Fronteer Development Group Inc.: Drilling Extends Strike of High-Grade Gold at Nevada Property
February 15 2008 - 9:52AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX: FRG)(AMEX: FRG) is pleased to
announce drilling has extended oxide gold mineralization at Long
Canyon, further defining Nevada's newest gold trend.
Additional diamond holes from Long Canyon's 2007 Phase 2 drill
program have intersected significant gold grades and extended
high-grade mineralization to the northeast.
"Long Canyon represents an outstanding platform for growth
through discovery and is a key exploration focus among our
portfolio of Nevada gold projects for 2008," says Fronteer
President and CEO Dr. Mark O'Dea.
Highlights from two holes include:
- 0.09 ounces per ton gold (3.14 grams per tonne) over 107 feet
(32.6m) in hole LC066C
- 0.12 ounces per ton gold (4.11 grams per tonne) over 90 feet
(27.4 m) in hole LC067C
These two holes were drilled approximately 80 metres to the
northeast of hole LC063C, which intersected 0.88 ounces per ton
gold (30.10 grams per tonne) over a true thickness of 23 feet (7.0
metres), within a broader zone that returned 0.39 ounces per ton
gold (13.40 grams per tonne) over a true thickness of 75 feet (22.9
metres) - see press release 08-01, Jan 7, 2008.
A third hole, LC065C, returned 0.02 ounces per ton gold (0.72
grams per tonne) over 5 feet (1.5 metres).
Fronteer's 2008 exploration program will both extend and further
define Long Canyon's high-grade mineralization, with the goal of
producing the project's first resource estimate by year-end. Long
Canyon's aggressive US$3M exploration program will include 16,000
metres of drilling, as well as additional geophysical surveys and
district-scale exploration. Drilling will test the northeast,
southwest and depth extensions of the Main Zone, the West Zone, and
additional targets within the project's 6,500-hectare area.
Long Canyon shows near-surface mineralization similar to famous
Carlin-style gold deposits. Gold mineralization is strongly
oxidized, and occurs in stratabound zones and fault and collapse
breccias, hosted in a sequence of lower Paleozoic shelf
carbonates.
Drill results table:
From To Interval Au Interval Au
Hole ID (feet) (feet) (feet) (oz/ton) (metres) (g/tonne)
-----------------------------------------------------------------------
LC065C 118.5 123.5 5 0.02 1.5 0.72
-----------------------------------------------------------------------
LC066C 102.0 209.0 107 0.09 32.6 3.14
including 127.0 138.5 11.5 0.26 3.5 8.98
151.5 156.5 5 0.17 1.5 5.92
212.0 227.0 15 0.01 4.6 0.46
-----------------------------------------------------------------------
LC067C 204.0 294.0 90 0.12 27.4 4.11
including 232.0 245.3 13.3 0.24 4.1 8.13
249.3 267.5 18.2 0.26 5.5 9.12
For a map showing the location of drill holes, please use the
following link:
www.fronteergroup.com/sites/fronteer_admin/LongCanyonMap0805.jpg
A total of 61 RC holes and 6 core holes have been drilled at
Long Canyon. Results from the final drill hole of Phase 2 are
pending. For a comprehensive table listing drill results to-date,
please use the following link:
www.fronteergroup.com/sites/fronteer_admin/LongCanyonDrillSummary0805.pdf
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.
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
cut-off of 0.30 g/tonne. Drill intersections are reported as
drilled thicknesses. The mineralized intervals reported are
estimated to be near true thickness. Core was sampled at
geologically selected intervals and was 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.
QA/QC included the insertion of numerous standards and blanks into
the sample stream. Selected holes are also analyzed for a
72-element geochemical suite by ICP-MS.
ABOUT FRONTEER
Fronteer is an exploration and development company with a track
record of making big discoveries. Fronteer has a 40% interest in
three excellent gold and copper-gold projects in western Turkey, an
extensive portfolio of advanced stage gold projects in Nevada, and
a 42.3% interest in Aurora Energy Resources (TSX: AXU), a leading
Canadian uranium company.
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, and size of mineralized
zone, 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, 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,
environmental risks and hazards, increased infrastructure and/or
operating costs, labor and employment matters, and government
regulation 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 08-05
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. Glen Edwards Media Relations (604)
632-4677 or Toll Free: 1-877-632-4677 Email: info@fronteergroup.com
Website: www.fronteergroup.com
Fronteer Gold Inc. Common Stock (Canada) (AMEX:FRG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Fronteer Gold Inc. Common Stock (Canada) (AMEX:FRG)
Historical Stock Chart
From Jul 2023 to Jul 2024