Fronteer: Near-Surface Oxide Gold Intercepts Highlight Open-Pit Potential at Sandman, Nevada
March 25 2010 - 7:00AM
Marketwired
Fronteer (TSX: FRG)(NYSE Amex: FRG) announces today that drilling
by Newmont USA Limited ("Newmont"), a wholly owned subsidiary of
Newmont Mining Corporation, has intersected additional near-surface
oxide gold at Sandman, reinforcing the project's open-pit mining
potential.
Newmont has provided results from eight holes drilled at
Sandman's Silica Ridge deposit. All of the holes intersected oxide
mineralization, generally within 15 metres of surface. Highlights
include:
- 10.36 grams per tonne gold (0.302 ounces per ton) over 4.18
metres, including 18.63 g/t gold (0.543 oz/ton) over 1.89 metres in
NSM-135
- 3.50 g/t gold (0.102 oz/ton) over 18.59 metres, including
11.73 g/t gold (0.342 oz/ton) over 3.69 metres, in NSM-132
- 3.50 g/t gold (0.102 oz/ ton) and over 11.19 metres, including
15.07 g/t gold (0.440 oz/ton) over 2.16 metres, in NSM-151
- 2.03 g/t gold (0.059 oz/ ton) over 7.89 metres, including
21.74 g/t gold (0.634 oz/ton) and 120 g/t silver (3.50 oz/ton) over
0.55 metres, in NSM-152
As reported previously, approximately 24% of all holes (26 out
of 110) drilled by Newmont have returned intercepts of greater than
10 g/t gold over more than 1.0 metres (see March 5, 2010, press
release). For a comprehensive table of new and previously reported
drill results, please click:
http://www.fronteergroup.com/sites/files/fronteer_admin/SandmanDrillResults1011.pdf
Sandman 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. Given Sandman's proximity to
established infrastructure, including milling facilities, Fronteer
believes Sandman to be the nearest term production-stage project
within the company's large Nevada gold platform.
Newmont continues to meet earn-in obligations and can elect to
make a positive production decision by June 2011 to earn an initial
51% interest in Sandman. As part of the 2010 work program, Newmont
plans to test up to eight new exploration targets, and continue
with additional geotechnical and metallurgical work.
We believe Newmont's closely spaced, large diameter core
drilling will strengthen both the definition and grade of Sandman's
Southeast Pediment and Silica Ridge deposits. The current resource
estimate does not reflect the results of the last two years of
drilling (approximately 12,000 metres) by Newmont.
Northumberland, Sandman and Long Canyon comprise Fronteer's
future production platform based in Nevada. All three gold deposits
have high-grade gold starting at- or near-surface, are potentially
open-pit mineable and have encouraging production attributes.
Fronteer aims to build regional production by advancing these
projects sequentially over the near-term, and funding the company's
growth with low-risk of dilution. In the near-term, Fronteer
anticipates ongoing deposit growth to add significant gold ounces
to its ledger and pending results from a variety of development
activities to clearly define the economic strength of the company's
projects.
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
all 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 and review of portions of the data
has given him no reason to doubt their authenticity. The true width
of the mineralized zones is estimated by Fronteer to be
approximately 90% of those stated. Primary composite intervals
stated in this release were calculated using a cut-off of 0.3 g/t
Au, 0.5 g/t Au and 2.0 g/t Au for the higher grade internal
intervals. No gold values below the 0.30 g/t Au cut-off were
included as internal dilution. The lower 0.3 g/t cut off is used to
conform with the 43-101 compliant resources previously calculated
on the Sandman Project. 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.
ABOUT FRONTEER
We intend to become a significant gold producer. Our solid
financial position and strong operational team give us the ability
to advance our key gold projects through to production. Our future
potential production platform includes our Long Canyon, Sandman and
Northumberland projects - all located in Nevada, one of the
friendliest gold-mining jurisdictions in the world. 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 and Canadian securities
laws. Such forward-looking statements, including but not limited
to, those with respect to potential expansion of mineralization,
potential size of mineralized zone, and size and timing of
exploration and development programs, estimated project capital and
other project costs and the timing of submission and receipt and
availability of regulatory approvals 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 mineral resources, changes in
project parameters as plans continue to be refined, future prices
of uranium, environmental risks and hazards, increased
infrastructure and/or operating costs, labour 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,
other than as required pursuant to applicable securities laws.
Accordingly, readers should not place undue reliance on
forward-looking statements.
NEWS RELEASE 10-11
Contacts: Fronteer Development Group Mark O'Dea, Ph.D, P.Geo
President and CEO 604-632-4677 or Toll Free 1-877-632-4677 Fronteer
Development Group Troy Fierro COO 604-632-4677 or Toll Free
1-877-632-4677 Fronteer Development Group Richard Moritz Director,
Investor Relations 604-632-4677 or Toll Free 1-877-632-4677
Fronteer Development Group Glen Edwards Director, Communications
604-632-4677 or Toll Free 1-877-632-4677 info@fronteergroup.com
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