UP TO 7.8 G/T OVER 2.0 METERS ON BROOKBANK GOLD DEPOSIT
LONDON, ONTARIO, Sep 25, 2007 -- Ontex Resources Limited (TSX:ONT) is pleased to announce recent drill results from the Brookbank Gold Deposit, located 180 kilometres northeast of the city of Thunder Bay, Ontario.
During the period of July 13th, 2007 to July 28th, 2007, Ontex completed a diamond drilling campaign on the Brookbank Gold Deposit. A total of 7 holes, B-07-01 to B-07-6, including B-07-05.1, were located on geological targets, for a total of 1,208 linear meters. The drilling program was aimed at detailing open-pit potential and extending the main gold bearing structures along a possible ramp access route to the main zone.
All 6 holes intersected gold mineralization. Holes B-07-01 to -03 targeted the mineralization intersected in the 2006 drilling program located about 250 meters to the east of the main Brookbank zone. B-07-01 and -03 respectively returned assays of 4.7 g Au/t over 3.5 meters and 2.7 g Au/t over 3.6 meters within a mineralized envelope of 1.9 g Au/t over 11.3 meters.
Hole B-07-05 drilled into the Main Brookbank target area and intersected 7.8 g Au/t over 2.0 meters including 19.7 g Au/t over 0.5 meters and also intersected 1.7 g Au/t over 6.7 meters in the Hanging Wall Zone (HW). Holes B-07-04 and -06 were drilled to the east and west of the main zone of mineralization and still intersected 2.7 g Au/t over 2.0 meters and 1.3 g Au/t over 0.7 meters respectively. The mineralized zone remains open to depth and to the east. This zone requires further evaluation drilling.
A table of the assays of the latest drill program are included below.
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Hole Interval Interval Core
Hole No. Depth From To Width Gold Assay
(m) (m) (m) (m) (g/t) Comments
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B-07-01 230 221.7 225.2 3.5 4.7
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B-07-02 164 114.9 117 2.1 2.8
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B-07-02 140.0 141.0 1.0 3.6
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B-07-02 147.1 148.1 1.0 1.2
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B-07-03 200 174.5 175.7 1.2 1.7
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Zone
Includes 2.7 g
B-07-03 185 196.3 11.3 1.9 / 3.6m
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B-07-04 200 169.5 173.0 3.5 2.3 HW Zone
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B-07-04 195 197 2.0 2.7 Main Zone
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B-07-05 194 166.5 173.2 6.7 1.7 HW Zone
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Main Zone,
includes 19.7 g
B-07-05 186 188 2.0 7.8 / 0.5m
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B-07-5.1 71 - - - - abandoned
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B-07-06 149 131.0 131.7 0.7 1.3 Main Zone
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1,208 Total
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The Brookbank Property is underlain by mixed metavolcanic and metasedimentary rocks that are transected by an east-west trending zone of extensive faulting and hydrothermal alteration. The Brookbank Deposit gold mineralization extends over a strike length of about 800 meters and has been drill tested to a depth of about 600 meters. Metallurgical testing has shown that about 94% of the gold can be liberated by a simple Cyanide leach process.
At a cut-off of 3.0 g/t gold, the Brookbank Deposit contains an indicated and inferred resource estimate of 1.9 million tonnes grading 8.0 g/t and containing about 488,000 ounces of gold. (See NI 43-101 compliant technical report filed on Sedar.com and on Ontex web site). Over a strike length of about 6.5 km of the Brookbank structure, the property hosts a mineral inventory of 2.64 million tonnes grading 7.4 g Au/t containing 629,000 ounces of gold at a cut-off grade of 3.0 g Au/t. There is excellent potential to increase the resources on the property.
For purposes of NI 43-101, Armen Chilian P.Geo. was the Qualified Person who planned and executed the exploration program for Ontex on the Brookbank gold deposit. John P. Thompson P.Eng. is responsible for the estimate of the resources as reported in the "Technical Report Brookbank Gold Deposit, Beardmore - Geraldton Area, Northern Ontario" dated April28, 2006. The drill core was logged, split and half-core samples analyzed employing the appropriate gold fire assaying techniques at Accurassay Laboratories Ltd., Thunder Bay, Ontario.
Ontex Resources Ltd is a junior resource company listed on the Toronto Stock Exchange under the symbol "ONT" engaged in gold exploration principally on its Brookbank Gold property in northern Ontario. Ontex has issued 69.6 million common shares.
Forward-Looking Statements
Certain information included in this press release, including any information as to our future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". The words "expect", "will", "intend", "estimate" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to a significant business, economic and competitive uncertainties and contingencies. Ontex cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Ontex to be materially different from its estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of gold and currencies; charges in U.S. dollar interest rates or gold lease rates; risks arising from holding derivative instruments; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; employee relations; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves; adverse changes in our credit ration; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. These factors are discussed in greater detail in the Company's most recent Annual Information Form on file with the Ontario Securities Commission and other provincial securities regulatory authorities (please see www.sedar.com).
Ontex disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Ontex Resources Limited
Gary Conn President and C.E.O.
(519) 455-8127
Email: info@ontexresources.com
Website: www.ontexresources.com
AGORACOM Investor Relations
Investor Relations Email: ONT@agoracom.com
Website: www.agoracom.com/IR/Ontex
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