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Ongold Announces Agreement to Acquire the Monument Bay and Domain Projects in Manitoba
Toronto, Ontario--(Newsfile Corp. - November 25, 2024) - ONGold Resources Ltd. (TSXV: ONAU) (OTCQ...
About this update from Ongold Resources Ltd
[{"type":"text","content":"Ongold Announces Agreement to Acquire the Monument Bay and Domain Projects in ManitobaToronto, Ontario--(Newsfile Corp. - November 25, 2024) - ONGold Resources Ltd. (TSXV: ONAU) (OTCQB: ONGRF) (\"ONGold\" or the \"Company\") is pleased to announce that it has entered into agreements to purchase 100% interests in both the Monument Bay Gold Project (\"Monument Bay\") and the Domain Project (\"Domain\", and together the \"Projects\"), both located in Manitoba, Canada, from a wholly-owned subsidiary of Agnico Eagle Mines Limited (\"Agnico Eagle\") (TSX: AEM) (NYSE: AEM), and Agnico Eagle and Capella Minerals Ltd. (\"Capella\") (TSXV: CMIL), in the case of Domain. Upon closing of the transactions under the two agreements, Agnico Eagle will own 15% of ONGold's total issued and outstanding common shares (see details below).Monument Bay is located in northeastern Manitoba, near the Ontario-Manitoba border, and represents a district-scale exploration opportunity with significant gold and tungsten mineralization over a 40 km strike length. Monument Bay is an advanced stage exploration asset with over 232,000 metres drilled in more than 800 diamond core holes, while still having substantial exploration upside both within the known deposits and along underexplored satellite zones. 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numerous mineral resources estimates completed by various Qualified Persons on behalf of various operators, which are no longer current under National Instrument 43-101 - Standards of Disclosure for Mineral Projects (\"NI 43-101\") but will be used by ONGold to focus exploration efforts and form the basis of future resource estimates to be prepared in accordance with NI 43-101. The proposed acquisition of Monument Bay will strengthen ONGold's portfolio, provide a camp to explore ONGold's nearby Rapson Bay Properties and complement the Company's broader exploration footprint in Northern Ontario.ONGold entered into separate asset purchase agreements for Monument Bay (the \"MB Agreement\") and Domain (the \"Domain Agreement\", together with the MB Agreement, the \"Agreements\") on November 25, 2024. Under the terms of the Agreements, ONGold will acquire the Monument Bay and Domain Projects for initial aggregate consideration consisting of $250,000 in cash, of which $100,00 is payable under the MB Agreement and $150,000 payable under the Domain Ag...