Well, Well, Well,
Thats a bit better. Extending the deposit a thousand feet east with similar grades that we already have. Got to like the news and a lot more of that will be forthcoming. Stock should be valued at about 4 dollars per million ounces so with that intersection if you infer the resource extends over then we are looking at well over half a million ounces on Brookbank alone. When the market takes notice we should be in multidollar land.
News Release Disclaimer
ONTEX RESOURCES EXTENDS BROOKBANK GOLD DEPOSIT WITH GOOD INTERSECTIONS FROM PHASE 1 DRILLING
Thursday, July 15, 1999, 7:38 AM EDT
Ontex Resources Limited is pleased to announce the results of 2
intersections on the east flank of the Brookbank Deposit in the
Beardmore-Geraldton area, 180 km northeast of Thunder Bay,
Ontario. Brookbank, previously was calculated to contain an
inferred mineral resource of 1,381,980 tons, grading 0.263
ounces of gold per ton and remains open along strike and at
depth. The resource was calculated by Placer-Dome in 1990.
Hole B-99-03 was drilled to test the east strike extension of
the Brookbank deposit at a vertical depth of 833 feet (254
metres) and intersected 16.44 feet, averaging 0.404 ounces of
gold per ton (13.92 grams/tonne over 5.01 metres). Even higher
grades were obtained within this interval, including 6.56 feet,
grading 0.759 ounces of gold per ton (26.16 g/t over 2 m) and
3.28 feet, grading 0.909 ounces of gold per ton (31.34 g/t over
1 m). Three additional gold-rich intervals were intersected by
this hole, the deepest of which returned 0.122 ounces of gold
per ton over 6.89 feet (4.21 g/t over 2m).
Hole B-99-04 was drilled 300 metres east of the Brookbank
deposit and intersected 20.67 feet, averaging 0.182 ounces of
gold per ton (6.27 g/t over 6.3 m) at a vertical depth of 465
feet (142 metres). The interval includes 14.11 feet, averaging
0.244 ounces of gold per ton (8.42 g/t over 4.3 m) and 3.28
feet, grading 0.434 ounces of gold per ton (14.98 g/t over 1
m).
The Company is pleased that recent drilling has now extended
both the east and west sides of the Brookbank deposit where it
remains open for further expansion. Drilling will continue in
the vicinity of the deposit and on the nearby Cherbourg and
Foxear Zones. Results will be released as they are completed on
each zone.
Ontex owns a 100% interest in the 18 Brookbank leased claims,
subject to a 1% net smelter return royalty to Metalore
Resources Limited. Ontex can earn 60 to 70% interests from
Metalore in an additional 637 claims along the 35km of
favorable strike between the Beardmore and Geraldton gold
camps.
Ontex Resources Limited
[signed]
Robin Goad, President.
Further information can be obtained from Ontex Resources
Limited in London (contact Robin Goad or Gary Conn at:
Tel. (519) 858-8188); and in Toronto (contact Sam Fuda or Ross
McGroarty at: Tel. (416) 360-4031); by Email.
info@ontexresources.com; or visit our website at
www.ontexresources.com.
Neither the Alberta Stock Exchange nor any securities
Regulatory Authority has approved or disapproved of the
contents of this news release.
148 Fullarton St. Suite 2004,
London, Ontario Canada N6A 5P3
Tel: (519) 858-8188
Fax: (519) 858-8155
150 York St., Suite 1206,
Toronto, Ontario Canada M5H 3S5
Tel. (416) 360-4031 Fax (416) 360-4034
ONTEX DRILL HOLE INTERSECTIONS
Brookbank Zone
Hole # B-99-03 Line 12 west, 646 feet south, Azimuth 341
degrees, Dip -65 degrees
From To core true Gold core true Gold
length width gms length width ozs/
(m) (m) /tonne (ft) (ft) ton
280.40 285.41 5.01 3.05 13.92 16.44 10.01 0.404
Incl. 280.40 283.40 3.00 1.83 20.17 9.84 6.00 0.585
Incl. 280.40 282.40 2.00 1.22 26.16 6.56 4.00 0.759
Incl. 281.40 282.40 1.00 0.61 31.34 3.28 2.00 0.909
287.41 288.41 1.00 0.61 2.15 3.28 2.00 0.062
291.00 291.79 0.79 0.48 3.90 2.59 1.57 0.113
300.20 302.30 2.10 1.29 4.21 6.89 4.23 0.122
Incl. 301.30 302.30 1.00 0.61 5.31 3.28 2.00 0.154
Hole # B-99-04 Line 3 west, 300 feet south, Azimuth 342
degrees, Dip -63 degrees
147.50 156.50 9.00 5.76 2.37 29.53 18.90 0.069
Incl. 147.50 152.50 5.00 3.20 3.07 16.40 10.50 0.089
Incl. 147.50 148.50 1.00 0.64 4.08 3.28 2.10 0.118
159.60 165.90 6.30 4.03 6.27 20.67 13.22 0.182
Incl. 159.60 163.90 4.30 2.75 8.42 14.11 9.02 0.244
Incl. 162.90 163.90 1.00 0.64 14.98 3.28 2.10 0.434
Listing: ASE, Symbol "ONT"
Issued Capital: 39,036,506 Common Shares
ONTEX RESOURCES LIMITED
(Mining)
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© 1999 BCE Emergis
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