Monument Bay,
MB
Project Overview
Location & Accessibility:
- Northeastern Manitoba, near the Ontario-Manitoba border.
Approximately 590 km from Winnipeg and 52 km northeast of Red Sucker Lake First Nation. - Year-round access by aircraft; winter road access during freeze-up conditions.
- ONGold plans to maintain the existing exploration camp at Twin Lakes.
- Access via a 5,000-foot ice runway in winter and float planes in summer.
- High-voltage power line extends to Red Sucker Lake.
Property Details:
- Comprises 136 contiguous mining claims covering 31,250 hectares.
Project History:
- Extensively explored by multiple operators since the late 1980’s including drilling, geophysical surveys, and resource estimations
- Mega Precious Metals held the property from 2011 to 2015 and drilled 179 diamond drill holes
- In June 2015, Mega was acquired by Yamana Gold Inc. and Yamana advanced the project by generating several in-house resource estimates and an extensive drilling database
- In March 2023, Agnico Eagle acquired Yamana’s Canadian assets, including Monument Bay and Domain.
Historic Resource:
- Since the initial resource estimate in 1991, Monument Bay has been subject to several estimates that contemplate both open pit and underground mining.
- All resource estimates are no longer current under National Instrument 43-101 and should be treated as historic in nature.
Royalties:
- 2% Net Smelter Royalty payable to Franco-Nevada Corporation prior to the production of 1 million oz Au, 3% thereafter, on certain positions of the project
- 1.5% payable to Triple Flag Precious Metals Corp. on certain portions of the project
- The most recent historical mineral resource estimate for Monument Bay is derived from an unpublished report prepared for Yamana by WSP dated July 2017.
- The resource estimate was calculated using cut-off grades of 0.3 grams per tonne (g/t) gold for open-pit resources.
- A 2015 pit shell was used to constrain the resource and it excludes the Mid-East and AZ zones.
1) This estimate is no longer current and should not be relied upon. The 2015 pit shell used to constrain the resource is outdated and would need to be updated to reflect current economic conditions and technical parameters. A qualified person has not done sufficient work to classify this historic estimate as current mineral resources or mineral reserves, and ONGold is not treating the historical estimates as current mineral resources or current mineral reserves. ONGold does not have any more recent estimates or data available with respect to these historical estimates and has not conducted sufficient work to establish the relevance & reliability of the historical resource estimates.
Monument Bay Exploration Opportunity
Significant Exploration Potential:
- Monument Bay hosts numerous untested targets beyond existing deposits.
- Eastern areas show promising magnetic signatures similar to mineralized zones but lack sufficient drilling.
- Undrilled shear structures traced over 1.5 km may extend several kilometers further.
High-Priority Undrilled Targets:
- Surface quartz-tourmaline veins with assays up to 6.10 g/t Au identified.
- Aeromagnetic data reveal features controlling high-grade mineralization, and cut iron formation to the south, similar to Newmont’s Musselwhite Mine.
- Recent airborne EM surveys highlight high-conductivity zones, potential targets for critical metals, yet to be drilled.
Focused Exploration Plans:
- Conduct ground surveys and gather detailed geophysical data.
- Integrate geology and geophysics to refine the geological model.
- Implement a 45-day field program targeting underexplored zones east and south of Twin Lakes.
- Prepare for intensive drilling campaigns to discover new deposits and expand resources.
Interpretation of airborne magnetics and EM data reveals a number of opportunities for gold and base metals, in the left chart:
A. Twin Lakes analogues along strike
B. Conductive, sulphidic zones in iron formation (Musselwhite analog)
C. Standalone high conductance zones; possible base metal targets