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08-16
Fronteer
Development Group Inc. ("Fronteer" or the "Company")
(FRG - TSX/AMEX) is pleased to announce that recent drilling has extended
the length and width of gold mineralization at Long Canyon, further enhancing this property.
Results
from 18 reverse-circulation (RC) holes include grades as high as 17.63 grams per tonne gold (0.515 ounces per ton) over
4.6 m (15 feet), as intersected in hole LC87. The results are the first
from Long Canyon's 2008 work program, which commenced in May.
Other highlights include:
- 10.21
g/t (0.298 oz/ton) over 9.1 m (30 feet), within a broader zone
returning 3.31 g/t (0.097 oz/ton) over 36.6 m (120 feet) in hole LC86;
- 12.59
g/t (0.368 oz/ton) over 4.6 m (15 feet), within a broader zone
returning 4.59 g/t (0.134 oz/ton) over 38.1 m (125 feet) in hole LC85;
and,
- 14.13
g/t (0.413 oz/ton) over 3.0 m (10 feet), within a broader zone
returning 4.53 g/t (0.132 oz/ton) over 10.7 m (35 feet) in hole LC84
Drilling has also intersected a new area of gold mineralization
located 200 metres northwest of the main zone. Highlights include:
- 2.28
g/t (0.067 oz/ton) over 24.4 m (80 feet) in LC73; and,
- 1.18 g/t (0.034 oz/ton) over 3.0 m (10 feet) in LC79.
Results
from an additional 23 holes drilled to date will be reported as completed
assays are received.
LONG CANYON DRILL RESULTS
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Intercept
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Intercept
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Hole
ID
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From
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To
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Length
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Au
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Au
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From
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To
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Length
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Au
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(feet)
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(ppb)
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(oz/ton)
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(metres)
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(g/t)
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LC068
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205
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215
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10
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346
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0.010
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62.5
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65.5
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3.0
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0.35
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|
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255
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265
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10
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936
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0.027
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77.7
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80.8
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3.0
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0.94
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LC069
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No
reportable intercepts
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LC070
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230
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245
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15
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562
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0.016
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70.1
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74.7
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4.6
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0.56
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250
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340
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90
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1633
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0.048
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76.2
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103.7
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27.4
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1.63
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including
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300
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310
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10
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7165
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0.209
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91.5
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94.5
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3.0
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7.17
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445
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455
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10
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424
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0.012
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135.7
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138.7
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3.0
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0.42
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490
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510
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20
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382
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0.011
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149.4
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155.5
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6.1
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0.38
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LC071
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85
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115
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30
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753
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0.022
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25.9
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35.1
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9.1
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0.75
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135
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165
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30
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986
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0.029
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41.2
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50.3
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9.1
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0.99
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LC073
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305
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315
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10
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383
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0.011
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93.0
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96.0
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3.0
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0.38
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345
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355
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10
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350
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0.010
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105.2
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108.2
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3.0
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0.35
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370
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450
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80
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2280
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0.067
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112.8
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137.2
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24.4
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2.28
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including
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375
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380
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5
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6744
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0.197
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114.3
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115.9
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1.5
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6.74
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395
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400
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5
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9468
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0.276
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120.4
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122.0
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1.5
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9.47
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460
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470
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10
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388
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0.011
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140.2
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143.3
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3.0
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0.39
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520
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530
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10
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439
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0.013
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158.5
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161.6
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3.0
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0.44
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LC075
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360
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375
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15
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734
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0.021
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109.8
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114.3
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4.6
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0.73
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LC077
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No
reportable intercepts
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LC078
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No
reportable intercepts
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LC079
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650
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660
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10
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1178
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0.034
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198.2
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201.2
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3.0
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1.18
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LC081
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260
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325
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65
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2271
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0.066
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79.3
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99.1
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19.8
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2.27
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including
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280
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295
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15
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6190
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0.181
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85.4
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89.9
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4.6
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6.19
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345
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385
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40
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4294
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0.125
