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ONGold Resources (TSXV: ONAU) (OTCQB: ONGRF) has completed the acquisition of the Monument Bay Gold Project and Domain Project in Manitoba from Agnico Eagle Mines and Capella Minerals. The initial consideration includes $250,000 in cash and 8.7 million ONGold common shares valued at approximately $4.2 million, making Agnico Eagle a 15% shareholder.
Monument Bay represents a district-scale exploration opportunity with significant gold and tungsten mineralization over a 40 km strike length. The project has seen over 232,000 metres of drilling in more than 800 diamond core holes. The most recent historical resource estimate (2017) identified 2.3 million Au oz in Measured & Indicated categories and 720,000 Au oz in Inferred category, though these estimates are no longer current under NI 43-101.
The acquisition strengthens ONGold's portfolio and provides a camp to explore nearby Rapson Bay Properties, complementing the company's exploration footprint in Northern Ontario.
ONGold Resources has entered agreements to acquire 100% interests in the Monument Bay Gold Project and Domain Project in Manitoba, Canada from Agnico Eagle Mines and Capella Minerals. The initial consideration includes $250,000 in cash and 8.7 million ONGold shares valued at approximately $4.2 million, giving Agnico Eagle a 15% stake in ONGold. Additional contingent milestone-based payments total $22 million.
Monument Bay is an advanced exploration asset with over 232,000 metres drilled in more than 800 diamond core holes. The project's most recent historical resource estimate (2017) identified 2.3 million Au oz at 1.24 g/t in Measured & Indicated categories and 720,000 Au oz at 0.92 g/t in Inferred category. The closing is expected in December 2024.
ONGold Resources announces its common shares are now trading on the OTCQB Venture Marketplace under the symbol 'ONGRF', while maintaining its TSXV listing under 'ONAU'. The company has also received Depository Trust Company (DTC) eligibility, making its stock more accessible to US investors. DTC eligibility enables electronic clearing and settlement of securities in the United States, accelerating the settlement process. The OTCQB listing requires companies to meet quality standards including current financial reporting, minimum bid price, and annual verification processes.
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