Nice little mention in the National Post today. Also ,the letter released by Ontex commenting on the TSE move was nice to see. Self congratulations are certainly in order .
Note the two very significant statements. One regarding the fact that Ontex 's properties are hear in Ontario (not half way around the world).
The other ,that trading on the TSE opens new opportunities for us.
We,ve seen the stock price take the initial move toward higher pastures because of this .
Now we see some drill results from Cherbourg. They are also quite significant in that they have high grade and that they continue to support the premis that the contact area along the fault (paint lake fault) is where the gold has been formed . The news release pointed out that the drilling was carried out to test the contact. It is becoming clearer and clearer to those of us less geologically endowed that the length of the Paint Lake fault is the favorable geology. They need only to map the structure in order to locate the gold. The drill holes don't just find gold , they map the underground structure as well. Every hole draws them closer to the bullseye(s).
Ontex Resources Limited - Cherbourg Drill Results
Toronto, Ontario - Wednesday, March 22, 2000, 4:07 PM EST
Ontex Resources Limited announces additional results of drilling
from the 29,000 acre, 655 claim Bearmore-Geraldton property,
located 180 km northeast of Thunder Bay, Ontario. The Company
recently completed a phase of drilling on the 15 Cherbourg leased
claims under option from Metalore Resources Limited. Ontex can
earn a 60% interest in Cherbourg and 213 adjoining claims in
Sandra and Irwin Townships by expending 1 million dollars in
exploration over 4 years. Cherbourg Gold Inc., an 85.7%
controlled subsidiary of Ontex, also owns a 15% net profits
interest royalty in the 15 Cherbourg claims. Cherbourg adjoins
the west boundary of the Brookbank property owned 100% by Ontex
and which contains the Brookbank Gold Deposit. Placer Dome
calculated an inferred mineral resource for Brookbank in 1990,
totalling 1,381,980 tons, grading 0.263 ounces of gold per ton,
0.233 ounces per ton (cut to 1oz. Au/ton). The resource remains
open along strike and at depth. Ontex is also earning a 70%
interest in 409 claims in Walters, Leduc and Legault Townships
extending east of Brookbank. Collectively, the properties
comprise approximately 35 km of the favourable strike between the
past producing Beardmore and Geraldton gold camps.
Recent drilling on Cherbourg consisted of 6 new holes, wedges
from 2 of these holes, and extentions to 3 holes previously
drilled by Placer-Dome. The objective of the program was to test
the Cherbourg and Contact Zones, particularly at depths below
1000 feet (300 metres). Results include intersections of 0.869
ounces per ton over 3.41 feet, and 0.212 ounces per ton over 3.64
feet in hole C-99-06 Wedge. Hole C-99-06 intersected 0.163
ounces per ton over 3.28 feet. Other significant results are
compiled in the table appended to this release.
Ontex is continuing to drill the Beardmore-Geraldton property
with activity currently focused on the Brookbank claims.
Drilling is currently testing the east down-plunge extension of
the Brookbank deposit and a previously untested quartz vein in
the eastern area of the property. Additional drilling will test
the west down-plunge extension of the Foxear zone. Further
results will be released as they are completed on each zone.
ONTEX RESOURCES LIMITED
[signed]
Gary Conn, Executive Vice President
For further information, please contact Sam Fuda in Toronto (Tel.
(416) 360-4031, Fax. (416) 360-4034) or, Gary Conn in London
(Tel. (519) 455-8127, Fax. (519) 455-1846), by Email: info@ontex
resources.com or, visit our website at: www.ontexresources.com.
596 Hamilton Road, London, Ontario Canada N5Z 1S6
Tel. (519) 455-8127 Fax (519) 455-1846
150 York St., Suite 1206, Toronto, Ontario Canada M5H
Tel. (416) 360-4031 Fax (416) 360-4034
SIGNIFICANT DRILL HOLE INTERSECTIONS FROM CHERBOURG ZONE
Hole # C-99-06 Line 22 West, 61 Metres South, Azimuth 347*, Dip
-64*
From To core true Gold core true Gold
width width g/tonne width width oz/ton
(m) (m) (ft) (ft)
390.31 391.31 1.00 0.5 5.62 3.28 1.64 0.163
476.24 476.37 0.13 0.07 12.75 0.43 0.23 0.371
569.88 570.38 0.50 0.32 8.09 1.64 1.05 0.235
Hole # C-99-06 Wedge Line 22 West, 61 Metres South, Azimuth
347*, Dip -57
From To core true Gold core true Gold
width width g/tonne width width oz/ton
(m) (m) (ft) (ft)
485.82 486.86 1.04 0.59 29.90 3.41 1.93 0.869
568.52 569.63 1.11 0.63 7.30 3.64 2.06 0.212
568.52 569.22 0.70 0.39 8.47 2.30 1.28 0.246
569.22 569.63 0.41 0.24 5.31 1.35 0.78 0.154
Hole #C-99-07 Line 20 West, 72 Metres South, Azimuth 342*, Dip
-67*
From To core true Gold core true Gold
width width g/tonne width width oz/ton
(m) (m) (ft) (ft)
458.00 458.50 0.50 0.28 4.66 1.64 0.92 0.135
Hole #C-99-07 Wedge Line 20 West, 72 Metres South, Azimuth 347*,
Dip -60*
From To core true Gold core true Gold
width width g/tonne width width oz/ton
(m) (m) (ft) (ft)
648.34 649.34 1.00 0.40 3.46 3.28 1.31 0.101
Hole #C99-09 Line 29 West, 110 Metres South, Azimuth 341*, Dip
-63*
From To core true Gold core true Gold
width width g/tonne width width oz/ton
(m) (m) (ft) (ft)
407.24 407.74 0.50 0.40 3.53 1.64 1.31 0.103
Hole #C-00-02 Line 17+22 West, 10.2 Metres North, Azimuth 342*,
Dip -69*
From To core true Gold core true Gold
width width g/tonne width width oz/ton
(m) (m) (ft) (ft)
522.90 523.90 1.00 0.62 3.74 3.28 2.03 0.109
*=Degrees
Listing: TSE and CDNX, Symbol "ONT"
Issued Capital: 39,036,506 Common Shares
March 22, 2000
ONTEX RESOURCES
LIMITED
(Mining)
ontexresources.com
V: ONT
0.950
-0.070
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