# ONGold revives Monument Bay with 2M oz resource Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/ongold-revives-monument-bay-with-2m-oz-resource--30a6ce0e-31d5-4d8c-8e2d-419c6325ee76 Original source: https://www.northernminer.com/news/ongold-revives-monument-bay-with-2m-oz-resource/1003894810/ Publisher: northernminer Original announcement: 2026-09-14T14:45:44.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: ONGold Resources - Ticker: ONAU - Exchange: Unavailable - Region: Manitoba - Primary commodity: Gold - Secondary commodities: Tungsten - Document categories: Resource update, Other - Extracted: 2026-09-14 16:48:21 UTC Narrative sentiment: -0.20 · Bearish ## Minestarters Atlas summary ONGold Resources has released an updated mineral resource estimate for the Monument Bay gold project in Manitoba, outlining 2 million ounces of measured and indicated gold. While the new model includes significantly more tonnage than the 2017 historical estimate, it reports lower grades and fewer total contained ounces. Reasoning: The update establishes a 2M oz M&I gold resource, but the increase in tonnage is accompanied by a grade decline and lower contained metal compared to the 2017 historical estimate, suggesting dilutive growth. - Positive factor: Significant M&I gold resource established - Positive factor: Fresh geological interpretation and structural modeling - Negative factor: Grade decline vs historical 2017 estimate - Negative factor: Contained gold ounces lower than 2017 estimate - Negative factor: Tonnage increase driven by lower cut-off grade Facts used in scoring: 4 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document outlines a new mineral resource estimate for the Monument Bay project. Evidence · text > outlining 2 million measured and indicated contained ounces. **Grade Decline** Polarity: negative Definition: Average grade fell below the red-flag bound vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling. Why it applies: The current M&I grade of 0.84 g/t is lower than the historical 1.24 g/t. Evidence · text > current model carries substantially more tonnes but at lower grades **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: M&I tonnage increased from 58 Mt to 74.4 Mt. Evidence · text > current model carries substantially more tonnes **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: Contained M&I gold decreased from 2.32 Moz to 2.0 Moz. Evidence · text > current model carries ... fewer contained ounces. ## Extracted facts Stored fact records: 4. Some facts used in scoring do not have a stored record. ## Resource Estimates (4) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ongold-revives-monument-bay-with-2m-oz-resource--30a6ce0e-31d5-4d8c-8e2d-419c6325ee76#fact-resource-facts-0) Monument Bay · gold #### Identity - Project: Monument Bay - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: ONAU #### Resource scope - Estimate type: resource - Resource group id: resource:8a51f0b87722439be335 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 74400000 - Grade: 0.84 - Grade Unit: g/t - Contained Metal: 2000000 - Contained Unit: oz - Cutoff Grade: 0.2 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-14T00:00:00.000Z Reasoning: Establishes a significant M&I gold resource base. - Positive factor: Large scale M&I resource - Negative factor: Lower grade than historical 2017 estimate Evidence · text > 74.4 million measured and indicated tonnes grading 0.84 gram gold per tonne for 2 million oz. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ongold-revives-monument-bay-with-2m-oz-resource--30a6ce0e-31d5-4d8c-8e2d-419c6325ee76#fact-resource-facts-1) Monument Bay · gold #### Identity - Project: Monument Bay - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: ONAU #### Resource scope - Estimate type: resource - Resource group id: resource:1776e96fc58e1e3be605 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 24500000 - Grade: 0.62 - Grade Unit: g/t - Contained Metal: 491000 - Contained Unit: oz - Cutoff Grade: 0.2 - Cutoff Unit: g/t #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-14T00:00:00.000Z Reasoning: Standard inferred resource component. Evidence · text > 24.5 million tonnes at 0.62 gram gold for 491,000 oz. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ongold-revives-monument-bay-with-2m-oz-resource--30a6ce0e-31d5-4d8c-8e2d-419c6325ee76#fact-resource-facts-2) Monument Bay · gold Historical result Needs review: historical\_restatement #### Identity - Project: Monument Bay - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: ONAU #### Resource scope - Estimate type: resource - Resource group id: resource:4ddae2cfe7dc21e379e2 #### Resource Data - Category: indicated - Tonnes: 58000000 - Grade: 1.24 - Grade Unit: g/t - Contained Metal: 2320000 - Contained Unit: oz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2017-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-14T00:00:00.000Z Reasoning: Historical baseline for comparison. Evidence · text > 58 million tonnes grading 1.24 grams gold for 2.32 million oz. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 9.7 years before this release ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ongold-revives-monument-bay-with-2m-oz-resource--30a6ce0e-31d5-4d8c-8e2d-419c6325ee76#fact-resource-facts-3) Monument Bay · gold Historical result Needs review: historical\_restatement #### Identity - Project: Monument Bay - Commodity: gold - Region: canada\_mb - Reported Region: Manitoba - Ticker: ONAU #### Resource scope - Estimate type: resource - Resource group id: resource:372a790d438bb33afe1b #### Resource Data - Category: inferred - Tonnes: 24400000 - Grade: 0.92 - Grade Unit: g/t - Contained Metal: 720000 - Contained Unit: oz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2017-01-01T00:00:00.000Z #### Dates - Event date: 2026-09-14T00:00:00.000Z Reasoning: Historical baseline for comparison. Evidence · text > 24.4 million inferred tonnes at 0.92 gram gold for 720,000 oz. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 9.7 years before this release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.