Ongwe Minerals Intersects High Grade Gold at Belmont Prospect, Khorixas, Namibia

VANCOUVER, British Columbia, Sept. 17, 2026 (GLOBE NEWSWIRE) — Ongwe Minerals Inc. ( TSXV: OGW ) (NSX:ONG) (“ Ongwe ” or “ the Company ”) is pleased to announce that it has intersected multiple high-grade gold zones at it BK2 Target within the Belmont Prospect at its Khorixas Gold Project, Namibia.

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The Belmont Prospect, part of the Khorixas Gold Project, is a large-scale, 12 × 6 km greenfields surface gold discovery made by Ongwe. It comprises 19 individual gold anomalies, including BK2, defined through soil, calcrete, rock-chip and bedrock sampling. Most of the prospect is covered by up to 15 m of calcrete, adding complexity to the exploration program. Recent drilling, including the results reported in this press release, indicates that Belmont has the potential to host multiple high-grade deposits within its existing gold footprint. The mineralization style is comparable to that of Osino Resources’ Eureka gold discovery, located 50 km east of Belmont.

Dave Underwood, Ongwe’s CEO commented: “The recent RC scout drilling at the Belmont BK2 target has confirmed that there is 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 including 7m @ 3.23g/t in hole BKR019 and 3m @ 9.61g/t and 3m @ 6.45g/t in hole BKR010.

This mineralization looks similar to Osino’s high-grade Eureka deposit 50km to the east which consists of a series of sulphide dominated plunging shoots controlled by complex folding. The Belmont mineralization footprint is substantially bigger than Eureka and we believe there could be multiple Eureka style deposits hiding beneath the calcrete cover. Given the structural complexity of these types of deposits, the next phase of drilling will be with a diamond rig so that we can start understanding the structural and lithological controls of the mineralization. The BK8 target is also a very compelling undrilled target with a wide surface gold footprint over 1.5km in length and soil samples as high as 1.49 g/t Au.

These encouraging results further strengthen our belief that our licence portfolio contains multiple prospective targets, each with the potential to host commercial deposits.”

Underwood continued: “We are 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 kicks off in October and should take about two months to complete.”