ONTEX RESOURCES ANNOUNCES CONTINUED PROGRESS ON MINING PROPERTIES
Toronto, Ontario - Tuesday, August 14, 2001, 6:02 PM EDT
Listing: TSE, Symbol "ONT"
Issued Capital: 43,853,608 Common Shares
Ontex Resources Limited is pleased to announce both an update to
its property resource calculations and the discovery of new gold
occurrences within the 29,000 acre, 657 claim Beardmore-Geraldton
property, located 180 km north-east of Thunder Bay, Ontario
pursuant to its purchase and earn-in option agreement with
Metalore Resources Limited. The independent firm of John P.
Thompson and Associates has prepared detailed resource
calculations for several zones (in compliance with National
Instrument 43-101) as summarized in the schedule herewith.
A 2,500 meter diamond drilling program on the Cherbourg Property
has increased the reserves of the Golden Highway by 15% (as
referenced in the schedule). This zone continues to show
structural strength having a consistent southern dip, with values
ranging from <1 to >30 grams Au/ tonne in the main silicified
shear. Immediately to the west and "on strike" of the Golden
Highway (in the Patter Lake/Knox Lake area), another zone, known
as the Springer showing is currently being power stripped on
surface in preparation for drilling this fall.
Over 4500 meters of diamond drilling was conducted on the Fox Ear
property during the past year and has increased the reserves by
25% along the main contact shear (probable extension for the
Brookbank contact). The results are also referenced in the
schedule.
A new discovery on the Fox Ear property, south of the main
contact shear (dubbed the Worship showing) has yielded
encouraging results from surface prospecting and initial shallow
diamond drilling and has been placed on the priority list for
further work. While surface grab sampling generated values in the
3 gram Au/ tonne range, preliminary drilling encountered values
in excess of 13 grams Au/ tonne. This is particularly encouraging
since the trademark of the Brookbank has been to yield better
values and widths at depth. This shear zone has now been traced
on surface for over 1200 meters and is being uncovered by power
stripping, along with a second parallel zone, to the south. Areas
along the Worship shear that exhibit dilative structures are
being identified by Armen Chilian, our project geologist for
early drilling.
In particular regard to the earn-in considerations with Metalore,
a detailed surface exploration program consisting of 200
kilometres of linecutting, ground geophysics (magnetic and
electromagnetic), and geological mapping is also underway in
selected parts of Irwin, Walters and Leduc Townships. These grids
have been targeted over areas where geology was correlated with
multi-phase anomalies that were identified by state-of-the-art
geophysical surveys flown late in 1999, with follow-up
reconnaissance mapping and prospecting completed last year.
The recently completed rights and flow-through share offering to
shareholders has increased Ontex's cash position by a further
$1.445 million, providing ample funds for the continuance of
exploration and the ability to capitalize on any future increase
in the price of gold.
ONTEX RESOURCES LIMITED
[signed]
Gary Conn, Executive Vice President
For further information, please contact Gary Conn, Executive
Vice-President, in Toronto (Tel. (416) 360-4031, Fax. (416)
360-4034) or Gary Conn or, Dr. Eric Owens, Vice-President,
Exploration in London, Ontario (Tel. (519) 455-8127, Fax. (519)
455-1846), by Email: info@ontexresources.com or, visit our
website at: www.ontexresources.com.
SUMMARY of All Mineral Resources to Date as Of July 1/2001
INDICATED
---------------------------------------------------------------
Zone Tonnes Grade Contained
(metric) g/t Au Oz gold
---------------------------------------------------------------
Brookbank 1,325,000 7.4 314,000
---------------------------------------------------------------
Cherbourg 153,000 6.6 32,300
---------------------------------------------------------------
Irwin
45,000 5.1 7,400
Contact
---------------------------------------------------------------
Irwin
- - -
Breccia
---------------------------------------------------------------
Fox Ear 143,000 4.2 19,200
===============================================================
TOTALS 1,612,000 5.8 372,900
---------------------------------------------------------------
INFERRED
---------------------------------------------------------------
Zone Tonnes Grade Contained
(metric) g/t Oz gold
---------------------------------------------------------------
Brookbank 931,000 7.0 209,000
---------------------------------------------------------------
Cherbourg 288,000 6.1 56,900
---------------------------------------------------------------
Irwin
53,000 4.3 7,300
