ONGold Resources Announces Appointment of Vice-President Exploration & Monument Bay Gold Project Update
ONGold Resources has appointed Paul Dunbar as Vice-President of Exploration, bringing nearly 40 years of geological expertise. The company is reactivating exploration at the Monument Bay Gold Project in Manitoba, which historically contained 2.3 million gold ounces in Measured and Indicated resources, plus 720,000 gold ounces in Inferred resources.
The exploration program includes expanding geological understanding, conducting field exploration, undertaking induced polarization surveys, and performing structural studies. Five new target areas have been identified, with three designated as "highest priority" for potential gold resource expansion: Ankerite/Gold Pond area, AZ Zone/Central Zone area, and Monument Bay deposit west extension.
Additionally, Wally Dzick, an experienced resource geologist, has been engaged to re-examine the existing gold resource and expansion opportunities. The project's historical resources were calculated using US$1,200 gold price assumptions and require updating to current standards.
ONGold Resources ha nominato Paul Dunbar Vicepresidente dell'Esplorazione, portando con sé quasi 40 anni di esperienza geologica. L'azienda sta riattivando l'esplorazione presso il Monument Bay Gold Project in Manitoba, che storicamente conteneva 2,3 milioni di once d'oro in risorse Misurate e Indicate, oltre a 720.000 once d'oro in risorse Inferred.
Il programma di esplorazione prevede l'ampliamento della conoscenza geologica, l'esplorazione sul campo, l'esecuzione di indagini di polarizzazione indotta e studi strutturali. Sono state individuate cinque nuove aree target, di cui tre classificate come "massima priorità" per un possibile ampliamento delle risorse aurifere: l'area Ankerite/Gold Pond, l'area AZ Zone/Central Zone e l'estensione occidentale del giacimento Monument Bay.
Inoltre, Wally Dzick, un geologo esperto in risorse, è stato incaricato di riesaminare le risorse aurifere esistenti e le opportunità di espansione. Le risorse storiche del progetto sono state calcolate utilizzando un prezzo dell'oro di 1.200 dollari USA e necessitano di un aggiornamento secondo gli standard attuali.
ONGold Resources ha nombrado a Paul Dunbar como Vicepresidente de Exploración, aportando casi 40 años de experiencia geológica. La compañía está reactivando la exploración en el Monument Bay Gold Project en Manitoba, que históricamente contenía 2.3 millones de onzas de oro en recursos Medidos e Indicados, además de 720,000 onzas de oro en recursos Inferidos.
El programa de exploración incluye ampliar el conocimiento geológico, realizar exploración de campo, llevar a cabo estudios de polarización inducida y realizar estudios estructurales. Se han identificado cinco nuevas áreas objetivo, de las cuales tres se designaron como "máxima prioridad" para la posible expansión de recursos auríferos: el área Ankerite/Gold Pond, el área AZ Zone/Central Zone y la extensión oeste del depósito Monument Bay.
Además, Wally Dzick, un geólogo de recursos experimentado, ha sido contratado para reexaminar los recursos de oro existentes y las oportunidades de expansión. Los recursos históricos del proyecto se calcularon usando un precio del oro de US$1,200 y requieren una actualización a los estándares actuales.
ONGold Resources는 거의 40년의 지질학 전문 지식을 가진 Paul Dunbar를 탐사 부사장으로 임명했습니다. 이 회사는 매니토바 주의 Monument Bay Gold Project 탐사를 재개하고 있으며, 이 프로젝트는 과거에 측정 및 확인 자원에 230만 온스의 금과 추정 자원에 72만 온스의 금을 보유하고 있었습니다.
탐사 프로그램에는 지질학적 이해 확대, 현장 탐사, 유도 분극 조사 수행 및 구조 연구가 포함됩니다. 다섯 개의 새로운 목표 지역이 확인되었으며, 그 중 세 곳은 금 자원 확장 가능성을 위해 "최우선 순위"로 지정되었습니다: Ankerite/Gold Pond 지역, AZ Zone/Central Zone 지역, 그리고 Monument Bay 광상 서쪽 확장 구역입니다.
또한, 경험 많은 자원 지질학자인 Wally Dzick이 기존 금 자원과 확장 기회를 재검토하기 위해 참여했습니다. 프로젝트의 과거 자원은 금 가격을 미화 1,200달러로 가정하여 계산되었으며, 현재 기준에 맞게 업데이트가 필요합니다.
