ONGold has announced that it will close its private placement on Investing.com

TORONTO, ONTARIO–( News File – Dec 24, 2024 ) – ONGold Resources Ltd (TSXV: ONAU ) (OTCQB: ONGRF ). (of “Company“or”ONGold“) is pleased to announce that it has closed its previously announced oversubscription unfiltered flow-through private placement with gross gross proceeds of $3,250,995 (the “Collection”).Providing“) According to the filing, the Company issued a total of 5,001,532 common shares that qualify as “flow-through shares” for corporate purposes. Income Tax Act (Canada) (Each)Share FT“) per FT share at a price of $0.65. The company will use the gross proceeds from the offering to fund eligible Canadian exploration expenses. Income Tax Act (Canada) to explore its mineral properties in Manitoba and Ontario. In connection with the offering, the Company paid an acquirer’s fee of 6% of the gross proceeds in cash and issued warrants equal to 6% of the total FT shares sold to qualified non-affiliates of the Company. Pursuant to the policies of the TSX Venture Exchange (the “Exchange“)

All warrants issued under the Offer will be subject to a hold period of 4 months and 1 day in accordance with the rules and policies of the Exchange and applicable Canadian securities laws.

About ONGold Resources Ltd.

ONGold Resources Ltd. (formerly 1348515 BC Ltd.) is a reporting issuer in the provinces of British Columbia and Alberta. ONGold has significant exploration assets in Northern Ontario, highlighted by the District-TPK Project and the October Gold Project. These projects represent a strategic footprint in one of Canada’s most gold-producing regions.

ONGold recently acquired 100% interests in both the Memorial Bay Gold Project (“Monument Bay“) and domain project (“Domain“And together.”Projects“) both located in Manitoba, Canada, from wholly owned Agnico Eagle (NYSE:) Mines Limited (“Agnic Eagle“) (TSX: AEM) (NYSE: AEM) in Monument Bay, and Agnico Eagle and Capella Minerals Ltd. (“Capella“) (TSXV: CMIL), with its extensive technical expertise in domain matters, strong commitment to social acceptance, careful indigenous involvement and partnerships, in addition to a proven track record of responsible exploration, Ongold Group is uniquely positioned to unlock the full potential of Memorial Bay and Domain for more Details Please see Company News on December 23, 2024.

Monument Bay & Domain

Monument Bay is located in northeastern Manitoba, near the Ontario-Manitoba border, and represents a significant district-scale exploration opportunity for gold and tungsten mineralization along a 40-kilometre stretch. Monument Bay is an advanced platform exploration asset with more than 800 diamond core holes drilled over 232,000 meters and still has significant exploration in known deposits and underexplored satellite zones. Monument Bay has multiple mineral resource estimates completed by various qualified persons on behalf of various operators, which are not currently covered by NI 43-101 but will serve as the basis for future resource estimates to focus OnGold’s exploration efforts. According to NI 43-101. The proposed acquisition of Monument Bay will strengthen ONGold’s portfolio, provide ONGold’s nearby Rapson Bay properties with an exploration base and complement the company’s extensive exploration footprint in Northern Ontario. In the year A 2017 historical mineral resource estimate of 2,300,000 ounces of gold averaging 1.24 g/t in the Measured and Indicated Mineral Resource categories and an additional 720,000 ounces of gold averaging 0.92 g/t gold in the Inferred Mineral Resource category.

ONGold entered into a separate asset purchase agreement for Monument Bay (the “MB agreement“) and domain(“Domain Agreement“With MB Agreement”.AgreementsIn the year On November 25, 2024. Pursuant to the agreement, ONGold will acquire $250,000 in cash for the Memorial Bay and Domain Projects, of which $100,00 will be paid in the MB Agreement and $150,000 in the Domain Agreement, and 8.7 million ONGold common shares at approximately $4.2 million at an ONAU share price of $0.485, payable under the MB Agreement. , resulting in Agnico Eagle in the company It holds a 15% equity stake.In addition, Agnico Eagle will be paid $21.5 million in milestone payments. Under the MB Agreement, Agnico Eagle and Capela will be entitled to a combined $0.5 million in milestone payments. The closing of the Domain Agreement for Memorial Bay and Domain took place on December 20, 2024.

The transactions under the agreement are an important step in advancing ONGold’s strategy to become the leading junior explorer in the Stiles Lake greenstone belt in northern Canada.

TPK

Known for extensive gold mining, the TPK project covers 47,976 hectares of land in a very favorable geological setting and has shown promising exploration results from historical drilling and recent surveys. The project site is located in a region known for its mineral potential.

October golden

Similarly, the October Gold Project consists of 1,208 claims covering 271 km. It has a good geological setting for large gold deposits and is approximately 35 km from the Kot Lake mine strike. The project has conducted preliminary exploration activities that indicate the presence of significant gold problem mineral zones. ONGold holds a 100% interest in additional properties known as Rapson Bay, Thorne-Ellard and Mestone Lake in northwestern Ontario. Together, these include 2,334 cell claims covering 43,791 hectares.

ONGold is committed to responsible exploration practices and sustainable development with a focus on strong partnerships with local communities and stakeholders. Adhering to high environmental protection and community involvement, ONGold aims not only to explore and develop its assets, but also to make a positive contribution to the regions in which it operates.

ONGold Resources Ltd. has an experienced management team led by industry veterans and a strategic focus on high potential mineral resources. Canada’s thriving mining sector is well-positioned to be a leader in the development of next-generation mines.

On behalf of the Board of Directors ONGold Resources Ltd

Kyle Stanfield, CEO and Director

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the TSX Venture Exchange Policies) accepts responsibility for the accuracy or completeness of this news release.

All data are in Canadian dollars unless otherwise noted.

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