, aiming to enhance resource modeling. The program targets over 13,400 pulps for tungsten analysis within the modeled gold domain.

Historical data shows significant gold-tungsten intercepts across six shoots, with notable grades including 17.4m @ 2.05 g/t Au and 0.51% WO3 in the Camp Shoot and 3.0m @ 15.68 g/t Au and 1.22% WO3 in the River Shoot. The project's tungsten grades frequently exceed those of both historical producers and current exploration projects across North America.

A 2015 historical estimate reported pit-constrained "Indicated" resources of 1,689,000t grading 2.58g/t Au and 0.17% WO3, containing 140,000 oz Au and 286,000 mtu WO3. With tungsten currently priced at US$42,313 per metric tonne for WO3, the project represents a significant opportunity in the critical minerals sector.

Positive

• Project contains significant tungsten grades exceeding North American industry standards
• Historical indicated resources of 140,000 oz Au and 286,000 mtu WO3 from 2015 estimate
• High-grade intercepts including 17.4m @ 2.05 g/t Au and 0.51% WO3
• Strong tungsten prices at US$42,313 per metric tonne for WO3
• Majority of historical drill core remains intact and securely stored
• Potential to significantly increase resource with 13,400 unassayed pulps

Negative

• Only 10% of split core originally sampled for gold was assayed for tungsten
• Historical resource estimates are not current and require verification
• Significant work needed to complete comprehensive sampling program
• Heavy reliance on historical data requiring verification

Toronto, Ontario--(Newsfile Corp. - September 2, 2025) - ONGold Resources Ltd. (TSXV: ONAU) (OTCQB: ONGRF) ("ONGold") is pleased to announce that the company has initiated an infill sampling program targeting intervals not previously sampled for tungsten and gold throughout the Monument Bay deposit ("Monument Bay") where tungsten could add a significant gold equivalent ("AuEq") to future resource estimates on the project. Tungsten, found in the form of scheelite mineralization in drill core throughout Monument Bay, has long been overlooked by earlier operators - evidenced by the fact that only 10% of the split core originally sampled for gold was assayed for tungsten content. With global demand for tungsten rising sharply, this presents a promising opportunity to unlock new value from Monument Bay. The current market price is US$42,313 per metric tonne for tungsten oxide (WO₃ 99.95% high-grade purity); pricing based on the Chinese export market.

Tungsten is classified as a "High-Demand Critical Mineral" by Natural Resources Canada due to its exceptional hardness and highest melting point among metals. When alloyed with steel, it significantly enhances strength and wear resistance. Tungsten is essential in the production of tungsten carbide cutting tools, electrical components, armor-piercing ammunition, aerospace and automotive engine parts, and radiation shielding in medical applications.

Recent field work has verified that the majority of historical drill core remains intact, has been inventoried and is securely stored at the core farm located at the Twin Lakes exploration camp at Monument Bay. In addition, a substantial number of historical sample pulps have been preserved in long-term storage at a warehouse facility located in Thunder Bay. A program is currently underway to collect over 13,400 pulps that need to be analyzed for tungsten; samples that all reside within the modelled gold domain of Monument Bay. The realization of the need for infill sampling for tungsten, along with intervals of core requiring additional logging and splitting for gold analysis, underscores the need for a comprehensive infill sampling program. This initiative aims to recover critical gold and tungsten assay data across the deposit. Incorporating these results into the database should help to expand the gold-tungsten resource for the main deposit.

Historically significant gold-tungsten intercepts have been returned from all six (6) steeply east plunging, north dipping shoots (see Figure 1 and Figure 2). A large majority of core assayed for gold were not analyzed for tungsten. The contouring of tungsten grades throughout the deposit clearly demonstrates that assaying to collect missing assays are critical to assessing the tungsten resource potential of this deposit (Figure 2). Highlights include the following:

Camp Shoot:

• TL-05-275: 17.4m @ 2.05 g/t Au and 0.51% WO₃.
• TL-05-245: 3.1m @ 17.73 g/ Au and 0.86% WO₃.
• TL-03-107: 2.6m @ 14.02 g/t Au and 0.96% WO₃.
• TL-05-286: 3.6m @ 4.3 g/t Au and 0.85% WO₃.
• TL-05-269: 4.5m @ 49.13 g/t Au and 0.16% WO₃.
• TL-14-527: 5.0m @ 14.02 g/t Au and 0.29% WO₃.

