Announcement • Aug 25
Ongold Resources Ltd. Reports Results from 2026 Phase 1 Field Exploration Program and Affirms Drill Program Readiness
ONGold Resources Ltd. reported results from its 2026 Phase 1 field exploration program, which consisted of helicopter-supported geological mapping and prospecting, orientation soil sampling at Gold Ridge, Big Dam and Bosworth, and ground geophysical surveying over the Discovery and Discovery West areas at Gold Ridge on the Ti-pi-ha-kaa-ning project (the TPK Project). The TPK Project hosts two large independent mineralized systems and comprises 2,835 cell claims covering 76,292 hectares within a highly favourable geological setting. The Phase 1 program was undertaken to obtain additional field data to inform the Company's planned 2026 permitted drilling program and to complete regional exploration surveys. Wildfires in northwestern Ontario necessitated the rescheduling of the planned summer drilling program to the fall. Structural analysis of drill core has defined a potential southwest-plunging gold-bearing structure at the Discovery Zone. Drill hole GR-25-011, completed in 2025, returned 19.39 g/t Au over a core length of 8.20 m (11.8 to 20.0 m), including 359 g/t Au over 0.30 m (11.8 to 12.1 m). This zone is planned to be further drill tested this fall. The newly discovered Sidewinder Zone, a 70-metre-long gold-bearing quartz-vein shear zone at Gold Ridge, returned grab assays up to 10.69 g/t Au with anomalous copper, including 10.69 g/t Au, 6.48 g/t Au and 5.21 g/t Au. Sidewinder has not been previously drill tested. A recently completed ground electromagnetic (EM) and gravity geophysical survey identified a new EM target approximately 250 metres north of known gold and copper mineralization intersected by drill hole GR-25-012. The target may represent the northern strike extension of the quartz-stockwork vein system that returned 0.30 g/t Au and 1.60 g/t Ag over a core length of 56.4 m. An apparent east-trending shear zone in the same hole returned 11.1% Cu, 218 g/t Ag and 4.45 g/t Au over 0.40 m (319.2 to 319.6 m). At Gold Ridge, two new float-boulder grab samples returned 144.68 g/t Au and 28.48 g/t Au, with the latter sample also returning more than 100 ppm Ag. Additional drilling opportunities have been identified at Goose Lake to explore for high-grade gold mineralization previously intersected by historical drill hole TPK-10-004, which returned 25.87 g/t Au over a core length of 13.50 m (149.3 to 162.8 m), and historical drill hole TPK-11-013, which returned 4.74 g/t Au over a core length of 6.84 m (186.96 to 193.8 m). Grab sampling of historical trenches returned gold and copper assays of 17.96 g/t Au and 865 ppm Cu, 4.55 g/t Au and 1,910 ppm Cu, and 2.64 g/t Au and 544 ppm Cu. The 2026 field exploration program comprised geological mapping and prospecting and soil-orientation sampling programs (B-horizon and humus) across priority targets, including Gold Ridge, Bosworth, Keely Lake and other prospective mineralized showings throughout the property. Geophysical surveying consisted of 17.8 line-km of ground EM surveying over Discovery West and 15 line-km of gravity surveying across Discovery West and the Discovery Zone. The survey results have been used to enhance detailed geological and structural interpretation and drill-target selection for the planned fall drill program. In total, 93 grab samples and 173 soil and humus samples were collected. Selected grab-sample assay results are summarized in Table 1. Grab samples are selective by nature and may not be representative of mineralization on the TPK Project. Float boulders may have been transported from their original bedrock source, and the location, orientation and continuity of the source mineralization have not been established. The ground geophysics program identified a new EM target approximately 250 metres north, along the interpreted northwestern strike extension of the gold-bearing quartz-stockwork zone previously intersected by ONGold drill hole GR-25-012. Preliminary examination of the soil data indicates that elevated gold values in humus samples over the Discovery Zone appear to correlate with known gold intercepts in historical drill core and the newly identified EM anomaly. The newly discovered Sidewinder Zone, identified through surface mapping and prospecting, is part of multiple subparallel gold-bearing shears and veins in the Discovery Zone area. Sidewinder is located approximately 250 metres north of the Discovery Zone, with two new subparallel zones located within 100 metres east of Sidewinder. This northeast-trending, steeply dipping shear has been outlined for approximately 70 metres, is up to 0.5 m wide at surface and is open to the south. It is hosted in strongly sericite-altered, silicified and sheared quartz diorite and diorite with local quartz veinlets. Mineralization consists of 5% to locally 10% medium-grained disseminated pyrite with minor chalcopyrite and returned gold values up to 10.69 g/t Au from grab sampling. Higher gold grades (>3.0 g/t Au) within the selected sample population were associated with quartz veining and copper mineralization. To date, Sidewinder has not been drill tested. A field inspection was completed at the Goose Lake Prospect in preparation for future drilling. Historical drill casings were located, but no outcrop was found in the area visited. Overburden depths in historical holes range from 2 to 19 metres in the immediate area. Historical drill intercepts of interest for future targeting include the following: TPK-10-004 intersected 25.87 g/t Au over a core length of 13.50 m (149.3 to 162.8 m), including 46.0 g/t Au over 0.50 m (153.0 to 153.5 m), 139.40 g/t Au over 1.7 m (156.8 to 158.5 m), including 749.0 g/t Au over 0.3 m (157.2 to 157.5 m), and 127.0 g/t Au over 0.7 m (162.0 to 162.7 m); and TPK-11-013 was drilled in the opposite direction and intersected 4.74 g/t Au over a core length of 6.84 m (186.96 to 193.8 m), including 15.52 g/t Au over 1.5 m (192.3 to 193.8 m) and 33.90 g/t Au over 0.5 m (192.3 to 192.8 m). The current interpretation of drilling in this area suggests that the zone may plunge to the southeast, where no historical drill testing was completed. The high-grade gold zone may represent an intersection between regional east-west and northwest-trending fault structures. Future drilling is expected to use oriented core to collect structural data and evaluate the plunge directions of gold-bearing veins and the potential to expand gold mineralization at this interpreted structural junction. Field work was completed around Crying Boy Lake to investigate the source of the historical gold-in-till anomaly from reverse-circulation (RC) till sampling and the gold-in-boulder anomaly southwest of the shoreline. Historical drill casings were located, but no outcrop was found in the area visited. Historical drill hole TPK-12-30, drilled to test an induced polarization anomaly, returned 59.6 g/t Au and 93.3 g/t Ag over a core length of 0.5 m (225.0 to 225.5 m).
