Re: News Release - Wednesday, September 17, 2014
Title: Frontline Gold Announces Renewed Interest and Discussions Regarding Menderes Gold Project
Toronto, Ontario - (September 17, 2014) - Frontline Gold Corporation (TSX-V:FGC) ("Frontline" or the "Company") would like to announce that there has been renewed interest in the Company's Menderes Gold Project, located in western Turkey. The Company is in discussions with several interested parties to monetize its interest in the Menderes Gold project. These discussions include the consideration of a joint venture arrangement, the sale of part or all of the property, or further exploration subject to financing. Frontline's Menderes project, located in Izmir province, western Turkey and the property, located only 20 km from the provincial capital of Izmir, consists of 62 km2 in a high potential epithermal gold environment. The exploration focus of Menderes is the eastern strike extension of Eldorado Gold Corporation's Efem�ukuru gold mine, which began operation in mid-2011 (see attached map 1).
On the western boundary of Frontline's Menderes Gold property, is Eldorado Gold Corporation's ("Eldorado") 100% owned Efem�ukuru gold Mine.
"Efem�ukuru is an intermediate sulfidation epithermal gold deposit hosted within Upper Cretaceous phyllite and schist at the western end of the Izmir-Ankara Suture Zone in SW Turkey. During 2013, Efemcukuru mined 399,000 tonnes of ore at 8.85 g/t gold and treated 414,000 tonnes of ore and recovered 109,000 ounces of gold in concentrate and gravity dor�. Cash costs for 2013 were $580 per ounce."
| in situ gold as of December 31, 2013* |
proven and probable reserves: 1.19 million ounces
grade: 7.67 g/t
measured and indicated resources: 1.53 million ounces
grade: 8.47 g/t
inferred resources: 0.88 million ounces grade:
5.03 g/t | (source: Eldorado Gold Corporation - Annual Information Form for the year ended December 31, 2013, dated March 28, 2014) A description of the ongoing drilling on the Kokarpinar vein and summary of the significant assay results from Eldorados' the drill program on the Kokarpinar vein was included in the press release (Titled "Exploration Update" - September 5. 2012, www.eldoradogold.com) which is summarized in the paragraph below and table below.
At Efemcukuru, drilling is ongoing on the Kokarpinar vein and on the open down-dip extension on the South Ore Shoot (Kestane Beleni vein). New high grade intercepts from the South Ore Shoot demonstrate that the shoot remains open down dip, similar to the Middle and North Ore Shoots. At Kokarpinar, high grade intercepts are clustered in three different zones and occur both within the principal vein and in bordering stockwork vein systems (see Eldorado Gold Map, attachment 2 - Titled Efemcukuru - Turkey - High Grade Vein Intersections, source page 24 - March 2013 Investor Presentation, www.eldoradogold.com)
Selected results from late 2012 and 2013 exploration drilling at the Efem�ukuru mine
| Drillhole |
From
(m) |
To
(m) |
Interval
(m) |
Estimated
true width
(m) |
Au
(g/t) |
Ag
(g/t) |
Pb
(%) |
Zn
(%) |
| Kokarpinar Vein, Main Ore Shoot |
| KV-499 |
215.80 |
221.64 |
5.84 |
5.8 |
9.14 |
22.88 |
1.89 |
1.90 |
| KV-502 |
244.50 |
245.40 |
0.90 |
0.8 |
54.60 |
93.70 |
9.09 |
6.27 |
| KV-511 |
266.70 |
267.40 |
0.70 |
0.7 |
20.10 |
5.90 |
0.10 |
0.16 |
| KV-514 |
227.40 |
228.35 |
0.95 |
0.9 |
19.80 |
24.10 |
0.85 |
1.05 |
| KV-516 |
216.80 |
218.30 |
1.50 |
1.5 |
6.88 |
20.40 |
0.99 |
26.01 |
| KV-523 |
281.00 |
283.60 |
2.60 |
2.3 |
5.30 |
7.69 |
0.28 |
0.35 |
| KV-524 |
117.30 |
122.00 |
4.70 |
3.8 |
2.66 |
4.84 |
0.06 |
0.25 |
| KV-525 |
309.70 |
312.40 |
2.70 |
2.3 |
9.42 |
14.91 |
0.81 |
0.97 |
| KV-528 |
496.00 |
498.80 |
2.60 |
2.4 |
7.74 |
18.30 |
1.33 |
1.47 |
| KV-544 |
78.20 |
79.30 |
1.10 |
0.9 |
11.21 |
10.04 |
0.81 |
0.44 |
|
|
|
|
|
|
|
|
|
|
|
| Kokarpinar Vein, Stockwork Zone |
| KV-456 |
288.50 |
294.50 |
6.00 |
4.9 |
121.96 |
61.55 |
0.03 |
0.03 |
| including |
290.00 |
293.00 |
3.00 |
2.4 |
240.75 |
120.35 |
0.06 |
0.03 |
| KV-462 |
340.00 |
343.50 |
3.5 |
2.9 |
116.59 |
36.39 |
0.01 |
0.01 |
| including |
341.60 |
342.60 |
1.00 |
0.8 |
571.0 |
175.00 |
0.01 |
0.01 |
| KV-502 |
244.50 |
246.50 |
2.00 |
1.8 |
25.13 |
44.80 |
4.44 |
3.20 |
| KV-517 |
255.00 |
259.50 |
4.50 |
4.0 |
19.89 |
12.85 |
0.07 |
0.10 |
| KV-519 |
236.20 |
240.30 |
4.10 |
3.6 |
4.82 |
8.72 |
0.09 |
0.13 |
| KV-519 |
269.40 |
270.30 |
0.90 |
0.8 |
183.60 |
87.30 |
0.02 |
0.01 |
The technical information herein was reviewed prepared by Mr. Greg Isenor, P. Geo., who acts as Frontline's Qualified Person as defined by National Instrument 43-101.
Menderes Gold Project Exploration Program
The primary objective of these discussions is to explore strategic objectives for further advancement of the project. While terms and structure of a deal have yet to been agreed upon, Frontline believes the prospect of moving this project forward is a positive development for the Company.
At present time, there can be no assurance that any transaction will arise or will be completed.
Commentary
"We believe the opportunity to establish a deal on the Menderes project is an excellent strategy to continue to advance the near term prospects of this project, which continues to have excellent exploration potential as demonstrated by Eldorado's recent announcements of its successful exploration drilling at its Efemcukuru Gold Mine adjacent to the Menderes property" said President and CEO, Walter Henry. "Our technical team continues to believe that the exploration drilling completed to date by Eldorado on its Kokarpinar vein structure, immediately to the west of our property, indicates the potential of the Frontline's Menderes project to host a significant epithermal gold environment."
About Frontline Gold Corporation
Frontline is a Canadian junior mineral exploration company with an experienced discovery team and a proven record of accomplishment. The Company's flagship properties include the Menderes gold project in the Izmir province of Western Turkey and the Niaouleni gold project in southern Mali in the heart of West Africa's prolific gold belt. Ongoing Canadian exploration includes the Poly (gold VMS) and the Stewart (gold-copper porphyry) projects.
For further information, please visit the Company's website at www.frontlinegold.com to view the most recent corporate presentation.
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
�Walter Henry�
Walter Henry, President & CEO
FRONTLINE GOLD CORP. |
|
Frontline Gold Corp. (TSX-V: FGC)
1 Toronto Street, Suite 201
Toronto, Ontario M5C 2V6 |
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