River Shoot:

• TL-12-484: 3.0m @ 2.5 g/t Au and 1.18% WO₃ (see Figure 3).
• TL-13-509: 7.0m @ 1.86 g/t Au and 0.37% WO₃ including 0.28m @ 1.82 g/t Au and 11.12% WO₃.
• TL-18-668: 3.0m @ 15.68 g/t Au and 1.22% WO₃.
• TL-05-306: 3.1m @ 2.58 g/t Au and 0.53% WO₃.

Lake Shoot:

• TL-07-339: 5.0m @ 1.87 g/t Au and 0.44% WO₃.
• TL-02-83: 5.0m @ 1.61 g/t Au and 0.55% WO₃.

Simmons Shoot:

• TL-16-599a: 10.0m @ 2.34 g/t Au and 0.13% WO₃ (see Figure 4).
• TL-11-430: 3.0m @ 1.06 g/t Au and 0.42% WO₃.
• TL-13-506: 2.0m @ 2.82 g/t Au and 1.14% WO₃.

The drill holes intercepts for both gold and tungsten are presented below on Table 1A to 1D in this news release.

Kyle Stanfield CEO and Director of ONGold commented: "Our team has made exceptional progress evaluating the vast Monument Bay geological database. We're extremely excited to unlock the full potential of the Monument Bay deposit by collecting the remaining missing tungsten assays and further sampling mineralized core not previously sampled. This critical step will allow us to monetize the tungsten thereby enhancing the overall value of this exceptional gold deposit and positioning Monument Bay as a compelling multi-commodity asset with a diverse resource."

Figure 1: Plan Map - Monument Bay Au-W Deposit: Tungsten Intercepts

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Figure 2: Longitudinal Section - Monument Bay Au-W Deposit: Gold/Tungsten Intercepts Missing Tungsten Data

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Figure 3: TL-12-484: Scheelite infills brecciated quartz-carbonate veined fractures hosted in altered quartz porphyry dyke (left - Blue Scheelite under fluorescent in short wave UV light; right core photo showing fracture filling in normal light). Returned 3.0 m @ 2.50 g/t Au and 1.18% WO₃ (271 to 274m) in the River Shoot.⁽¹⁾.

(1) As disclosed in the Technical Report, p. 118, available on SEDAR+ under the Company's profile at www.sedarplus.ca.

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Figure 4: TL-16-599a: Scheelite veins, locally folded, hosted in altered (silicified, sericitized) clastic metasediments with arsenopyrite and pyrite; under UV light; returned 1.03% WO₃ and 5.31 g/t Au over a sample length of 1.0 m (458 to 459m) within the Simmons Shoot.

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Historical Data

The only attempt to quantify a tungsten resource with gold was undertaken by Yamana Gold Inc. in 2015 that reported at a cut off grade of 0.70 g/t Au pit constrained "Indicated" resources of 1,689,000t grading 2.58g/t Au and 0.17% WO₃, containing 140,000 oz Au and 286,000 mtu WO₃, (see reference (1) in this news release) as disclosed in the "Technical Report on the Monument Bay Project, Manitoba", prepared for ONGold Resources Ltd. by Rodney Barber of ONGold Resources Ltd. and Karen Mathers of Stantec Consulting Ltd., dated May 30, 2025 and filed on the Company's SEDAR+ profile at www.sedarplus.ca on June 13, 2025 (the "Technical Report"). The Technical Report was prepared in accordance with National Instrument 43-101 - Standards of Disclosure in Mineral Projects ("NI 43-101"). "Inferred" resources in the same zone were 530,000t grading 2.52g/t Au and 0.19% WO₃, containing 43,000 oz Au and 98,000 mtu WO₃. A separate tungsten only zone contained "Inferred" resources of 214,000t grading 0.15% WO₃, for 32,000 mtu WO₃. Underground "Measured" and "Indicated" resources in the Monument Bay Au-W Deposit above a 4.0g/t Au cut-off were 76,000t grading 5.41g/t Au, containing 13,000 oz Au and 1,000 mtu WO₃, including a gold and tungsten zone that carried 2,000t grading 5.38g/t Au and 0.17% WO₃, containing 400oz Au and 1,000 mtu WO₃. Underground "Inferred" resources in the same zone were 505,000 grading 5.44g/t Au, containing 88,000 oz Au and 3,000 mtu WO₃, which includes the gold and tungsten zone of 11,000t grading 5.09g/t Au and 0.28% WO3, containing 2,000 oz Au and 3,000 mtu WO₃.