ONGold Resources a nommé Paul Dunbar au poste de Vice-Président de l'Exploration, apportant près de 40 ans d'expertise géologique. La société relance l'exploration du Monument Bay Gold Project au Manitoba, qui contenait historiquement 2,3 millions d'onces d'or en ressources Mesurées et Indiquées, ainsi que 720 000 onces d'or en ressources Inférées.
Le programme d'exploration comprend l'approfondissement des connaissances géologiques, la réalisation d'explorations sur le terrain, la conduite d'enquêtes de polarisation induite et des études structurelles. Cinq nouvelles zones cibles ont été identifiées, dont trois classées comme "priorité absolue" pour une possible expansion des ressources aurifères : la zone Ankerite/Gold Pond, la zone AZ Zone/Central Zone et l'extension ouest du gisement Monument Bay.
De plus, Wally Dzick, un géologue expérimenté en ressources, a été engagé pour réexaminer les ressources aurifères existantes et les opportunités d'expansion. Les ressources historiques du projet ont été calculées en supposant un prix de l'or à 1 200 USD et nécessitent une mise à jour selon les normes actuelles.
ONGold Resources hat Paul Dunbar zum Vizepräsidenten für Exploration ernannt, der fast 40 Jahre geologische Erfahrung mitbringt. Das Unternehmen reaktiviert die Exploration am Monument Bay Gold Project in Manitoba, das historisch 2,3 Millionen Unzen Gold in gemessenen und angezeigten Ressourcen sowie 720.000 Unzen Gold in abgeleiteten Ressourcen enthielt.
Das Explorationsprogramm umfasst die Erweiterung des geologischen Verständnisses, Felderkundungen, die Durchführung von induzierter Polarisationsmessungen und strukturelle Studien. Fünf neue Zielgebiete wurden identifiziert, von denen drei als "höchste Priorität" für eine mögliche Erweiterung der Goldressourcen eingestuft wurden: das Ankerite/Gold Pond Gebiet, das AZ Zone/Central Zone Gebiet und die westliche Erweiterung der Monument Bay Lagerstätte.
Zusätzlich wurde Wally Dzick, ein erfahrener Ressourcengeologe, beauftragt, die bestehenden Goldressourcen und Expansionsmöglichkeiten erneut zu prüfen. Die historischen Ressourcen des Projekts wurden unter der Annahme eines Goldpreises von 1.200 US-Dollar berechnet und müssen nach aktuellen Standards aktualisiert werden.
- Appointment of Paul Dunbar as VP Exploration brings 40 years of gold resource evaluation expertise
- Monument Bay Project historical resource estimate shows 2.3M gold ounces in Measured & Indicated category (1.24 g/t grade)
- Additional 720,000 gold ounces in Inferred category (0.92 g/t grade)
- Five new exploration target areas identified for potential resource expansion
- Project evaluation to be updated with current higher gold prices vs historical US$1,200/oz assumption
- Historical resource estimates are no longer current under NI 43-101 standards
- Additional drilling and validation work required to verify and update historical estimates
- High variability reported in tonnage, metal grades, and contained metal from different estimation methods
Toronto, Ontario--(Newsfile Corp. - April 30, 2025) - ONGold Resources Ltd. (TSXV: ONAU) (OTCQB: ONGRF) (the "Company" or "ONGold") is pleased to announce the appointment of Paul Dunbar as Vice-President, Exploration effective as of April 1, 2025. With nearly four decades of experience in geology and gold resource evaluations, Mr. Dunbar has held prominent roles in executive and senior management positions across Canadian exploration, development and production mining companies overseeing gold resource expansions in support of mining operations and evaluating and advancing exploration projects.
Although focused predominantly on gold exploration and development projects, his expertise spans a wide variety of geological deposit types, including Archean greenstone gold deposits, epithermal gold/silver systems, SEDEX deposits, and copper-gold porphyry projects. He has managed diverse teams of professionals and has considerable success in globally steering projects from the grassroots stage to advanced resource definition and development stage having worked throughout Canada, Nevada, Peru, East and West Africa, China and Mongolia.
As the Director of Exploration for Argonaut Gold Inc., he led his team in advancing exploration, expanding resources, and assisting to develop the Magino open pit gold producing mine operating in Dubreuilville, Ontario. This operation and 10,000 tpd mill and remaining Canadian assets were acquired by Alamos Gold Inc. in 2024.
