ONGold revives Monument Bay with 2M oz resource
Manitoba's Monument Bay gold project re-emerges with 2 million measured and indicated ounces after nearly a decade.
ONGold Resources has revitalized the dormant Monument Bay gold project in Manitoba, unveiling a resource of 2 million measured and indicated ounces. The project, located in the province's northeast, contains 74.4 million measured and indicated tonnes grading 0.84 grams gold per tonne. The updated resource model, developed by SRK Consulting, expands on the historical estimate from 2017, which was prepared for previous owner Yamana.
ONGold's new resource incorporates fresh geological and structural interpretations, core re-logging, and additional assays. CEO Kyle Stanfield highlighted the improved understanding of structural controls on mineralization and the priority areas for further drilling, particularly in the eastern portion of the deposit where gold grades are notably higher.
Monument Bay, situated near the Ontario border about 340 km southeast of Thompson, has undergone multiple ownership changes since last covered in 2015. ONGold acquired the property from Agnico Eagle Mines in late 2024 for $100,000 in cash and shares. The company plans to conduct an initial 20-hole, 11,150-metre drill program focused on higher-grade zones, including mineralization beneath and outside the current pit shell.
Monument Bay's tungsten resource, once a significant part of its exploration story, is now excluded from the updated model despite still being present in the deposit.
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