Northern Superior Resources Inc. (TSX-V:SUP, OTCQX:NSUPF) announced that ONGold Resources Ltd, in which it holds a 62% equity stake, has completed the acquisition of two gold exploration projects in Manitoba.
The assets, Monument Bay and Domain, were purchased from Agnico Eagle Mines and Capella Minerals.
As part of the transaction, Agnico Eagle received 8.7 million ONGold shares, representing 15% of the company. The total consideration includes $250,000 in cash and contingent milestone-based payments of up to $22 million.
In a statement, Northern Superior said that Monument Bay offers district-scale potential with gold and tungsten mineralization over a 40-km strike length.
The project has seen over 232,000 meters of drilling across more than 800 diamond drill holes.
Historical resource estimates indicate potential for 2.3 million ounces of gold in measured and indicated resources, not compliant with NI 43-101 standards.
ONGold plans to leverage these estimates to guide further exploration and update resource calculations, it said in a statement.
The site also provides significant near-deposit exploration opportunities and untested zones with high-priority drill targets.
The acquisition complements ONGold’s Rapson Bay and Northern Ontario projects, enhancing its regional expertise and operational efficiencies.
Monument Bay, in particular, is seen as a key driver for the company’s growth, with opportunities to discover high-grade, iron-formation-hosted gold deposits. Its infrastructure is expected to support future exploration across the portfolio.
The Domain project, also located in Manitoba, is smaller in scale compared to Monument Bay, but the company feels it offers exploration potential within a prolific gold belt.
With its 15% stake in ONGold, Agnico Eagle now holds a strategic interest in the company. The partnership is expected to bolster ONGold’s technical capabilities and financial flexibility as it advances its projects.
ONGold plans to update historical resource estimates and expand exploration at both sites.