Ongwe Minerals Discovers High-Grade Gold Zones at Belmont Prospect

Ongwe Minerals Inc., a company exploring for gold in Namibia, has announced significant findings at its Belmont Prospect. Multiple high-grade gold zones have been intersected in the BK2 Target, part of the broader Belmont Prospect located in the Khorixas area.

The company has outlined a 3,500-meter follow-up drilling plan to test multiple targets across the Belmont Prospect, including BK1, BK2, BK8, and the Plains. The primary focus will be on the BK2 Target, where two RC drill holes, BKR010 and BKR019, have returned promising results. Hole BKR010 intersected 3 meters of 9.21 grams per tonne (g/t) gold from 17 meters, 5 meters of 0.90 g/t gold from 39 meters, and 3 meters of 6.45 g/t gold from 70 meters. Hole BKR019 returned 1 meter of 4.70 g/t gold from 53 meters, 5 meters of 1.11 g/t gold from 63 meters, and 7 meters of 3.23 g/t gold from 78 meters.

Dave Underwood, CEO of Ongwe Minerals Inc., commented, "The recent RC scout drilling at the Belmont BK2 target has confirmed the presence of high-grade gold associated with complex folding and a late-stage influx of sulphides, including pyrrhotite, pyrite, and arsenopyrite. The initial intersections at BK2 are narrow but the grades are very encouraging."

Underwood further stated, "The mineralization style at Belmont is comparable to that of Osino Resources' Eureka gold deposit, located 50 kilometers east of Belmont. The Belmont mineralization footprint is substantially bigger than Eureka, and we believe there could be multiple Eureka-style deposits hidden beneath the calcrete cover. Given the structural complexity of these types of deposits, the next phase of drilling will be with a diamond rig to better understand the structural and lithological controls of the mineralization."

The company is also ramping up activity at the K17 prospect, with two phases of geophysics designed to produce copper-gold intrusion-related drill targets for testing in the second quarter of 2027. The Phase 1 deep-looking MT and gravity program will commence in October and should take about two months to complete.

Earlier this year, Ongwe Minerals Inc. commenced a reverse circulation (RC) bedrock sampling program to test in situ mineralization beneath gold anomalies defined by surface calcrete sampling. The program led to the discovery of the Plains Anomaly, a 2-kilometer-long in situ gold anomaly located along the KGT basin-margin fault zone. The bedrock sampling program was subsequently extended to several other targets within the Belmont Prospect, including BK2, BK7, and BK13.

Recent drilling has demonstrated the potential of the Belmont gold system, with the company believing the prospect has the potential to host multiple high-grade orebodies comparable to Osino Resources' Eureka gold deposit. The company's exploration strategy for the remainder of 2026 includes 2,000 meters of RC drilling and 1,500 meters of diamond drilling, focusing on targets such as BK1, BK2, BK8, and Plains.

The K17 Prospect is also a key area of focus, with the company integrating independent reviews from GeoAqua Consultants Limited and Geokincern Pty Ltd to refine the genetic and structural models for the K17 copper-gold prospect. The company plans to execute a two-phased geophysical program, starting with a mineral system scale AMT and ground gravity survey in October and November 2026, followed by a detailed Induced Polarization (IP) program in the first quarter of 2027.