The recently published Technical Report also discloses a historical "gold only" mineral estimate which identified 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 the Company's news release dated June 13, 2025). This consists of "in-pit only" resources above a cut off grade of 0.3 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 of the Technical Report 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 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.

Historical drilling between the known mineralized shoots has also yielded significant gold-tungsten intercepts, suggesting the possibility of additional mineralized shoots or connections between existing ones (Figure 2). Notably hole TL-14-518, positioned between the River and Camp shoots, returned 3.0 m grading 1.06 g/t Au and 1.17% WO₃ within an altered feldspar porphyry dyke (Figure 2). The mineralization is associated with stockwork veins infilled with scheelite.

Aside from Centerra Gold Inc.'s Endako Molybdenum Mine in British Columbia-which produces tungsten as a by-product at a modest grade of 0.04% to 0.05 %WO₃-reported Resources on Centerra Gold Inc. website (see reference (2) in this news release). North America currently lacks any active primary tungsten mining operations (Table 2). In contrast, China dominates the global tungsten market, accounting for over 80% of worldwide production and exports.

In Canada, one of the most advanced tungsten exploration initiatives is the Sisson Tungsten-Molybdenum Project in New Brunswick, operated by Northcliff Resources/Todd Minerals. This project is under evaluation for potential open-pit development and reports tungsten resources estimates in the range of 0.05% WO₃ to 0.07% WO₃ (see reference (3) in this news release).

As shown in Tables 1A to 1D below, the Monument Bay project continually demonstrates tungsten grades that often exceed those of both historical producers and current exploration/development projects across Canada and the United States.

