ONGold poised to begin trading on TSX Venture Exchange
Shares of ONGold Resources Ltd. [ONAU-TSXV] are set to commence trading on the TSX Venture Exchange, Wednesday.
The planned trading launch comes after ONGold completed the acquisition of Northern Superior Resources Inc.’s [SUP-TSXV, NSUPF-OTCQX] mining projects in Ontario. Following closing of the spin-out transaction, ONGold holds 100% interest in the Ti-pa-haa-kaa-ning (TPK), the October Gold Property, as well as certain other exploration properties that were previously held by Northern Superior.
As a result of the transaction, Northern Superior holds 35.7 million common shares of ONGold, or 72.35% of the issued and outstanding shares. “The spinout of the Ontario assets will allow Northern Superior and ONGold to unlock the considerable value of these world class assets,’’ said Northern Superior CEO Simon Marcotte. “Based on the financings completed to date, the value of Northern Superior’s interest in ONGold is $18.2 million and we see great opportunity for value creation as ONGold advances the TPK Project and deploys its Ontario strategy.
ONGold also said it has named Kyle Stanfield as CEO and company director. ONGold President Rodney Barber said Stanfield brings over 25 years of experience in the mining sector that includes working with several publicly listed junior mining and exploration companies.
He has also worked collaboratively with over 30 First Nations and Metis communities in Ontario and British Columbia in support of mineral resource expansion and project development. Earlier in his career, he played a pivotal role at the Musselwhite gold mine in Northern Ontario, currently operated by Newmont Corp. [NGT-TSX, NEM-NYSE], consulting with five Musselwhite Agreement signatory First Nations.
In British Columbia, he was instrumental in leading the operational launch of the Tahltan First Nation environmental joint venture, including facilitating an environmental training program for Tahltan elders and youth at Kwantlen Polytechnic University, his alma mater.
In more recent years, he spearheaded environmental assessments, indigenous consultation and permitting programs for both the Rainy River mine in Ontario and operated by New Gold Inc. (NGD-TSX, NYSE) as well as Argonaut Gold Inc.’s [AR-TSX] Magino mine, which recently achieved commercial production, also in Ontario.
ONGold has also named John Kim Bell as Chairman. A well-known philanthropist, Bell was born on the Kahnawake Mohawk Reserve on the south shore of Montreal.
Northern Superior was recently in the news when it filed a NI-43-101-compliant technical report related to a mineral resource estimate prepared for its Philibert gold project near Chibougamau, Que.
The project is held 75% by Northern Superior (which has the option to increase its interest to 100%) and 25% by SOQUEM, the Quebec mineral exploration company.
The Philibert project is located 9.0 kilometres from the Nelligan project, owned Iamgold Corp [IMG-TSX, IAG-NYSE] and Vanstar Mining Resources Inc.
Philibert is part of a 62,000-hectare land package located in the Chibougamau region, which is currently held by Northern Superior. The package includes Philibert, Lac Surprise, Chevrier, and Croteau.