Category: Uncategorized
- Published: 29 November -0001
Fronteer Hits More High-Grade Gold at Nevada Property
Fronteer Development Group Inc. (\"Fronteer\" or the \"Company\") (TSX: FRG)(AMEX: FRG) is pleased to announce that recent drilling has extended the length and width of gold mineralization at Long Canyon, further enhancing this property.
Results from 18 reverse-circulation (RC) holes include grades as high as 17.63 grams per tonne gold (0.515 ounces per ton) over 4.6 m (15 feet), as intersected in hole LC87. The results are the first from Long Canyon\'s 2008 work program, which commenced in May.
Other highlights include:
- 10.21 g/t (0.298 oz/ton) over 9.1 m (30 feet), within a broader zone returning 3.31 g/t (0.097 oz/ton) over 36.6 m (120 feet) in hole LC86;
- 12.59 g/t (0.368 oz/ton) over 4.6 m (15 feet), within a broader zone returning 4.59 g/t (0.134 oz/ton) over 38.1 m (125 feet) in hole LC85; and,
- 14.13 g/t (0.413 oz/ton) over 3.0 m (10 feet), within a broader zone returning 4.53 g/t (0.132 oz/ton) over 10.7 m (35 feet) in hole LC84. - 14.13 g/t (0.413 oz/ton) over 3.0 m (10 feet), within a broader zone returning 4.53 g/t (0.132 oz/ton) over 10.7 m (35 feet) in hole LC84.
Drilling has also intersected a new area of gold mineralization located 200 metres northwest of the main zone. Highlights include:
- 2.28 g/t (0.067 oz/ton) over 24.4 m (80 feet) in LC73; and,
- 1.18 g/t (0.034 oz/ton) over 3.0 m (10 feet) in LC79.
Results from an additional 23 holes drilled to date will be reported as completed assays are received.
LONG CANYON DRILL RESULTS
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Inter- Inter-
cept Au cept
Length Au (oz/ Length Au
Hole ID From To (feet) (ppb) ton) From To (metres) (g/t)
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LC068 205 215 10 346 0.010 62.5 65.5 3.0 0.35
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255 265 10 936 0.027 77.7 80.8 3.0 0.94
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LC069 No reportable intercepts
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LC070 230 245 15 562 0.016 70.1 74.7 4.6 0.56
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250 340 90 1633 0.048 76.2 103.7 27.4 1.63
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including 300 310 10 7165 0.209 91.5 94.5 3.0 7.17
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445 455 10 424 0.012 135.7 138.7 3.0 0.42
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490 510 20 382 0.011 149.4 155.5 6.1 0.38
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LC071 85 115 30 753 0.022 25.9 35.1 9.1 0.75
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135 165 30 986 0.029 41.2 50.3 9.1 0.99
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LC073 305 315 10 383 0.011 93.0 96.0 3.0 0.38
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345 355 10 350 0.010 105.2 108.2 3.0 0.35
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370 450 80 2280 0.067 112.8 137.2 24.4 2.28
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including 375 380 5 6744 0.197 114.3 115.9 1.5 6.74
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395 400 5 9468 0.276 120.4 122.0 1.5 9.47
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460 470 10 388 0.011 140.2 143.3 3.0 0.39
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520 530 10 439 0.013 158.5 161.6 3.0 0.44
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LC075 360 375 15 734 0.021 109.8 114.3 4.6 0.73
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LC077 No reportable intercepts
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LC078 No reportable intercepts
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LC079 650 660 10 1178 0.034 198.2 201.2 3.0 1.18
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LC081 260 325 65 2271 0.066 79.3 99.1 19.8 2.27
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including 280 295 15 6190 0.181 85.4 89.9 4.6 6.19
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345 385 40 4294 0.125 105.2 117.4 12.2 4.29
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including 365 375 10 12945 0.378 111.3 114.3 3.0 12.95
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LC082 335 350 15 650 0.019 102.1 106.7 4.6 0.65
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LC084 330 365 35 4526 0.132 100.6 111.3 10.7 4.53
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including 340 350 10 14130 0.413 103.7 106.7 3.0 14.13
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LC085 250 375 125 4594 0.134 76.2 114.3 38.1 4.59
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including 265 280 15 12592 0.368 80.8 85.4 4.6 12.59
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310 330 20 7902 0.231 94.5 100.6 6.1 7.90
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340 350 10 9210 0.269 103.7 106.7 3.0 9.21
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395 405 10 1102 0.032 120.4 123.5 3.0 1.10
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420 430 10 2046 0.060 128.0 131.1 3.0 2.05
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485 495 10 1947 0.057 147.9 150.9 3.0 1.95
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LC086 370 490 120 3309 0.097 112.8 149.4 36.6 3.31
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including 390 420 30 10208 0.298 118.9 128.0 9.1 10.21
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including 400 415 15 14043 0.410 122.0 126.5 4.6 14.04
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LC087 360 390 30 9378 0.274 109.8 118.9 9.1 9.38
