08-22
Fronteer Development Group Inc. ("Fronteer" or the "Company") (FRG - TSX/AMEX) is pleased to announce that step-out drilling has extended high-grade, oxide gold mineralization by 400 metres along strike at its Long Canyon Project in Nevada.
The 400-metre (1,312 feet) step-out from the most northeastern drill hole returned:
- 2.53 grams per tonne gold (0.074 oz/ton) over 33.5 metres (110 feet), including 13.18 g/t (0.385 oz/ton) over 4.6 metres (15 feet), starting at a depth of 93.0 metres (305 feet), in hole LC129.
This aggressive step-out not only confirms the strength and continuity of gold mineralization along trend, but extends the total strike length by 30 per cent to 1.6 kilometres (one mile). The gold system remains open in all directions.
New drilling has also further defined a new parallel zone of mineralization, referred to as the Shadow Zone (See Aug. 19, 2008, press release). Drill results from this new zone include:
- 1.68 g/t (0.049 oz/ton) over 73.2 metres (240 feet), including 13.33 g/t (0.389 oz/ton) over 3.1 metres (10 feet), in LC113.
Approximately 13,300 metres (43,600 feet) of drilling has been completed at Long Canyon this year. Long Canyon's program budget is planned to increase from US$3.2 million to US$5.6 million to allow for ongoing drilling, preliminary metallurgical studies and resource estimation. A project-first NI 43-101 resource estimate is planned for year end.
Ongoing drilling, detailed mapping and geophysical work continue to contribute to the understanding of gold mineralization at Long Canyon, located 6.5 km (4 miles) south of the I-80 Freeway corridor in northeastern Nevada. Mineralization is sediment-hosted and associated with fault and collapse breccias along a stratigraphic limestone-dolomite contact. The deposit is strongly oxidized and is exposed at surface.
Fronteer has a majority interest (51%) in Long Canyon and is the project operator. Under the terms of the earn-in agreement, AuEx Ventures Inc. ("AuEx") (49%) has elected to participate in pro-rata joint funding of the Long Canyon project. Fronteer has until December 10, 2008 to notify AuEx if it elects to earn an additional 14% interest in the project for a total of 65% by carrying all further costs through the completion of a feasibility study within five years.
LONG CANYON DRILL RESULTS
Hole ID |
From |
To |
Intercept Length |
Au |
Au |
From |
To |
Intercept Length |
Au |
|
(feet) |
(feet) |
(feet) |
(ppb) |
(oz/ton) |
(metres) |
(metres) |
(metres) |
(gpt) |
|
|
|
|
|
|
|
|
|
|
LC112 |
85 |
105 |
20 |
369 |
0.011 |
25.9 |
32.0 |
6.1 |
0.37 |
|
320 |
340 |
20 |
1153 |
0.034 |
97.5 |
103.6 |
6.1 |
1.15 |
LC113 |
245 |
485 |
240 |
1684 |
0.049 |
74.7 |
147.8 |
73.2 |
1.68 |
including |
310 |
320 |
10 |
13326 |
0.389 |
94.5 |
97.5 |
3.1 |
13.33 |
LC115 |
200 |
225 |
25 |
989 |
0.029 |
61.0 |
68.6 |
7.6 |
0.99 |
|
230 |
280 |
50 |
2842 |
0.083 |
70.1 |
85.3 |
15.2 |
2.84 |
including |
255 |
260 |
5 |
9390 |
0.274 |
77.7 |
79.2 |
1.5 |
9.39 |
including |
265 |
270 |
5 |
5910 |
0.173 |
80.8 |
82.3 |
1.5 |
5.91 |
|
325 |
345 |
20 |
528 |
0.015 |
99.1 |
105.2 |
6.1 |
0.53 |
|
355 |
370 |
15 |
638 |
0.019 |
108.2 |
112.8 |
4.6 |
0.64 |
LC116 |
320 |
345 |
25 |
919 |
0.027 |
97.5 |
105.2 |
7.6 |
0.92 |
LC118 |
285 |
315 |
30 |
550 |
0.016 |
86.9 |
96.0 |
9.1 |
0.55 |
|
355 |
370 |
15 |
599 |
0.017 |
108.2 |
112.8 |
4.6 |
0.6 |
LC119 |
80 |
95 |
15 |
1810 |
0.053 |
24.4 |
29.0 |
4.6 |
1.81 |
|
100 |
150 |
50 |
2917 |
0.085 |
30.5 |
45.7 |
15.2 |
2.92 |
LC120 |
70 |
100 |
30 |
796 |
0.023 |
21.3 |
30.5 |
9.1 |
0.8 |
|
400 |
445 |
45 |
3422 |
0.1 |
121.9 |
135.6 |
13.7 |
3.42 |
including |
420 |
435 |
15 |
7210 |
0.211 |
128.0 |
132.6 |
4.6 |
7.21 |
LC124 |
330 |
425 |
95 |
2341 |
0.068 |
100.6 |
129.5 |
29.0 |
2.34 |
|
455 |
465 |
10 |
567 |
0.017 |
138.7 |
141.7 |
3.0 |
0.57 |
LC125 |
165 |
205 |
40 |
3678 |
0.107 |
50.3 |
62.5 |
12.2 |
3.68 |
including |
175 |
185 |
10 |
8615 |
0.252 |
53.3 |
56.4 |
3.0 |
8.62 |
LC126 |
50 |
120 |
70 |
2046 |
0.06 |
15.2 |
36.6 |
21.4 |
2.05 |
LC129 |
305 |
415 |
110 |
2527 |
0.074 |
93.0 |
126.5 |
33.5 |
2.53 |
including |
385 |
400 |
15 |
13176 |
0.385 |
117.3 |
121.9 |
4.6 |
13.18 |
*The geometry of mineralization at Long Canyon is still being determined. The current geological model predicts that the true widths of the mineralized intervals vary between 70-100% of the reported lengths of the drill intercepts. Holes LC095C, LC97C, LC108, LC109 and LC110 had no reportable intercepts. See link to PDF for comprehensive drill results.
DOWNLOADABLE FEATURES
Robert Felder, M.Sc. and Certified Professional Geologist, as recognized by the American Institute of Professional Geologists, 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 were calculated using a cut-off of 0.30 g/tonne. Drill intersections are reported as drilled thicknesses. Reverse circulation cuttings were sampled on 5.0 ft. (1.52m) intervals and core was sampled at geologically selected intervals. All drill samples were assayed by American Assay Laboratories (ISO9002:2002) in Sparks, Nevada, 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 were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. QA/QC included the insertion of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. 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$86 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 an extensive portfolio of advanced stage gold projects in Nevada, a 40% interest in three gold and copper-gold projects in western Turkey, 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 or contact:
Mark O'Dea, Ph.D, P.Geo President and CEO
Richard Moritz, Director, Investor Relations
Glen Edwards, Director, Communications
Phone 604-632-4677 or Toll Free 1-877-632-4677
info@fronteergroup.com