MONUMENT BAY GOLD PROJECT UPDATE
Mr. Dunbar will lead the reactivation of exploration at the Monument Bay gold project as well as a detailed resource review. The objectives of the current exploration program at Monument Bay is as follows:
- Expand the geological understanding of the existing gold and tungsten deposits at the Monument Bay deposit and its mid-east zone.
- Conduct an Initial Phase I Field Exploration Program to evaluate all high-priority targets identified across the Monument Bay property (please see the Company's press release dated March 3, 2025 for further details).
- Undertake an induced polarization survey over the existing deposits as well as targets proximal to existing resources.
- Explore opportunities to conduct optical televiewer structural studies on previously drilled boreholes to re-enforce and deepen the understanding of the structural control mechanisms concentrating high-grade gold and tungsten mineralization within the Monument Bay deposit.
- Perform a comprehensive evaluation of historical gold-tungsten resources defined by previous operators. This includes assessing currently defined resource domains, cut-off grades, opportunities to expand the assay database through infill sampling and assaying, integrating drill hole data not previously incorporated in historic resource estimates, and identifying resource expansion opportunities within the main deposit. Historical resources were defined using US
$1,200 gold and significantly higher gold prices will change the evaluation of the current deposits. - Undertake a fixed-wing lidar/ orthophoto survey to support further regional exploration targeting and property-wide structural interpretation to identify new target areas to focus future exploration activities and drilling programs.
PROJECT RESOURCE GEOLOGIST
ONGold is also initiating a re-examination of the existing Monument Bay gold resource as well as resource expansion opportunities. In order to complete the analysis, ONGold has engaged an experienced resource geologist; Mr. Wally Dzick. As a highly experienced and internationally recognized Professional Geologist, Mr. Dzick has cultivated a distinguished career centered on precious metals exploration and mining, resource evaluation, statistical analysis and development, corporate due diligence with notable expertise in exploration and resource appraisals in gold and silver commodities. His experience spans across domestic and international assignments, including roles in strata-bound sediment-hosted copper and polymetallic replacement-style deposits.
His career includes significant tenures with leading global companies such as Barrick Gold and Newmont Mining, complemented with mid-tier juniors like Getchell Gold, Silver Standard Resources, and Summit Mining. As Chief Geologist for Barrick Gold at the Meikle Mine in Nevada, he successfully managed the geology department and developed strategies for optimizing resources through effective drilling programs. His proficiency in mine geology, quality assurance and quality control processes, ore control, mine-to-mill reconciliation, and resource modeling position him as a key player in the industry.
Kyle Stanfield CEO and Director of ONGold commented: "I am delighted Paul Dunbar has joined ONGold in this critical leadership role. He brings the right balance of grassroots exploration planning combined with expansive gold resource development expertise to our team. With the planned reactivation of exploration activities at the Monument Bay gold project, we are excited about next steps as we enter an unprecedented gold price environment."
Monument Bay Gold Project
The recently acquired Monument Bay Gold project in Manitoba represents a substantial acquisition of large known gold deposits. Monument Bay has had numerous mineral resources estimates completed by various Qualified Persons on behalf of various operators, which are no longer current under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The most recent unpublished NI 43-101 technical report (2017) (the "Historical Report") for the Monument Bay deposit (formally the Twin Lakes Deposit) identified 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. This includes only in-pit and resources with a cut off grade of 0.3 g/t gold.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10770/250132_ongold_table.jpg
Notes:
1) These mineral resources are historical in nature. Although compliant under NI43-101 at the time, resources should be updated to include more recent data, metals prices and cost assumptions.
2) Mineral resources that are not mineral reserves do not have demonstrated economic viability. There are no mineral reserves at the Monument Bay Project.
3) Block size was 10mX10mX2m.
4) Gold price at the time was assumed to be US
5) Operating costs for open pit mining were assumed to be US
6) Pit constrained resources at 0.3 g/t Au cut off
New Gold Exploration Targets Identification
The compilation and new interpretive work announced by ONGold on March 3, 2025 resulted in the identification of five (5) new target areas, detailed below, for field exploration investigations with the goal of defining new targets for drilling. These zones are denoted and prioritized as follows:
- Ankerite/Gold Pond Area along the Twin Lakes Shear Zone ("TLSZ");
- AZ Zone (Easterly and Westerly strike extensions);
- Newly discovered Central Zone;
- Monument Bay Deposit West Extension, also located along the TLSZ immediately west of the Monument Bay deposit; and,
- Gold Ridge along the Stull-Wunnumin Fault/ Deformation Zone.