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including 365 380 15 17633 0.515 111.3 115.9 4.6 17.63
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LC088 250 260 10 576 0.017 76.2 79.3 3.0 0.58
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LC090 465 475 10 706 0.021 141.8 144.8 3.0 0.71
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505 520 15 425 0.012 154.0 158.5 4.6 0.43
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LC091 305 335 30 1530 0.045 93.0 102.1 9.1 1.53
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(i) The true widths of the mineralized zones have not been rigorously determined, but are thought at this time to be 70-100% of true thicknesses. The geometry of mineralization at Long Canyon is complex, and true widths may not be completely understood until delineation drilling is completed. For a comprehensive table listing previous drill results, please use the following link: http://www.fronteergroup.com/sites/fronteer_admin/LongCanyonDrillSummary0816.pdf
For a map showing the location of drill holes, please use the following link: www.fronteergroup.com/sites/fronteer_admin/LongCanyonMap08016.jpg
Fronteer\'s initial $3.2-million program to advance Long Canyon includes plans for 11,500-metres (37,700 feet) of drilling to extend the deposit along strike to the northeast, southwest, and down dip, with the goal of producing a project-first NI 43-101 resource estimate upon conclusion of the program. Fronteer has completed 4,100 metres (13,700) of drilling to date.
Gold mineralization at Long Canyon is strongly oxidized and begins at surface. Mineralization is typical of Carlin-style deposits and occurs in stratabound zones with both fault and collapse breccias, hosted within a sequence of lower Paleozoic carbonates.
Long Canyon, Northumberland and Sandman are currently Fronteer\'s leading properties among its large, relatively untapped portfolio of gold projects in Nevada. Fronteer has submitted a Plan of Operations to the Elko District Office of the U.S. Bureau of Land Management (BLM) to expand the drilling effort in the southwest portion of the Long Canyon project area.
Long Canyon is under option from AuEx Ventures Inc. (\"AuEx\") (TSX: XAU). Under the terms of the option, Fronteer is the operator and may earn a majority interest (51%) by investing $5 million over a five-year period. Fronteer may earn an additional 14% by advancing Long Canyon through feasibility. Fronteer is expected to meet its initial earn-in obligations this year.
Robert Felder, M.Sc. and Certified Professional Geologist, is designated as a Qualified Person for these Long Canyon drill results, with the ability and authority to verify the authenticity of, and validity of, this data. Drill composites calculated using a cut-off of 0.30 g/tonne. Drill intersections are reported as drilled thicknesses. Reverse circulation cuttings were samples on 5.0 ft. (1.52m) intervals and assayed by American Assay Laboratories (ISO9002:2002) for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 10.0 grams per tonne Au was re-assayed and completed with a gravimetric finish. Selected holes are also analyzed for a 72-element geochemical suite by ICP-MS.
LIQUIDITY
Fronteer is not invested in any short-term commercial paper or asset-backed securities. Fronteer has approximately C$92 million in cash that is fully liquid and held with a large Canadian commercial bank.
ABOUT FRONTEER
Fronteer is an exploration and development company with a track record of making big discoveries. Fronteer has a 40% interest in three gold and copper-gold projects in western Turkey, an extensive portfolio of advanced stage gold projects in Nevada, and a 42.2% interest in Aurora Energy Resources (TSX: AXU), a leading Canadian uranium company. For further information on Fronteer visit www.fronteergroup.com.
Except for the statements of historical fact contained herein, certain information presented constitutes \"forward-looking statements\" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to, those with respect to potential expansion of mineralization, potential size of mineralized zone, timing of resource calculation and size of exploration program involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Fronteer to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to international operations and joint ventures, the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of ore reserves and mineral resources, changes in project parameters as plans continue to be refined, future prices of gold and silver, environmental risks and hazards, increased infrastructure and/or operating costs, labor and employment matters, and government regulation and permitting requirements as well as those factors discussed in the section entitled \"Risk Factors\" in Fronteer\'s Annual Information form and Fronteer\'s latest Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although Fronteer has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Fronteer disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements.
NEWS RELEASE 08-16
Contacts: Fronteer Development Group Inc. Mark O\'Dea, Ph.D, P.Geo President and CEO (604) 632-4677 or Toll Free: 1-877-632-4677 Fronteer Development Group Inc. Richard Moritz Director, Investor Relations (604) 632-4677 or Toll Free: 1-877-632-4677 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.fronteergroup.com SOURCE: Fronteer Development Group Inc. mailto:This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.fronteergroup.com
