ONGold Resources Regains 100% Ownership of October Gold Project in Ontario’s Swayze Greenstone Belt

• Ownership returned: Evolution Mining’s termination of its earn-in agreement took effect on 15 October 2026, returning 100% ownership and operatorship of October Gold to ONGold. Evolution funded at least $2.5 million in expenditures under the agreement.
• District-scale property: October Gold covers 1,308 claims over 271 km², 35 km northwest of IAMGOLD’s Côté Gold Mine, with IAMGOLD’s claims bordering its southeastern boundary.
• Regional gold structure: The Ridout Deformation Zone crosses the property for about 15 km and is interpreted as the western continuation of the Cadillac-Larder Lake Break, a major gold-bearing fault network.
• Four target areas: Targets include an undrilled porphyry body about 3 km long at Woman River, where historical surface samples returned up to 11.50 grams of gold per tonne.
• Planned work: A permit application is planned for fall 2026, with a Woman River site visit tentatively set for late October or November 2026 and a field programme anticipated for summer 2027.

ONGold Resources Ltd. (TSXV: ONAU) is a Canada-based exploration company holding gold projects in Northern Ontario and Northern Manitoba. Its portfolio comprises the Monument Bay Gold-Tungsten Project, the TPK Gold Project, the Domain Gold Project and the October Gold Project. The company’s approach centres on technical exploration expertise, responsible practices and partnerships with Indigenous communities.

Evolution Mining Exit Returns Full Ownership and Operatorship

Evolution Mining Exploration and Development (Canada) Ltd. has withdrawn from and terminated its earn-in and joint venture agreement on October Gold, effective 15 October 2026. ONGold retains its 100% interest, free of Evolution’s earn-in right, and assumes operatorship, meaning it now manages exploration on the property.

An earn-in allows a partner to gain a stake in a project by funding exploration. Under the agreement signed with Northern Superior Resources in November 2023, Evolution could earn 75% of October Gold by spending $7 million and paying $1.1 million in cash over five years. ONGold acquired the property in April 2024 through Northern Superior’s spinout of its Ontario assets, and Evolution confirmed it had funded at least $2.5 million in expenditures before withdrawing.

ONGold CEO Kyle Stanfield said:

“The return of full control and operatorship of October Gold will be a meaningful strategic milestone for ONGold. With much of this district-scale property still underexplored, we see a clear opportunity to unlock value through systematic, technically driven exploration. The project sits in a proven gold corridor alongside major gold deposits such as IAMGOLD’s Côté Gold and the past-producing Jerome Mine, reinforcing the geological strength of this land position in the Swayze Greenstone Belt. The range of high-quality targets across the land package, including porphyry bodies, underscores the scale of the opportunity ahead. Our team is committed to disciplined geological work, targeted geophysics and a structured exploration program designed to surface new discoveries and create long-term value for shareholders.”

Four Exploration Target Areas Identified

October Gold lies 105 km southwest of Timmins in the Swayze Greenstone Belt, a belt of ancient volcanic rocks, and is accessible by highway and forestry roads. Côté Gold reports 20.34 million ounces of gold in the Measured and Indicated categories (the higher-confidence resource classes) plus 3.48 million ounces Inferred, while the Jerome Mine, 12 km to the east-southeast, produced 56,898 ounces of gold between 1941 and 1943. Historical work at October Gold focused on the central and north-central parts of the property, leaving the remainder largely underexplored.

At Woman River, a porphyry body (an intrusive rock formed from cooled magma) about 3 km long has not been explored or drilled. Historical grab samples from nearby trenches returned between 3.65 and 11.50 grams of gold per tonne (g/t). In 1985, Noranda drilled eight holes totalling 1,338 metres on the Woman River Zone, tracing gold over about 200 metres; one hole on October Gold ground returned 2.29 g/t over 5.80 metres, and the zone remains open to the east.

The other three areas are northwest-trending structures identified through LiDAR (laser-based terrain mapping), where a neighbouring hole outside the property returned 0.50 g/t over 75.75 metres; three porphyry bodies along the central Ridout Deformation Zone, a setting associated with gold at both Jerome and Côté; and fold structures in the southwest, where historical drilling returned 2.84 g/t over 2.07 metres and a grab sample returned 0.55 g/t gold and 21.4 g/t silver.

Permit Application and Site Visit Planned

ONGold plans to begin an exploration permit application in fall 2026 to support ground geophysical surveys, which measure the physical properties of rocks below surface, and a potential future drill programme. A site visit to the Woman River area is tentatively scheduled for late October or November 2026.

In 2027, work is set to begin with compiling historical data and refining targets. An anticipated summer field programme would follow, including geological mapping, prospecting, rock and soil sampling, and induced polarisation and magnetic surveys. Induced polarisation sends electrical currents into the ground to detect rocks containing scattered metallic minerals.

Exploration will focus on porphyry bodies, fold structures, historical gold showings, and structures branching off the Ridout Deformation Zone. At Woman River, field investigation and geophysical surveys are required to define drill targets on the porphyry body.

Milestones and Next Steps

With the Evolution agreement terminated, ONGold holds 100% of October Gold and is now its operator. Upcoming milestones include filing the exploration permit application in fall 2026 and the Woman River site visit in late October or November 2026. In 2027, data compilation and a summer field programme of mapping, sampling and geophysics are planned to define targets for a potential future drill programme.

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