The Ontex Brookbank Gold Deposit is a well documented viable Gold deposit. The property hosts a NI 43-101 compliant mineral inventory containing 629,000 ounces of gold at a cut-off grade of 3.0 g Au/t.
The gold deposit remains open for expansion along strike and at depth, on this under developed large tract totaling 684 leased claims (45,959 acres).
Excellent potential for outlining additional reserves both in the immediate vicinity of the known deposit and on strike along the favourable metavolcanic-metasedimentary contact to the east (Leduc Twp.) and west (Cherbourg property); many drill targets have been identified and will be drilled.
History:
In the 1940’s, (Gold $35.); Noranda shallow drilled an open pit potential which may be considered as a mix with the underground mineral resource production.
In 1987/8, Gold ($500.); a subsidiary of Hudson Bay Mining presented a proposal for production. Concurrently, Ontex initiated legal proceeding against the operator; Ontex owned a 10% interest in the Brookbank deposit; Ontex now owns 100%.
In 1990, Placer Dome provided an Indicated Mineral Inventory estimate and did not renew the option because of protracted legal proceedings.
In 1994, Micon International Ltd was retained by Ontex Resources to prepare a detailed program for the future development of the Brookbank Deposit. The report concluded that future development should proceed by sinking a 500 meter shaft for an estimated $8.4 million and diamond drilling the deposit from the 450 meter level. Litigation continued.
In late 1998, all litigation was settled. Ontex took over as operator of the property.
Ontex has a planned aggressive spring 2008 drilling program and currently is considering proposals with the view to develop the Brookbank Gold deposit into a producing mine. Ontex is located S/W of Kodiak’s Hercules property.