Table 1A - Highlights: Camp Shoot Gold-Tungsten Intercepts

Hole No.	From (m)	To (m)	Length (m)	g/t Au	%WO3	W ppm	Comments
TL-05-275	137.50	154.90	17.40	2.05	0.51	4,076	Int. Feld Porph Vol Flow; adjacent to feld. Porphyry dyke; locally mod silica-albite altered; up to 20 % qtz veined, bx,aspy, py
including	140.50	150.50	10.00	2.69	0.85	6,756
including	140.50	146.50	6.00	3.65	1.11	8,810
including	141.50	142.50	1.00	2.98	1.85	14,684
including	145.50	146.50	1.00	6.77	4.40	34,897
including	149.50	150.50	1.00	0.30	1.83	14,547
TL-05-245	273.40	277.50	4.10	12.90	0.63	4,980	Felsic Tuff; mod to strong silca-albite altered; 50 specks of VG @ 275.7m over 0.5 m in Bx qtz vein with Aspy
including	273.40	276.50	3.10	17.73	0.86	6,781
including	275.50	276.00	0.50	77.13	0.18	1,444
including	276.00	276.50	0.50	6.77	3.84	30,482
TL-03-107	264.60	267.20	2.60	14.02	0.96	7,614	Int. Feld. Phyric Vol. Flow: 3-4% py, 2-4% aspy, loc. Ser., qtz-carb veins with VG @ 265.63, @ 265.75 (71 specks), @ 266.5 (9 specks)
including	265.60	267.20	1.60	22.72	1.56	12,342
including	265.60	266.10	0.50	50.93	1.03	8,140
including	266.10	266.70	0.60	16.76	3.27	25,936
TL-05-286	181.40	185.00	3.60	4.30	0.85	6,771	Qtz Crystal Tuff; qtz-carb stringer veined (folded); 182.6-183.0 qz-carb vein with py, aspy
including	181.40	184.15	2.75	5.43	1.11	8,787
including	182.50	183.00	0.50	9.33	1.11	8,819
including	183.00	183.60	0.60	7.49	3.87	30,692
TL-03-123	175.00	178.40	3.40	3.61	0.62	4,949	Felsic Tuff; 2-10cm qtz veins with aspy, local folding
including	175.00	177.40	2.40	5.11	0.88	6,991
including	175.90	176.40	0.50	6.89	3.78	30,000
TL-05-269	69.00	81.70	12.70	19.48	0.07	521	Orogenic Shear/Breccia; Felsic dyke; 80% qtz veined; Au_E_Bx6b Domain; Brecciated; 70.1 to 70.9m mass. Qtz vein; VG (100 specks) @ 70.5 over 0.45 m with aspy; Shoot is open at depth.
including	69.00	73.50	4.50	49.13	0.16	1,239
including	70.45	70.90	0.45	4.08	0.90	7,110
including	71.40	71.90	0.50	410.50	0.01	50
including	81.40	81.70	0.30	69.53	0.01	50
TL-14-527	92.00	97.00	5.00	14.02	0.29	2,264	Orogenic Shear hosted/Vein; Sediments, Int. Ash/lapilli Vol; Au_Vein 1 Domain; stong ser alteration, py and aspy, VG reported in <1.0 mm qtz veins; minor scheelite in qtz veinlets; Shoot is open at depth.
including	92.00	96.60	4.60	15.08	0.31	2,446
including	93.97	97.00	3.03	22.87	0.29	2,275
including	92.00	92.78	0.78	0.81	0.71	5,600
including	95.32	96.00	0.68	2.74	0.32	2,570
including	96.00	96.60	0.60	17.06	1.04	8,210
TL-14-529	68.00	71.00	3.00	0.62	0.44	3,514	Feldspar Porphyry; strong ser. Alt'n; local qtz-tour veins with scheelite (3mm to 7 cm wide).
including	69.23	71.00	1.77	0.54	0.75	5,921
including	69.23	69.66	0.43	0.26	2.89	22,940
TL-03-131	34.80	40.50	5.70	2.50	0.42	3,344	Felsic Tuff with QFP dyke: bx, 35% qtz veining with tr to 3% aspy, 4-5% py, tr. Sph
including	34.80	38.00	3.20	2.33	0.74	5,900
including	35.50	37.50	2.00	3.71	1.13	8,975
including	36.00	36.50	0.50	8.04	3.61	28,660
TL-04-204	301.10	301.70	0.60	8.73	2.60	20,625	Felsic Crystal Tuff; carb-chl altn
TL-02-99	355.40	357.50	2.10	8.37	0.98	7,798	Bx Tuff; 5-10% qtz-carb veined; sericite, py, Abundant VG
including	356.50	357.00	0.50	34.20	3.95	31,300
TL-11-391	105.00	107.00	2.00	1.35	1.41	11,190	Feld Porphyry Dyke; 1-5 mm veins with py, tr aspy
including	106.00	107.00	1.00	2.11	2.82	22,330

 

Table 1B - Highlights: River Shoot Gold-Tungsten Intercepts

Hole No.	From (m)	To (m)	Length (m)	g/t Au	%WO3	W ppm	Comments
TL-12-484	271.00	274.00	3.00	2.50	1.18	9,316	Qtz Porphyry Dyke; strong sil overprints se alt'n; Bx infilled with qtz-carb veins and scheelite @266.2m (Photo)
	271.00	272.00	1.00	1.95	1.95	15,930
TL-13-509	203.00	210.00	7.00	1.86	0.37	2,900	QFP; qtz-albite veined with scheelite and sphalerite
including	210.21	211.32	1.11	0.95	2.86	22,645
including	210.21	210.49	0.28	1.82	11.12	88,170
TL-18-668	135.00	138.00	3.00	15.68	1.22	9,700	Felsic Feld Phyric Vol.; strong ser.-sil altn: qtz-carb veins with VG @ 137.8m (3 specks) and scheelite (135-138m)
including	137.00	13800	1.0	42.10	3.15	25,000
TL-05-306	103.40	107.50	4.10	3.04	0.42	3,343	Feld. Porphy /Dyke; sil, ser altered; 2-5% py, Aspy; @ 106.5 m, 3 cm bx qtz vein
including	104.40	107.50	3.10	2.58	0.53	4,195
including	106.45	106.85	0.40	3.05	1.27	10,090
and	112.30	116.85	4.55	1.12	0.66	5,237	Int. Flow with Porphyritic Dyke; ser. altered, py, po; qtz cab veined (5-7%) with py, aspy
including	112.30	114.85	2.55	1.84	1.14	9,031
including	112.30	113.20	0.90	2.70	2.48	19,690
including	113.20	113.85	0.65	1.52	1.00	7,950
and	131.20	137.20	6.00	3.03	0.39	3,082	Int. Flow; sericite altered, 10% qtz veined; py
including	134.20	135.20	1.00	4.80	0.85	6,720
including	135.20	136.20	1.00	2.51	1.02	8,090

