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Ontex Resources Limited -
Ontex provides Brookbank resource calculation
Ontex Resources Limited ONT
Shares issued 39,036,506 Mar 7 2001 close $.450
Mar 8 2001 11:16:12
Mr. Gary Conn reports
Ontex Resources has provided an updated resource calculation for the Brookbank gold deposit and nearby related mineralized zones from the 29,000-acre, 655-claim Beardmore-Geraldton property, located 180 kilometres northeast of Thunder Bay, Ont. The company contracted the independent firm John P. Thompson and Associates to conduct a resource evaluation in compliance with National Instrument 43-101.
In its report John P. Thompson and Associates reviewed the sampling and evaluation techniques, data verification and metallurgical as well as certain related studies of previous due diligence conducted on the property since 1981. The report verifies the repeatability for assay values and the degree of mineralization throughout the Brookbank zone but emphasizes the potential for both the Fox Ear and Cherbourg zones to host mineral deposits as they continue to be explored along strike and at depth. The Brookbank deposit, which was given a possible reserve classification of 1,381,980 tonnes grading eight grams of gold per tonnes by Placer Dome in 1990, has now been upgraded. Results are disclosed in the table below.
Ontex is currently focused on the expansion of the Fox Ear, Irwin and Cherbourg gold inventories through diamond drilling. The company intends to drill test the best of the recently prioritized targets resulting from an air borne radiometric survey which was followed up with a ground reconnaissance geological survey last summer. The survey delineated 12 high priority targets based on structure and alteration patterns similar to that of the Brookbank deposit. These targets have been prioritized for detailed line-cutting, geophysics and geology, with those showing the best potential after preliminary examination to be drill tested within the next two years. Ontex will continue to add to its gold inventory by exploiting this large well-situated land package of the prolific Beardmore-Geraldton mining district. This district has historically produced over four million ounces of gold since the 1930s and maintains the infrastructure required for low-cost mining operations. Exploration work to date has led the company to incur sufficient expenditures to acquire a 60-per-cent undivided interest in the Cherbourg-Fox Ear property pursuant to the option agreement with Metalore Resources Ltd.
Presently, drilling is under way along the Fox Ear contact zone and results will be disclosed as they become available. All assaying is being conducted by Ghislain Lebel at Swastika Laboratories Ltd., in Swastika, Ont.
Brookbank property
(high gold values not cut)
Summary of all mineral resources,
two g/t gold cutoff grade
Indicated
Tonnes Grade Contained
Zone (metric) g/t Au Oz Au
Brookbank 1,325,000 7.4 314,000
Cherbourg 129,000 6.5 26,800
Irwin contact 45,000 5.1 7,400
Irwin breccia 9,000 10.4 3,000
Foxear 104,000 4.3 14,400
--------- ---- -------
Total 1,612,000 7.0 365,600
========= ==== =======
Brookbank property
(high gold values not cut)
Summary of all mineral resources,
two g/t gold cutoff grade
Inferred
Tonnes Grade Contained
Zone (metric) g/t Au Oz Au
Brookbank 931,000 7.0 209,000
Cherbourg 249,000 6.0 48,100
Irwin contact 53,000 4.3 7,300
Irwin breccia 26,000 10.4 8,700
Foxear 204,000 4.0 26,500
--------- ---- -------
Total 1,463,000 6.4 299,600
========= ==== =======
Brookbank property
(high gold values not cut)
Summary of all mineral resources,
three g/t gold cutoff grade
Indicated
Tonnes Grade Contained
Zone (metric) g/t Au Oz Au
Brookbank 1,325,000 7.4 314,000
Brookbank 1,138,000 8.1 296,000
Cherbourg 107,000 7.3 25,000
Irwin contact 32,000 5.5 5,700
Irwin breccia 9,000 10.4 3,000
Foxear 88,000 4.4 12,300
--------- ---- -------
Total 1,374,000 7.7 342,000
========= ==== =======
Brookbank property
(high gold values not cut)
Summary of all mineral resources,
three g/t gold cutoff grade
Inferred
Tonnes Grade Contained
Zone (metric) g/t Au Oz Au
Brookbank 931,000 7.0 209,000
Brookbank 748,000 8.0 192,000
Cherbourg 205,000 6.7 44,300
Irwin contact 32,000 5.5 5,600
Irwin breccia 26,000 10.4 8,700
Foxear 171,000 4.2 23,200
--------- ---- -------
Total 1,182,000 7.2 273,800
========= ==== =======
(c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com
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