Fronteer Development Group Inc. (TSX: FRG)(NYSE Amex: FRG) is
pleased to announce that Newmont USA Limited ("Newmont"), a
subsidiary of Newmont Mining Corporation, has provided the results
from a further nine holes recently drilled as part of their 2009
US$5M work-program at the Sandman gold project in Nevada.
Six holes intersected near-surface, oxide gold mineralization
within the Southeast Pediment deposit, continuing to demonstrate
the high-grade nature of this emerging deposit.
Highlights include:
- 25.58 grams per tonne gold over 5.28 metres, including 65.69
g/t over 1.95 metres in NSM-53;
- 120.75 g/t over 1.95 metres in NSM-69; and,
- 20.21 g/t over 1.98 metres in NSM-76.
Three holes also tested the Silica Ridge deposit, located five
kilometres from Southeast Pediment. Results were encouraging with
the highest gold reported as 3.57 g/t over 1.34 metres in
NSM-102.
Phase 1 of the 2009 development and exploration program came to
close on April 17, with a total of 62 holes and 6,700 metres
drilled since January 2009. Newmont plans to compile data for the
next two months and resume drilling in mid-July.
Newmont's 2009 work-program will provide the foundation for
ongoing development activities. The overall objectives of the 2009
development program are to focus on the known deposits at SE
Pediment and Silica Ridge and drill a combination of HQ and PQ core
holes to:
- confirm the character of gold mineralization (size range of
the gold);
- obtain bulk metallurgical material for mill grade and
potential heap leach metallurgical tests;
- and improve the understanding of the geology and ore controls
of the mineralization.
The 2009 exploration program will focus on finding additional
mineralization along the known structural trends from two of the
four existing gold resource areas, and also target new areas
generated from geological mapping and the results of recent
geophysical and geochemical surveys.
At Sandman, high-grade, gold mineralization occurs in multiple
locations along a 16-kilometre trend, situated within the regional
King River Rift structure. High-grade vein-related gold systems,
including the Sleeper gold mine and the Goldbanks deposit, also
occur along the King River Rift, suggesting regional structural
control that could expand the size and continuity of the
mineralization at this project.
Sandman's deposits are near-surface and potentially amenable to
open-pit mining. Infrastructure surrounding Fronteer's Sandman
project is considered excellent. The property is within trucking
distance to Newmont's Twin Creeks mine, potentially eliminating the
need for a stand-alone milling facility and other significant
capital expenditures if the project were to proceed to
production.
Under the terms of the Sandman option and joint-venture
agreement, Newmont can earn an initial 51% interest in the project
by making a positive production decision by June 2011, spending a
minimum of US$14 million on exploration and development, making a
commitment to fund and construct a mine, and completing a
feasibility study. Newmont has met all earn-in obligations to
date.
SANDMAN DRILL RESULTS
From To Interval Ag Au Au
Hole ID (m) (m) (m) (g/t) (g/t) (oz/ton) Target Area
NSM-47 92.87 95.10 2.23 1.93 0.56 0.016 Silica Ridge
and 96.56 97.84 1.28 5.90 0.66 0.019
and 98.88 100.40 1.52 6.79 0.96 0.028
NSM-53 30.78 36.06 5.28 34.92 25.58 0.746 SE Pediment
including 32.58 34.53 1.95 57.97 65.69 1.916
and 40.33 44.17 3.84 7.45 0.67 0.020
and 44.74 47.79 3.05 14.44 2.19 0.064
and 51.39 52.12 0.73 14.19 0.79 0.023
NSM-68 9.30 14.33 5.03 23.49 1.45 0.042 SE Pediment
including 10.94 11.98 1.04 70.22 2.37 0.069
and 16.92 21.34 4.42 11.23 1.54 0.045
including 19.93 21.34 1.40 13.20 3.40 0.099
NSM-69 26.94 28.68 1.74 4.88 1.20 0.035 SE Pediment
and 36.18 36.73 0.55 31.20 8.20 0.239
and 38.01 39.96 1.95 20.39 120.75 3.522
NSM-76 0.00 10.67 10.67 14.21 1.08 0.031 SE Pediment
and 32.80 34.78 1.98 45.06 20.21 0.590
and 35.81 37.37 1.55 25.64 2.32 0.068
and 38.47 40.08 1.62 14.95 2.01 0.059
NSM-77 13.26 15.03 1.77 6.26 0.74 0.021 SE Pediment
and 18.99 20.79 1.80 15.87 6.33 0.185
NSM-85 12.56 17.50 4.94 11.02 0.55 0.016 SE Pediment
and 20.85 21.61 0.76 7.20 0.54 0.016
NSM-102 2.62 3.84 1.22 3.81 0.81 0.024 Silica Ridge
and 15.24 18.17 2.93 44.26 0.57 0.016
and 20.73 24.57 3.84 62.04 1.64 0.048
including 23.23 24.57 1.34 56.71 3.57 0.104
and 26.43 27.74 1.31 72.51 2.61 0.076
NSM-113 27.86 30.91 3.05 4.27 2.50 0.073 Silica Ridge
and 69.34 73.24 3.90 8.94 1.09 0.032
Note: The true width of the mineralized zones is estimated to be
approximately 90% of those stated. Primary composite intervals
were calculated using a cut-off of 0.5 g/t Au and 2.0 g/t Au for
the higher grade internal intervals.
Drill samples and analytical data for the Sandman project are
being collected under the supervision of Newmont, Fronteer's joint
venture partner and project operator, using industry standard QA-QC
protocols. Fronteer's James Ashton P.E., who is the QP responsible
for compiling the data contained in this release, has not verified
the data; however, the grades and widths reported here agree well
with the Company's past results on the project and correspondence
with the operator has given him no reason to doubt their
authenticity. For further details on Sandman, please view the
technical report prepared by Mine Development Associates ("MDA"),
as of May 31, 2007, on SEDAR at http://www.sedar.com.
Sandman, Long Canyon and Northumberland are currently Fronteer's
leading properties among its large portfolio of gold projects in
Nevada.
For more information on Sandman and Fronteer's other Nevada
projects, visit: http://www.fronteergroup.com/?q=content/nevada
ABOUT FRONTEER
Fronteer is an exploration and development company with a track
record of making big discoveries. Fronteer has an extensive gold
project pipeline in Nevada, a 40% interest in three gold and
copper-gold projects in western Turkey, and 100% ownership of
Aurora Energy Resources, a private subsidiary advancing a
world-class uranium district in Labrador, Canada.
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, 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 09-16
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 Fronteer
Development Group Inc. Glen Edwards Director, Communications
604-632-4677 or Toll Free: 1-877-632-4677 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