 

Table 1C - Highlights: Lake Shoot Gold-Tungsten Intercepts

Hole No.	From (m)	To (m)	Length (m)	g/t Au	%WO3	W ppm	Comments
TL-07-339	199.00	204.00	5.00	1.87	0.44	3,525	Fed Phyric Vol.Flow: sil and ser altn; 200.2 to 201.9m is qtz stockwork veined with 3% py, 1% aspy
including	199.00	201.90	2.90	2.87	0.76	6,025
including	200.20	201.90	1.70	4.28	1.28	10,170
including	200.20	201.00	0.80	5.61	2.71	21,454
TL-02-83	71.00	76.00	5.00	1.61	0.55	4,373	Bx folded Vol. Tuff; semi-massive py; strong sericite-chlorite alteration

 

Table 1D - Highlights: Simmons & Simmons West Shoots: Gold-Tungsten Intercepts

Hole No.	From (m)	To (m)	Length (m)	g/t Au	%WO3	W ppm	Comments
TL-16-599a	455.00	465.00	10.00	2.34	0.13	988	Simmons Shoot: Locally heavy scheelite veined altered clastic metasediments associated with arsenopyrite and pyrite
including	457.00	459.96	2.96	4.08	0.38	3010
including	458.00	459.00	1.00	5.31	1.03	8,191
TL-11-430	179.00	182.00	3.00	1.06	0.42	3,317	Simmons Shoot: Lapilli Tuff: minor sil, loc ser altn.
including	181.00	182.00	1.00	0.32	1.09	8,660
and	187.00	191.00	4.00	1.93	0.75	5,978
including	187.00	188.00	1.00	3.76	2.93	23,260
TL-13-506	193.00	195.00	2.00	2.82	1.14	9,050	Mafic Vol. Feldspar Flow; 10-15 cm qtz-carb veins with up to 3% scheelite in the Simmons West Shoot
including	193.50	194.00	0.50	2.63	1.36	10,820
including	194.00	194.50	0.50	7.26	3.17	25,120

 

Table 2: Examples of North American Past Producers, Current Exploration and
Development Projects in North America

Location	Name	Status	Owner
Canada, New Brunswick	Sisson Tungsten-Molybdenum Project	Advanced Development Project for Open Pit (Not Producing)(2)	Northcliff Resources (88.5%) & Todd Minerals (11.5%)
Canada, NWT	Mactung Project	Planned Open-Pit (Not Producing)	Fireweed Metals Corp.
Canada, New Brunswick	Mount Pleasant Mine	Former UG Mine (Not Producing)	Adex Mining Inc.
Canada; British Columbia	Logtung Project	Planned Open Pit (Not Producer)	Largo resources
Canada; New Brunswick	Nashwaak Lake Property	Exploration Stage	Great Atlantic Resources
Canada; British Columbia	Endako Molybdenum	Only Operating Mine - Tungsten (0.04% to 0.05% %WO3 by-product)(3)	Centerra Gold Inc.
U.S.A.; Utah	Scheelite Metals Mine	Past Producer	Scheelite Metals LLC
U.S.A.: Idaho	IMA Mine Project	Past Underground Producer	American Tungsten Corp.
U.S.A.; California	Pine Creek Tungsten Mine	Past Producer	Pine Creek Development LLC
U.S.A.; Nevada	Springer Tungsten Mine	Past Producer	Silver Predator Corp.

 

References:

1. 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.

2. Centerra Gold Inc. website, mineral reserve summary available at https://s205.q4cdn.com/276554285/files/doc_downloads/2025/08/MRMR-Tables-and-Footnotes.pdf

3. Northcliff Resources Ltd. website, available at: https://www.northcliffresources.com/sissonprojecttechnical

Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Paul Dunbar, P. Geo. and Vice President Exploration for ONGold, who is a "Qualified Person" as defined by NI 43-101. Mr. Dunbar is not independent of ONGold.

