Ontex Resources Limited

Ontex Resources Limited

July 09, 2009 16:28 ET

First Drill Results From 2009 Program on Brookbank Area Up to 21.1 Grams Gold Per Tonne Over 10.6 Meters

LONDON, ONTARIO--(Marketwire - July 9, 2009) - Ontex Resources Limited (TSX:ONT) is very pleased to announce that ten holes, including one wedge hole, totaling 5057 meters have been completed and assays received on the 2009 planned $2.3 million, 15,000 meter diamond drill program which began in late March. The initial drilling targeted the Brookbank Gold Deposit to expand the known resource on the west flank of the deposit, on the east flank and at a depth about 950 meters. All 10 holes completed intersected gold mineralization.

The highlight of the diamond drilling was hole B-09-10 which averaged 21.1 grams gold per tonne over 10.6 meters of core within the main mineralized zone at a vertical depth of about 500 meters below surface. This composite intersection included 59.1 grams gold per tonne over 3.4 meters core width. This hole extended the Brookbank Zone gold mineralization 30 meters vertically below hole B-08-10 that was drilled in 2008 and which assayed 36.7 grams gold per tonne over 9.4 meters core length (see PR dated December 18, 2008).

Drill holes B-09-01, B-09-02, B-09-03 were step out holes targeting west of the Brookbank Zone between 50 meters and 200 meters below the surface horizon. Hole B-09-01 intersected 1.3 grams over 1.3 meters. Hole B-09-02 cored the Hanging Wall Zone and intersected 1.97 grams gold per tonne over 8.5 meters and the Main Brookbank Zone which assayed 3.98 grams gold per tonne over 2.6 meters core length. The Hanging Wall and Main Zones are about 15 meters apart in the core (8 meters true width) in this drill hole. Hole B-09-03, the most westerly step out, intersected low grade mineralization over 2.8 meters at the volcanic-conglomerate contact. Hole B-09-04 targeted the Brookbank Zone on the east side of the deposit at about the 250 meter depth and intersected 1.3 grams gold per tonne gold over 1.3 meters core width.

Holes B-09-05, B-09-05WD and B-09-07 targeted the Brookbank structure about 950 meters below the surface horizon. The holes sequentially targeted the Brookbank Zone from west to east and returned values of 1.32, 5.18 and 17.5 grams per tonne gold over narrow widths respectively. Values and widths increased trending eastward.

Holes B-09-06, B-09-08 and B-09-09 targeted the main Brookbank Zone at depths below the surface horizon between 250 and 350 meters. The holes were drilled to increase the confidence in the known mineralization by decreasing the distance between adjacent drill hole intercepts to less than 50 meters apart. Hole B-09-06 intersected 5.4 grams gold per tonne gold over 15.3 meters core width, hole B-09-08 intersected 11.6 grams gold per tonne over 7.8 meters core width and hole B-09-09 intersected 6.3 grams gold per tonne gold over 9.7 meters core width.

The wedge hole B-09-07WD, targeting an additional 50 meters to the west of B-09-07, intersected an approximately 15 meter thick sheared pyrite-rich section of the main Brookbank Zone. Assays for this core intercept are pending.

In its ongoing effort to expand the 100% owned Brookbank Gold Deposit, Ontex has discovered silver veining in the deepest holes drilled to date. At about 650 meters down holes B-09-05 and B-09-05WD silver values were intersected of 10 grams over 1.5 meters and 23.2 grams over 1.1 meters respectively.

The Company has substantially ramped up exploration by mobilizing a second diamond drill. More geologists are being mobilized to the site. A geological team is actively reviewing old maps and reports and compiling the data to look for other potential exploration targets.

The Brookbank Gold Deposit is structurally controlled within a splay off the regional Paint Lake Fault. A well known consulting company has been tasked to undertake a structural geology study of the Brookbank Deposit and surrounding property in an effort to prioritize areas for follow-up work.

The Company has also requested quotes for conducting ground IP geophysics on favourable structures that may be identified by the structural study and analysis.

A prospecting/geology, linecutting and soil geochemistry program is in progress within 2 kilometers to the east of the Brookbank Deposit to delineate a new drill target. This area was originally prospected in the 1980's and more recently highlighted by airborne geophysics. Grab sampling has returned values of up to 23 g/t gold from an altered shear zone that has an apparent width of up to 3 meter wide. A backhoe is presently stripping this gold showing prior to geological mapping and detailed sampling.

The company is embarking on its the most aggressive program to date as it continues to expand the resources at its 100% owned Brookbank Gold Deposit and ramping up exploration on the property seeking additional Brookbank style gold deposits on its 35 km strike length property.

The drill core is being logged and split on site and half-core samples analyzed employing the appropriate gold fire assaying techniques at an independent laboratory, Swastika Laboratories of Swastika Ontario with check assaying at Actlabs Ltd., Thunder Bay, Ontario. A QA/QC program is being employed consisting of duplicate samples, insertion of known standards and check assaying.

The data herein and the contents of this news release have been reviewed by John P. Thompson, P.Eng., who is a Qualified Person within the meaning of NI 43-101, with the ability and authority to verify the authenticity and validity of the data. Armen Chilian, P.Geo., Vice-President of Exploration, is the Qualified Person who is executing the drilling program for Ontex.

Ontex Resources Limited is a junior resource company focused on gold exploration and deposit delineation at its Brookbank gold property in northern Ontario spanning a strike length of 35 kilometers. To date, diamond drilling has identified a structure over a 7 kilometers strike length with mineralized zones extending from surface to a depth of at least 800 meters. The mineral resources at a 2.0 g/t gold cut-off grade stands at 1.84 million tonnes grading 7.3 g/t gold containing 421,400 ounces of Indicated and 2.66 million tonnes grading 4.9 g/t gold containing 421,400 ounces of Inferred resource (see NI 43-101 technical report - "Technical Report on the Brookbank Gold Deposit, Beardmore - Geraldton Area, Northern Ontario, Canada" by Scot Wilson RPA Inc. dated May 4, 2009 - filed on Sedar). The Company trades on the Toronto Stock Exchange under the symbol "ONT".

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to Ontex's future exploration plans and potential mineralization. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Ontex to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining industry such as economic factors as they effect exploration, future commodity prices, market conditions, changes in foreign exchange and interest rates, actual results of current exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves; contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Ontex's Annual Information Form for the year ended December 31, 2008, available on www.sedar.com. Although Ontex has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Ontex does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Additional information is available on the Company's website at www.ontexresources.com or www.agoracom.com/IR/Ontex.

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