Red Sucker Lake First Nation Invites ONGold to Resume Exploration at Monument Bay Gold Project
Rhea-AI Summary
ONGold Resources (TSXV: ONAU) (OTCQB: ONGRF) has received formal invitation from Red Sucker Lake First Nation (RSLFN) to resume exploration activities at the Monument Bay gold project in Northeastern Manitoba. The project, acquired from Agnico Eagle Mines in December 2024, is located within RSLFN's traditional territories.
Following extensive discussions, a framework agreement has been established for exploration resumption, aligned with RSLFN's Community Consultation Protocol. Recent geological compilation suggests significant potential for expanding the historic gold resource.
Positive
- Formal approval to restart exploration activities
- Framework agreement established with local First Nation
- Geological studies indicate potential for resource expansion
Negative
- None.
News Market Reaction
On the day this news was published, ONGRF declined 5.74%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Toronto, Ontario--(Newsfile Corp. - February 25, 2025) - ONGold Resources Ltd. (TSXV: ONAU) (OTCQB: ONGRF) (the "Company" or "ONGold") is pleased to provide an update on the Monument Bay gold project ("Monument Bay") located in Northeastern Manitoba, which it recently acquired from Agnico Eagle Mines Limited in December, 2024 (the "Acquisition"). Since closing the Acquisition, the Company has been in extensive discussions with Red Sucker Lake First Nation ("RSLFN") as the Monument Bay property is located within their traditional territories. For further details about the Acquisition, please see the Company's news release dated December 23, 2024 available on the Company's SEDAR+ profile at www.sedarplus.ca.
ONGold is pleased to announce that RSLFN has formally invited ONGold to restart exploration activities at Monument Bay. Recent meetings held in Winnipeg and within the community have led to a framework agreement for the resumption of exploration in parallel with community engagement in line with the RSLFN's Community Consultation Protocol.
Kyle Stanfield, CEO and Director of ONGold commented: "We are thrilled to be coordinating the re-initiation of field exploration activities at the Monument Bay gold project with Red Sucker Lake First Nation. We are excited to be working with a community with a demonstrated history of dynamism and strong leadership across industry. The recently completed geological compilation has shown enormous potential for ONGold to increase the size of the historic gold resource in the coming months."
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 one of Canada's most prolific gold-producing regions.
With its deep exploration-development technical expertise, strong commitment to social acceptability, mindful Indigenous engagement and partnerships, in addition to a proven track record of responsible exploration, ONGold's team is uniquely positioned to unlock the full potential of its portfolio of projects.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242360
FAQ
What is the latest development for ONGold Resources (ONGRF) at Monument Bay gold project?
When did ONGold Resources (ONGRF) acquire the Monument Bay project?
What is the significance of the RSLFN agreement for ONGRF's Monument Bay project?
What are the exploration prospects for ONGRF at Monument Bay according to recent studies?