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 Project, Domain Gold Project and October Gold Project. These projects represent a strategic footprint in some 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 (855) 525-0992
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 news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release, other than statements of historical fact, that address events or developments that ONGold expects to occur are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled", "forecast", "budget", "may", "will", "could", "might", "should" and similar expressions, or that events or conditions "will", "would", "may" or "could" occur.

The forward-looking statements contained herein include, without limitation, statements regarding the completion and results of the infill sampling program for tungsten and gold assays at Monument Bay, the potential to recover missing tungsten assays from over 13,400 preserved sample pulps, the expansion of gold-tungsten resources through incorporation of additional assay data, the enhancement of overall project value through tungsten monetization, future resource estimates and gold equivalent calculations, the verification of historical mineral resource estimates, market conditions for tungsten and gold including sustained demand and current pricing of US$42,313 per metric tonne for tungsten oxide, the Company's ability to advance Monument Bay and unlock its full potential, and the receipt of necessary permits and financing.

These forward-looking statements are based on material assumptions including that historical drill core and sample pulps will remain suitable for analysis, that analytical results will be consistent with historical data quality, that laboratory facilities will be available, that market fundamentals will support current commodity pricing, that qualified persons will verify historical estimates in accordance with NI 43-101 requirements, that geological interpretations of mineralization continuity are reasonable, that regulatory conditions will allow continued exploration, that the Company will maintain adequate financial resources, and that political and economic stability will continue in Canada and relevant global markets.

Forward-looking statements are subject to numerous risks and uncertainties that may cause actual results to differ materially, including uncertainty regarding the condition of historical core and preserved sample pulps after extended storage, potential variations in analytical results due to sample degradation or contamination, technical difficulties in sampling and analytical procedures, uncertainty in geological interpretation and mineralization continuity, potential discrepancies between historical and current analytical methods, volatility in tungsten and gold commodity prices and market demand, changes in global tungsten supply particularly from China which dominates over 80% of worldwide production, competition from alternative materials, fluctuations in foreign exchange rates, changes in mining laws and regulations, delays in obtaining permits, environmental liabilities, Indigenous consultation requirements, uncertainty in mineral resource estimation including the inability to verify 2015 Yamana Gold Inc. historical estimates, variations in ore grade and tonnage, limited financing availability, changes in the Company's financial condition, key personnel risks, global economic conditions, geopolitical risks, pandemic-related disruptions, climate change impacts, cybersecurity threats, and risks associated with the remote Twin Lakes exploration camp location.

The historical mineral resource estimates referenced in this news release, including 2015 Yamana Gold Inc. estimates and the historical gold-only mineral estimate in the Technical Report, are considered historical estimates that should not be relied upon and do not constitute current mineral resources or reserves as defined by NI 43-101. Although ONGold believes the expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties, and readers are cautioned not to place undue reliance on them. ONGold does not undertake to update or revise any forward-looking statements except as required by securities laws. Investors are encouraged to review the Company's continuous disclosure documents available on SEDAR+ at www.sedarplus.ca for a complete discussion of risk factors and uncertainties.

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FAQ

What is the significance of tungsten at ONGold's Monument Bay project?

The project shows exceptional tungsten grades exceeding North American standards, with historical indicated resources containing 286,000 mtu WO3. Current tungsten prices of US$42,313 per tonne make it a valuable critical mineral opportunity.

What are the historical gold and tungsten grades at Monument Bay?

Notable intercepts include 17.4m @ 2.05 g/t Au and 0.51% WO3 in the Camp Shoot and 3.0m @ 15.68 g/t Au and 1.22% WO3 in the River Shoot, demonstrating significant gold-tungsten mineralization.

How many unassayed samples does ONGRF plan to analyze for tungsten?

ONGold plans to analyze over 13,400 pulps for tungsten content, all located within the modeled gold domain of Monument Bay.

What were the 2015 historical resource estimates for Monument Bay?

The 2015 pit-constrained indicated resources were 1,689,000t grading 2.58g/t Au and 0.17% WO3, containing 140,000 oz Au and 286,000 mtu WO3, though these estimates are not current.

How does Monument Bay's tungsten grades compare to other North American projects?

Monument Bay's tungsten grades frequently exceed those of both historical producers and current exploration projects in North America, including Centerra's Endako Mine (0.04-0.05% WO3) and Sisson Project (0.05-0.07% WO3).