Assay results in for Phase 1 of Ontex Resources (ONT) program.
Ontex Resources Limited (TSX: T.ONT, Stock Forum) announced assay results Wednesday from Phase 1 of its program at the Brookbank Gold Deposit in Northern Ontario, reporting some of the “highest ever gold values” over minable widths recorded on the property.
Drill hole 1 (B-08-01) from 453.9 m to 474.9 m of core length intersected “17.41 gms gold per tonne (0.51 oz/t) over 21.0 m (68.9 ft) including 52.2 g gold per tonne (1.52 oz/t) over 5.4 meters (17.7 ft) with an individual high assay of 123.8 g per tonne (3.61 oz/t) over 1.3 m (4.3 ft)” says Ontex. Drilling remains ongoing, adds the company.
The mineral resources on the property are estimated at 1,625,000 tonnes grading 7.1 gms gold per tonne Indicated (372,900 oz) and 1,622,000 tonnes grading 6.2 gms gold per tonne Inferred (321,800 oz) at a cut off grade of 2.0 g gold per tonne within the Brookbank structure, says Ontex.
On the Bullboard this morning, ilovegold99 commented “massive, just huge. Look at what took CPQ to $3 from 40 cents. 180m of 1.81g/t Au. These grades all have at least 2.6g/t Au but more 3-4g/t Au. ONT is more economical than CPQ and therefore should go much higher. ATV, SHL, RMK, ONT, KXL, SGX will all move today becuase their right beside each other [sic].”
On the Kodiak Resources Bullboard (TSX: V.KXL, Stock Forum), mzsmith offered an opinion about the Ontex results, saying that:
“The great thing about this news release from ONT is: 1) Tangible evidence that the Beardmore greenstone belt is indeed extending at depth. We've all heard the theory... these belts can extend 1 - 3 kms deep. Good to see some deeper results supporting this theory. 2) The grades are good and getting better at depth. 3) The widths are getting wider. Translation - the tonnage gets better at depth. This is good for all of us[sic].”
