ONGold’s 2Moz Monument Bay resource: pit shell, grade and tungsten notes for engineers
Reviewed by Tom Sullivan
First reported on MINING.com
30 Second Briefing
ONGold Resources has revived the Monument Bay project in northeast Manitoba with a new open-pit resource of 74.4 million measured and indicated tonnes at 0.84 g/t gold (2.0 Moz) plus 24.5 million inferred tonnes at 0.62 g/t (491,000 oz), using a 0.2 g/t cut-off and a US$3,000/oz pit shell. SRK Consulting rebuilt the model over the 4.2 km Twin Lakes shear zone from 833 diamond holes (~237,000 m), defining higher-grade zones above 1 g/t and proposing a 20-hole, 11,150 m drill programme targeting deeper shoots such as TL16-575 (132 m at 6.15 g/t, including 2.75 m at 163.92 g/t). Tungsten, occurring mainly as scheelite and historically estimated at 248,000 tonnes WO₃, is being re-evaluated via 13,900 new assays to test continuity for a potential separate resource.
Technical Brief
- SRK constrained the updated gold resource within a new conceptual open-pit shell distinct from 2015.
- The model covers 4.2 km along the Twin Lakes shear zone, using 833 diamond drillholes (~237,000 m).
- Higher-grade domains were explicitly modelled using a ≥1 g/t threshold within a broader low-grade envelope.
- Monument Bay remains sparsely drilled below ~300 m depth, with deeper high-grade shoots largely untested.
- Historical hole TL16-575 in the eastern Lake Shoot intersected 132 m at 6.15 g/t Au, including 2.75 m at 163.92 g/t.
- SRK’s proposed follow-up comprises 20 diamond holes totalling 11,150 m, with ~50% targeting the eastern deposit.
- ONGold’s 2025–26 relogging and resampling campaign added ~13,900 tungsten assays, mainly from legacy gold-only samples.
- Tungsten occurs primarily as scheelite; earlier work suggested 248,000 t WO₃, now being reassessed for continuity and co-location with gold.
Our Take
With Monument Bay’s 2 million oz measured and indicated gold resource sitting at just 0.84 g/t and using a 0.2 g/t cut-off, ONGold will likely be benchmarked against other low-grade, bulk-tonnage Canadian gold projects in our database, where economics hinge heavily on scale, metallurgy and power/logistics costs rather than headline grade.
Agnico Eagle’s 15% equity position in ONGold and exposure to up to US$21.5 million in milestone payments gives a major producer a lever on any future re-rating of this Manitoba asset, contrasting with other TSXV gold names in our coverage (such as American Eagle Gold’s Eric Sprott-backed financing) that rely more on financial investors than strategic shareholders.
The presence of tungsten and scheelite alongside gold at Monument Bay is notable in the context of our 437 keyword-matched pieces on gold and tungsten, as very few Canadian projects in the database combine a sizeable gold resource with a potential critical-mineral by-product, which could become relevant if federal or provincial incentives for tungsten advance.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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