ONTEX RESOURCES LIMITED
148 Fullarton Street, Suite 2004, London, Ontario N6A 5P3 150 York Street, Suite 1206, Toronto, Ontario M5H 3S5
Tel. (519) 858-8188 * Fax. (519) 858-8155 Tel. (416) 360-4031 * Fax. (416) 360-4034
Listing: ASE, Symbol "ONT"
Issued Capital: 39,036,506 Common Shares
June 30, 1999.
NEWS RELEASE
ONTEX RESOURCES ANNOUNCES DRILL RESULTS FROM THE BROOKBANK GOLD DEPOSIT AND THE CHERBOURG ZONE
Ontex Resources Limited is pleased to announce results of the first 6 holes from Phase 1 drilling on its 29,000 acre Beardmore-Geraldton property, 180 km northeast of Thunder Bay, Ontario. The property includes the Brookbank Gold Deposit, which contains an inferred mineral resource of 1,381,980 tons, grading 0.263 ounces of gold per ton. The resource was calculated by Placer-Dome in 1990 and remains open along strike and at depth.
Two holes were drilled to test the west strike extension of Brookbank at vertical depths of 1400 and 450 feet below surface (426.7 and 137.2m, respectively). The deeper hole, B-99-02 intersected 11.45 feet, grading 0.227 ounces of gold per ton (7.83 g/t over 3.49m). The intersection includes 2.62 feet, grading 0.378 ounces of gold per ton (13.03 g/t over 0.80m). The shallower hole, B-99-01 intersected 10.4 feet, grading 0.102 ounces of gold per ton (3.53 g/t over 3.17m) with individual assays up to 0.199 ounces of gold per ton over 1.9 feet. They occur within a broader 70.24 foot intersection, grading 0.038 ounces of gold per ton (2.41 g/t over 21.41m) and indicates the potential for greater widths in this area of the deposit. The Company is particularly pleased to report that both holes have extended the Brookbank deposit to the west where it remains open for further expansion.
Four holes were drilled to test the Cherbourg Zone at depth along the Golden Highway, 1.1 km west of Brookbank. Hole C-99-03 intersected a broad area of mineralization in the footwall of the Cherbourg Zone at a vertical depth of 1048 feet (319.5 m) and averaged 0.121 ounces of gold per ton over 44.62 feet (4.19 g/t over 13.60m). Higher grades were intersected within this interval, including 6.89 feet, grading 0.326 ounces of gold per ton (11.24 g/t over 2.10m), which includes 2.79 feet, grading 0.737 ounces of gold per ton (25.41 g/t over 0.85m). Another 16.4 foot section, graded 0.179 ounces of gold per ton (6.17 g/t over 5m), including 3.28 feet, grading 0.562 ounces of gold per ton (19.37 g/t over 0.54m). There are an insufficient number of holes to determine the geometry of this mineralization. Hole C-99-02 intersected 6.76 feet, grading 0.208 ounces of gold per ton (7.19 g/t over 2.06m), including 2.92 feet, grading 0.422 ounces of gold per ton (14.54 g/t over 0.89m). Lower grades were intersected in holes C-99-01 and –04.
Ontex is continuing to drill on the east side of the Brookbank deposit, and in the areas of the Irwin, M-7 and Foxear Zones. Further results will be released as Phase 1 drilling is completed on each zone. Additional regional airborne geophysical surveys and geological mapping are expected to commence on the entire property shortly.
The Beardmore-Geraldton property is comprised of 655 leased and staked claims in 5 townships, representing 35 km of the favorable strike between the Beardmore and Geraldton gold camps. 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 a 60% interest in 228 leased and staked claims in Irwin and Sandra Townships, and a 70% interest in 409 staked claims in Walters, Leduc and Legault Townships from Metalore by expending $ 1.5 million over 4 years.
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.
ONTEX DRILL HOLE INTERSECTIONS
Brookbank Zone
Hole # B-99-01 Line 20 west, 356 south, Azimuth 345°, Dip –65°
from To core width
(m) true width
(m) Gold
gms/tonne Silver gms/tonne core width
(ft) true width
(ft) Gold
ozs/ton
168.00 189.41 21.41 12.90 1.30 1.81 70.24 42.32 0.038
Including 170.93 174.10 3.17 1.90 3.53 3.52 10.40 6.23 0.102
Including 171.93 172.51 0.58 0.53 6.79 4.40 1.90 1.74 0.197
Hole # B-99-02 Line 19 west, 1078 south, Azimuth 341°, Dip –63°
507.05 510.54 3.49 1.92 7.83 3.24 11.45 6.30 0.227
Including 507.05 508.90 1.85 0.88 8.59 3.93 6.07 2.89 0.249
Including 509.74 510.54 0.80 0.54 13.03 4.40 2.62 1.77 0.378
Cherbourg Zone
Hole # C-99-01 Line 27 west, 1.5 south, Azimuth 349°, Dip –55°
235.03 238.14 3.11 1.80 0.92 3.19 10.20 5.91 0.027
Including 235.33 236.78 1.45 0.84 1.42 3.72 4.76 2.76 0.041
Including 235.33 236.00 0.67 0.39 2.02 3.40 2.20 1.28 0.059
Hole # C-99-02 Line 24+92.5 west, 52 south, Azimuth 339°, Dip –58°
18.35 18.74 0.39 0.22 1.47 4.00 1.28 0.72 0.043
229.99 232.05 2.06 1.22 7.19 6.19 6.76 4.00 0.208
Including 230.49 232.05 1.56 0.93 9.35 8.11 5.12 3.05 0.271
Including 230.49 231.38 0.89 0.53 14.54 12.40 2.92 1.74 0.422
Hole # C-99-03 Line 27 west, 269 south, Azimuth 348°, Dip –61°
297.65 301.88 4.23 2.23 1.30 3.25 13.88 7.32 0.038
Including 298.15 299.89 1.74 0.92 2.34 4.09 5.71 3.02 0.068
Including 370.90 384.50 13.60 7.29 4.19 2.29 44.62 - 0.121
Including 370.90 373.00 2.10 1.12 11.24 6.52 6.89 - 0.326
Including 371.65 372.50 0.85 0.46 25.41 15.00 2.79 - 0.737
Including 379.50 384.50 5.00 2.68 6.17 3.04 16.40 - 0.179
Including 379.50 382.50 3.00 1.61 9.07 4.53 9.84 - 0.263
Including 380.50 382.50 2.00 1.07 12.28 4.90 6.56 - 0.356
Including 381.50 382.50 1.00 0.54 19.37 7.80 3.28 - 0.562
Hole # C-99-04 Line 21 west, 162 north, Azimuth 345°, Dip –54.5°
153.31 160.25 0.94 0.58 1.03 18.80 3.08 1.90 0.030
195.76 196.50 0.74 0.45 2.41 1.80 2.43 1.48 0.070
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