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105.2
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117.4
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12.2
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4.29
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including
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365
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375
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10
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12945
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0.378
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111.3
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114.3
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3.0
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12.95
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LC082
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335
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350
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15
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650
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0.019
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102.1
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106.7
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4.6
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0.65
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LC084
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330
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365
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35
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4526
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0.132
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100.6
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111.3
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10.7
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4.53
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including
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340
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350
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10
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14130
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0.413
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103.7
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106.7
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3.0
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14.13
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LC085
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250
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375
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125
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4594
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0.134
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76.2
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114.3
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38.1
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4.59
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including
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265
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280
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15
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12592
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0.368
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80.8
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85.4
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4.6
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12.59
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310
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330
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20
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7902
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0.231
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94.5
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100.6
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6.1
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7.90
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340
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350
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10
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9210
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0.269
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103.7
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106.7
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3.0
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9.21
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395
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405
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10
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1102
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0.032
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120.4
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123.5
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3.0
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1.10
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420
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430
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10
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2046
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0.060
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128.0
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131.1
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3.0
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2.05
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485
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495
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10
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1947
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0.057
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147.9
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150.9
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3.0
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1.95
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LC086
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370
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490
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120
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3309
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0.097
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112.8
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149.4
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36.6
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3.31
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including
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390
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420
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30
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10208
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0.298
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118.9
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128.0
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9.1
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10.21
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including
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400
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415
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15
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14043
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0.410
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122.0
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126.5
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4.6
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14.04
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LC087
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360
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390
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30
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9378
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0.274
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109.8
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118.9
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9.1
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9.38
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including
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365
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380
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15
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17633
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0.515
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111.3
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115.9
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4.6
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17.63
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LC088
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250
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260
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10
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576
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0.017
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76.2
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79.3
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3.0
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0.58
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LC090
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465
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475
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10
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706
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0.021
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141.8
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144.8
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3.0
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0.71
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505
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520
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15
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425
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0.012
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154.0
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158.5
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4.6
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0.43
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LC091
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305
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335
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30
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1530
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0.045
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93.0
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102.1
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9.1
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1.53
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*The true widths of the mineralized
zones have not been rigorously determined, but are thought at this time to
be 70-100% of true thicknesses. The geometry of mineralization at
Long Canyon is complex, and true widths may not be completely understood
until delineation drilling is completed. For a comprehensive
table listing previous drill results, please use the following link: http://www.fronteergroup.com/sites/fronteer_admin/LongCanyonDrillSummary0816.pdf
For a map showing the location of drill
holes, please use the following link: www.fronteergroup.com/sites/fronteer_admin/LongCanyonMap08016.jpg
Fronteer's initial
$3.2-million program to advance Long Canyon includes plans for
11,500-metres (37,700 feet) of drilling to extend the deposit along strike
to the northeast, southwest, and down dip, with the goal of producing a
project-first NI 43-101 resource estimate upon conclusion of the
program. Fronteer has completed 4,100 metres (13,700) of drilling to
date.
Gold mineralization at Long Canyon is
strongly oxidized and begins at surface. Mineralization is typical of
Carlin-style deposits and occurs in stratabound zones with both fault and
collapse breccias, hosted within a sequence of lower Paleozoic
carbonates.
Long Canyon, Northumberland and Sandman
are currently Fronteer's leading properties among its large, relatively
untapped portfolio of gold projects in Nevada.
Fronteer has submitted a Plan of
Operations to the Elko District Office of the U.S. Bureau of Land
Management (BLM) to expand the drilling effort in the southwest portion
of the Long Canyon project area.
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. Fronteer
is expected to meet its initial earn-in obligations this year.
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 a cut-off of 0.30 g/tonne. Drill intersections are reported as
drilled thicknesses. . Reverse circulation cuttings were samples on
5.0 ft. (1.52m) intervals and 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. 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$92
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 a 40% interest in three gold and copper-gold
projects in western Turkey, an extensive portfolio of advanced stage gold
projects in Nevada, 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
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, potential size of mineralized zone, timing of resource
calculation 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
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