Listing: ASE, Symbol "ONT"
Issued Capital: 39,036,506 Common Shares
September 30, 1999.
NEWS RELEASE
ONTEX ANNOUNCES BROOKBANK DRILL RESULTS
Ontex Resources Limited is pleased to report additional results of drilling on the 29,000 acre Beardmore-Geraldton property, located 180 km northeast of Thunder Bay, Ontario. Ontex owns a 100% interest in 18 leased claims containing the Brookbank Gold Deposit, subject to a 1% net smelter return royalty to Metalore Resources Limited. 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 for expansion along strike and at depth. The resource was calculated by Placer-Dome in 1990. Ontex can also earn 60 to 70% interests from Metalore in 637 additional claims along the 35 km of favorable strike between the Beardmore and Geraldton gold camps.
Ontex recently completed 4 additional holes at Brookbank, the results of which are presented in the appended table. Hole B-99-10 drilled on the west flank of the deposit intersected 15.85 feet averaging 0.140 ounces of gold per ton, including 6.56 feet grading 0.191 ounces per ton. The intersection correlates well with adjacent holes returning similar grade and extends the west side of the Brookbank Deposit. Holes B-99-07, -08, and -09 were drilled east of Brookbank following-up the previously announced intersection in B-99-04 (20.67 feet, grading 0.182 ounces per ton). Hole -07 intersected 11.98 feet, averaging 0.131 ounces of gold per ton, including 2.95 feet, grading 0.272 ounces per ton. Hole -08 intersected 6.56 feet, grading 0.11 ounces per ton. Hole -09 intersected 6.14 feet, averaging 0.176 ounces per ton, including 3.28 feet, grading 0.228 ounces per ton. The encouraging results of these holes indicate that further drilling is warranted towards Brookbank.
Ontex is continuing to drill at Brookbank and on the adjacent Cherbourg and Foxear properties. Results will be released as they become available. The recently announced helicopter airborne geophysical survey has also been flown and data processing is in progress. The survey will be used to help target favorable areas for follow-up exploration, particularly over the larger land package, where there has been only a limited amount of previous work peripheral to Brookbank.
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 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 150 York St., Suite 1206, Toronto, Ontario Canada M5H 3S5
Tel. (519) 858-8188 o Fax (519) 858-8155 Tel. (416) 360-4031 o Fax (416) 360-4034
ONTEX DRILL HOLE INTERSECTIONS
Brookbank Zone
Hole # B-99-07 Line 2 west, 505 feet south, Azimuth 347°, Dip -61°
from to core width
(m) true width
(m) Gold
gms/tonne core width
(ft) true width
(ft) Gold
ozs/ton
271.75 278.40 6.65 4.01 3.11 21.82 13.16 0.090
Including 274.75 278.40 3.65 2.09 4.53 11.98 6.86 0.131
Including 277.10 278.00 0.90 0.58 9.37 2.95 1.90 0.272
Hole # B-99-08 Line 4 west, 502 feet south, Azimuth 342°, Dip -60°
243.30 247.34 4.04 2.79 2.91 13.26 9.15 0.084
Including 245.34 247.34 2.00 1.38 3.81 6.56 4.53 0.110
Including 245.34 246.34 1.00 0.69 4.48 3.28 2.26 0.130
Hole # B-99-09 Line 8 west, 331 feet south, Azimuth 342°, Dip -67°
188.75 189.30 0.55 0.32 7.57 1.80 1.05 0.225
200.80 205.70 4.90 2.85 3.11 16.07 9.35 0.090
Including 203.00 204.87 1.87 1.09 6.06 6.14 3.58 0.176
Including 203.00 204.00 1.00 0.58 7.83 3.28 1.90 0.228
Hole # B-99-10 Line 21 west, 702 feet south, Azimuth 342°, Dip -64°
308.60 311.56 2.94 1.85 3.19 9.65 6.07 0.093
Including 309.60 311.56 1.94 1.23 4.29 6.37 4.04 0.124
316.17 321.00 4.83 3.04 4.83 15.85 9.97 0.140
Including 318.20 320.20 2.00 1.26 6.60 6.56 4.13 0.191
|
