Press release 08-05
Fronteer Development Group Inc. ("Fronteer" or
the "Company") (FRG – TSX/AMEX) 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:
Hole ID
|
From
|
To
|
Interval
|
Au
|
Interval
|
Au
|
|
(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") (XAU - TSX). 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. For further information on Fronteer visit www.fronteergroup.com or
contact:
Mark O’Dea, Ph.D, P.Geo President and CEO
Glen Edwards, Media Relations
PH) 604-632-4677 or Toll Free 1-877-632-4677
info@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. 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.
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