Contact
---------------------------------------------------------------
Irwin
77,000 5.1 13,000
Breccia
---------------------------------------------------------------
Fox Ear 273,000 4.0 35,000
===============================================================
TOTALS 1,622,000 5.4 321,200
---------------------------------------------------------------
--------------------------
2.0 g/t Au Cut-off Grade
--------------------------
INDICATED & INFERRED
Totals of Indicated and
Inferred Oz gold
-----------------------
523,000
-----------------------
89,200
-----------------------
14,700
-----------------------
13,000
-----------------------
54,200
-----------------------
694,100
-----------------------
SIGNIFICANT DRILL HOLE INTERSECTIONS FROM THE FOX EAR/CHERBOURG
GOLD PROPERTIES
Hole # F-00-10 Line 21+00 East, 258.0 Meters South, Azimuth 342
degrees, Dip -64 degrees (Total Length: 411.0 Meters)
>From To core true Gold core true Gold
width width g/tonne width width oz/ton
(m) (m) (ft) (ft)
---------------------------------------------------------------
245 246 1 0.36 3.24 3.28 1.18 0.09
332.5 333 0.5 0.2 2.26 1.64 0.66 0.07
333 334 1 0.39 6.73 3.28 1.28 0.20
334 335 1 0.39 2.78 3.28 1.28 0.08
335 336 1 0.39 3.21 3.28 1.28 0.09
---------------------------------------------------------------
Hole # F-00-11 Line 24+20 East, 310.0 Meters South, Azimuth 341
degrees, Dip -68 degrees (Total Length: 537.0 Meters)
>From To core true Gold core true Gold
width width g/tonne width width oz/ton
(m) (m) (ft) (ft)
---------------------------------------------------------------
392 394 2 0.6 9.06 6.56 1.96 0.26
394 394.5 0.5 0.15 1.05 1.64 0.49 0.03
451 454 3 1.17 2.35 9.84 3.84 0.068
---------------------------------------------------------------
Hole # F-00-12 Line 38+35 East, 245.0 Meters North, Azimuth 166
degrees, Dip -67 degrees (Total Length: 576.0 Meters)
>From To core true Gold core true Gold
width width g/tonne width width oz/ton
(m) (m) (ft) (ft)
---------------------------------------------------------------
553.9 556 2.1 1.93 4.05 6.89 6.33 0.117
---------------------------------------------------------------
Hole # F-00-13 Line 40+50 East, 244.0 Meters North, Azimuth 164
degrees, Dip -68 degrees (Total Length: 555.0 Meters)
>From To core true Gold core true Gold
width width g/tonne width width oz/ton
(m) (m) (ft) (ft)
---------------------------------------------------------------
515.38 516 0.62 0.53 3.39 2.03 1.74 0.10
516 516.8 0.8 0.68 2.27 2.62 2.23 0.07
516.8 518 1.2 1.02 3.31 3.94 3.35 0.10
518 519 1 0.85 1.92 3.28 2.79 0.06
523 524 1 0.85 1.02 3.28 2.79 0.03
524 528 4.0 3.4 2.46 13.12 11.16 0.07
---------------------------------------------------------------
Hole # F-01-06 Line 42+00 East, 90.0 Meters North, Azimuth 164
degrees, Dip -65 degrees (Total Length: 330.0 Meters)
>From To core true Gold core true Gold
width width g/tonne width width oz/ton
(m) (m) (ft) (ft)
---------------------------------------------------------------
317 319.75 2.75 1.90 5.47 9.02 5.69 0.16
---------------------------------------------------------------
Hole # F-01-07 Line 42+00 East, 90.0 Meters North, Azimuth 165
degrees, Dip 57 degrees (Total Length: 281.0 Meters)
>From To core true Gold core true Gold
width width g/tonne width width oz/ton
(m) (m) (ft) (ft)
---------------------------------------------------------------
267.4 270 2.6 2.27 5.50 8.52 7.45 0.16
270 270.62 0.62 0.54 1.5 2.03 1.77 0.04
---------------------------------------------------------------
Hole # FW-01-03 Line 350.0 Meters East,2.0 Meters North; Azimuth
000 degrees, Dip -45 degrees (Total Length: 54.0 Meters)
>From To core true Gold core true Gold
width width g/tonne width width oz/ton
(m) (m) (ft) (ft)
---------------------------------------------------------------
36.48 37.23 0.75 0.34 13.35 2.46 1.12 0.39
---------------------------------------------------------------
Hole # C-01-04 Line 22+15 West; 16.0 Meters South; Azimuth 340
degrees, Dip -56 degrees (Total Length: 267.0 Meters)
>From To core true Gold core true Gold
width width g/tonne width width oz/ton
(m) (m) (ft) (ft)
---------------------------------------------------------------
254.5 256.0 1.50 1.04 10.36 4.92 3.41 0.30
260.25 261.00 0.75 0.50 1.37 2.46 1.64 0.04
---------------------------------------------------------------
Hole # C-01-06 Line 24+85 West; 70.0 Meters South; Azimuth 339
degrees, Dip -59 degrees (Total Length: 330.0 Meters)
>From To core true Gold core true Gold
width width g/tonne width width oz/ton
(m) (m) (ft) (ft)
---------------------------------------------------------------
310.98 312.16 1.18 0.86 6.46 3.87 2.82 0.19
312.16 313.00 0.84 0.61 14.38 2.76 2.00 0.42
314.0 315.0 1.00 0.73 1.57 3.28 2.39 0.05
--------------------------------------------------------------- |
