According to Wikipedia: "The name, according to local tradition, came about when it was found that the previous name, "Minersville" was already taken. At a public meeting to change the name, after considering many possibilities, a man in the back blurted out "its ore or no go", referring to the mining operations. Elaborating on that, Colonel J. M. Young, suggested substituting the Spanish word "Oro" for ore, and the dropping the "or" to make the word euphonius. He pronounced it "Oronogo" and the audience accepted the name."
However, Vance Randolph, in his folklore book Pissing in the Snow, gives an alternative version. According to local sources, a prostitute practiced her chosen profession there, but always required payment in gold ore. She would say, "It's ore or no go." And the town assumed that name.
You take your pick.