The Company is focused on exploring target areas that have the best opportunity to provide gold resource expansion opportunities. ONGold currently believes that the (1) Ankerite/Gold Pond area, (2) the AZ Zone/Central Zone area, and (3) Monument Bay deposit west extension are the "highest priority" areas having the highest potential to discover new gold resources.
Technical Information
The scientific and technical content of this press release has been reviewed and approved by Rodney Barber, P. Geo. for ONGold, who is a "Qualified Person" as defined by NI 43-101. Mr. Barber is the President of ONGold and is not considered independent.
All technical data contained in this press release related to Monument Bay is considered historical in nature.
The Historical Report contains resource estimates that were calculated using cut-off grades of 0.3 grams per tonne (g/t) gold for open-pit resources. The 2015 pit shell was used to constrain the resource. The Mid-East and AZ Zones are not included in this estimate. This resource only considers open-pit resources and is pit-constrained. Subsequent resource modelling has indicated there is a high degree of variability in tonnage, metal grades, and contained metal as a result of different estimation methodologies and geological models.
This estimate, prepared prior to ONGold's acquisition of Monument Bay, is considered historical in nature. It is no longer current and should not be relied upon. The 2015 pit shell used to constrain the resource is outdated and would need to be updated to reflect current economic conditions and technical parameters. A qualified person has not done sufficient work to classify the historical estimates in this news release as current mineral resources or mineral reserves, and ONGold is not treating the historical estimates as current mineral resources or current mineral reserves. ONGold does not have any more recent estimates or data available with respect to these historical estimates and has not conducted sufficient work to establish the relevance and reliability of the historical resource estimates.
To verify and update this historical estimate to current NI 43-101 standards, additional work is required. This includes further drilling, a review of the geological model, and validation of previous findings under the oversight of a qualified person. Until such work is completed, investors are cautioned that the historical estimate does not meet current NI 43-101 standards, and any economic analysis or decisions based on this estimate should be avoided.
About ONGold Resources Ltd.
ONGold Resources Ltd. owns significant exploration assets in Northern Ontario, 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 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 (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. These statements relate to matters that identify future events or future performance. Often, but not always, forward looking information can be identified by words such as "could", "pro forma", "plans", "expects", "may", "will", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved.
The forward-looking statements contained herein include, but are not limited to, statements regarding: the performance of the Monument Bay project, the Company's plans relating to the Monument Bay project, and results of the Company's mineral exploration activities on the Monument Bay project (including, without limitation, its mineral resources, current claims and its ability to utilize global gold needs); and the performance of gold as a commodity, including the sustained gold demand and prices.
In making the forward looking statements in this news release, ONGold has applied several material assumptions, including without limitation: market fundamentals that result in sustained gold demand and prices; the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of Monument Bay in a timely manner; the availability of financing on suitable terms for the development; construction and continued operation of Monument Bay; Monument Bay containing mineral resources; the Company's ability to conduct an Initial Phase I Field Exploration Program; the Company's ability to execute on its plans relating to the Monument Bay project; and the Company's ability to comply with all applicable regulations and laws, including environmental, health and safety laws.
Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect the Company's management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of managements considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward- looking statements are reasonable, such information involves risks and uncertainties, and under reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements expressed or implied by the Company. Among the key risk factors that could cause actual results to differ materially from those projected in the forward- looking statements are the following: operating and technical difficulties in connection with mineral exploration and development and mine development activities at Monument Bay; estimation or realization of mineral reserves and mineral resources, requirements for additional capital; future prices of precious metals and gold; changes in general economic, business and political conditions, including changes in the financial markets and in the demand and market price for commodities; possible variations in ore grade or recovery rates; possible failures of plants, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays or the inability of OnGold to obtain any necessary approvals, permits, consents or authorizations, financing or other planned activities; changes in laws, regulations and policies affecting mining operations; currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities; risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on ONGold's business; as well as those factors discussed under the heading "Risk Factors" in the Company's latest Management Discussion and Analysis and other filings of ONGold filed with the Canadian securities authorities, copies of which can be found under the Company's profile on SEDAR+ at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialized, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. ONGold does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
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FAQ
What experience does Paul Dunbar bring to ONGRF as the new VP of Exploration in 2025?
How many gold ounces are in ONGRF's Monument Bay historical resource estimate?
What are the top 3 priority exploration targets at ONGRF's Monument Bay project?
What is ONGRF's exploration plan for Monument Bay in 2025?
How will ONGRF update the Monument Bay historical resource estimate?
