ONGold Announces Updated Mineral Resource Estimate for the Monument Bay Gold Project, Manitoba
Original announcement by prospectors_exchange on
- Company
- ONGold Resources Ltd.
- Ticker
- ONAU
- Exchange
- Unavailable
- Region
- Manitoba
- Primary commodity
- Gold
- Secondary commodities
- Tungsten
- Document categories
- Drill results, Resource update
- Extracted
- 2026-09-16 17:03:47 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
ONGold Resources has announced an updated Mineral Resource Estimate for the Monument Bay Gold Project in Manitoba, effective July 31, 2026. The update reports 74.39 Mt at 0.84 g/t Au (Measured and Indicated) and 24.46 Mt at 0.62 g/t Au (Inferred), totaling approximately 2.5 million ounces of gold. The release also highlights significant tungsten potential identified through recent re-logging and assaying of historical samples.
Reasoning: Significant update to a 2.5 Moz gold resource with high M&I confidence and new tungsten potential.
Positive factors
- Substantial M&I resource (80% of total)
- Updated geological model improves understanding
- Identified potential for tungsten resource expansion
- Open at depth and along strike
Negative factors
- Tungsten not included in current MRE
- Relies on historical data for some components
Facts used in scoring: 5
Classification and evidence
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE was prepared in accordance with NI 43-101 standards.
Evidence · text
“in accordance with... National Instrument 43-101”
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The release describes an updated MRE, but the context of 'updated' and 'historical' suggests it is a revision of an existing resource rather than a maiden one.
Evidence · text
“announces an updated Mineral Resource Estimate”
Extracted facts
Stored fact records: 5. Some facts used in scoring do not have a stored record.
Drill Results (3)
TL16-575Monument Bay · goldGrade: 163.92Grade Unit: g/tIntercept: 2.75 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- TL16-575
- Project
- Monument Bay
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- canada_mb
- Ticker
- ONAU
Geometry
- Grade
- 163.92
- Grade Unit
- g/t
- Intercept
- 2.75 m
- From
- 171.25 m
- To
- 174 m
- Intercept Depth
- 171.25 m
Classification
- Sample Type
- drill
- Group ID
- TL16-575:171.25-174
QA/QC
- QA/QC Disclosed
- Yes
- QP Signed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2026-03-02T00:00:00.000Z
Dates
- Event date
- 2026-09-14T00:00:00.000Z
Reasoning: Exceptional grade intercept, though historical.
Positive factors
- Extremely high grade
Negative factors
- Historical data
Evidence · text
“163.92 g/t Au over 2.75 metres”
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
TL16-575Monument Bay · goldGrade: 6.15Grade Unit: g/tIntercept: 132 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- TL16-575
- Project
- Monument Bay
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- canada_mb
- Ticker
- ONAU
Geometry
- Grade
- 6.15
- Grade Unit
- g/t
- Intercept
- 132 m
- From
- 151 m
- To
- 283 m
- Intercept Depth
- 151 m
Classification
- Sample Type
- drill
- Group ID
- TL16-575:151-283
QA/QC
- QA/QC Disclosed
- Yes
- QP Signed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2026-03-02T00:00:00.000Z
Dates
- Event date
- 2026-09-14T00:00:00.000Z
Reasoning: Significant historical intercept.
Positive factors
- Strong grade over long width
Negative factors
- Historical data
Evidence · text
“6.15 g/t Au over a core length of 132.0 metres”
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Data Re-releasenegative
Historical results re-announced with no new assays or reinterpretation — low genuine novelty.
Why it applies: the fact restates a prior release
TL-20-714Monument Bay · tungstenGrade: 4590Grade Unit: ppmIntercept: 0.55 mHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Hole ID
- TL-20-714
- Project
- Monument Bay
- Commodity
- tungsten
- Region
- canada_mb
- Reported Region
- canada_mb
- Ticker
- ONAU
Geometry
- Grade
- 4590
- Grade Unit
- ppm
- Intercept
- 0.55 m
- From
- 131.9 m
- To
- 132.45 m
- Intercept Depth
- 131.9 m
Classification
- Sample Type
- drill
- Group ID
- TL-20-714:131.9-132.45
QA/QC
- QA/QC Disclosed
- Yes
- QP Signed
- Yes
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Interp. Status
- scored
- Historical
- Yes
- Historical Source Date
- 2020-01-01T00:00:00.000Z
Dates
- Event date
- 2026-09-14T00:00:00.000Z
Reasoning: New tungsten assay from historical sample.
Positive factors
- High grade tungsten
Evidence · table
“4,590”
Context: A0770622
Tags used in scoring
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: qaqc_disclosed is true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Resource Estimates (2)
indicatedMonument Bay · goldTonnes: 74390000Grade: 0.84Grade Unit: g/tContained Metal: 2Contained Unit: mozView all detailsHide details
Identity
- Project
- Monument Bay
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- Manitoba
- Ticker
- ONAU
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Souvik Banerjee
- Resource group id
- resource:15c5ec4851af40b6b1a3
- Deposit or zone
- Monument Bay
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 74390000
- Grade
- 0.84
- Grade Unit
- g/t
- Contained Metal
- 2
- Contained Unit
- moz
- Cutoff Grade
- 0.2
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-07-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-14T00:00:00.000Z
Reasoning: Strong M&I component for an open-pit gold project.
Positive factors
- High M&I percentage (80% of total ounces)
- NI 43-101 compliant
Evidence · text
“74.39 million tonnes at 0.84 g/t Au containing 2.0 million ounces of gold”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredMonument Bay · goldTonnes: 24460000Grade: 0.62Grade Unit: g/tContained Metal: 0.49Contained Unit: mozView all detailsHide details
Identity
- Project
- Monument Bay
- Commodity
- gold
- Region
- canada_mb
- Reported Region
- Manitoba
- Ticker
- ONAU
Resource scope
- Estimate type
- resource
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Souvik Banerjee
- Resource group id
- resource:3ce6e6deaeeb9927f58c
- Deposit or zone
- Monument Bay
- Mining method
- open_pit
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 24460000
- Grade
- 0.62
- Grade Unit
- g/t
- Contained Metal
- 0.49
- Contained Unit
- moz
- Cutoff Grade
- 0.2
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-07-31
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-14T00:00:00.000Z
Reasoning: Standard inferred component of a resource update.
Negative factors
- Inferred category represents higher geological risk
Evidence · text
“24.46 million tonnes at 0.62 g/t Au containing 0.49 million ounces of gold”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.