|
|
Fronteer Gold Inc. (TSX:FRG - News)(AMEX:FRG - News) announces that its recent
round of step-out drilling at Long Canyon has continued to return wide
intervals of high-grade oxide gold from new areas, demonstrating the ongoing
strength and significant growth potential of this new Nevada gold district.
During the last month of 2010, 31
step-out holes were drilled, largely focused to the northeast. Assays
received to date from 21 holes include:
-- 3.22 grams per tonne gold over 32.0 metres in LC708C, a step-out located
200 metres northeast of previous drilling.
Other step-out holes are highlighted
below. Mineralization remains open in all directions.
-- 3.35 g/t over 38.1 metres, including 10.22 g/t over 6.1 metres in LC728;
-- 3.30 g/t over 25.0 metres, including 14.40 g/t over 4.0 metres in
LC715C;
-- 4.17 g/t over 12.3 metres in LC706C;
-- 2.11 g/t over 26.5 metres in LC712C;
-- 2.69 g/t over 15.7 metres in LC717C;
-- 1.76 g/t over 19.7 metres in LC704C.
Primary drill composites were calculated
using a cut-off of 0.30 g/t, with variably higher cut-offs for the
sub-intervals. Drill intersections are reported as drilled thicknesses. True
widths of the mineralized intervals generally range between 50-100% of the
reported lengths."C" indicates a core hole. For a PDF of comprehensive
drill results from 2010, including new and non-reportable intercepts, please
click:
http://www.fronteergold.com/sites/files/fronteer_admin/LongCanyonDrillResults1102.pdf
For a map highlighting recent drilling,
please click: http://www.fronteergold.com/sites/files/fronteer_admin/LongCanyonDrillMap1102.pdf
"These initial step-out results
demonstrate the gold system extends to several new areas. The grade and
widths are comparable to step-out holes drilled in late 2009 that through
subsequent infill drilling in 2010 came to define continuous zones of
high-grade mineralization," says Moira Smith, Chief Geologist - Nevada,
for Fronteer Gold. "The initial results also
demonstrate that our geological model is highly predictive and we look
forward to drill-testing of new areas along strike, and to the west and east.
In addition, several exciting new regional targets have been identified
through soil sampling and mapping and will be aggressively pursued in
2011."
None of these late 2010 step-out results
were included in Long Canyon's recently published interim resource estimate
(See Jan. 12, 2011 press release), which already places Long Canyon among the
highest grade primary open-pit gold deposits in Nevada today. The resource,
quoted at a cut-off grade of 0.20 g/t gold, reported:
-- A Measured & Inferred resource of 1,396,000 ounces at an average grade
of 2.36 g/t gold (18,371,000 tonnes) and,
-- An additional Inferred resource of 803,000 ounces at an average grade of
2.24 g/t gold (11,170,000 tonnes).
Within the next two months, Fronteer Gold will complete a second resource update that
will include all drill results from 2010, inclusive of step-out results, to
form the basis of an updated Preliminary Economic Assessment.
2011 GOALS
Since acquiring 100% of Long Canyon in
late 2010 and expanding our exploration and development program to
year-round, it is our intention to update the project resource base on an
ongoing basis to keep pace with engineering work and mine-planning
activities. Long Canyon's comprehensive 2011 work program is focused on
aggressive resource expansion, as well as on the metallurgical, engineering
and environmental work necessary to move the project to feasibility stage. A
$30-million work program for 2011 includes:
-- a year-round drill program of more than 100,000 metres of exploration
and development drilling, currently underway;
-- additional updated resource in H1 2011, inclusive of step out results;
-- completing an updated Preliminary Economic Assessment in H1 2011;
-- initiating permitting;
-- completing an additional resource update near year-end 2011; and,
-- commencing feasibility stage.
Moira Smith, P. Geo., Nevada Chief
Geologist for Fronteer Gold, is the company's
designated Qualified Person for this news release and has reviewed and
validated that the information contained in the release accurate. Drill
composites were calculated using a cut-off of 0.30 g/t. Drill intersections
are reported as drilled thicknesses. True widths of the mineralized intervals
generally range between 50-100% of the reported lengths. Reverse circulation
cuttings were sampled on 5.0 feet (1.52 metre)
intervals and core was sampled at geologically selected intervals. Drill
samples were assayed by ALS Chemex (ISO9001:2000)
in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with
an AA finish, or if over 5.0 g/t 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 and continual
monitoring 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.
ABOUT FRONTEER GOLD
We intend to become a significant gold
producer. Our future potential production platform includes our Long Canyon,
Sandman and Northumberland projects - all located in Nevada. We also have a
40% interest in Halilaga, an emerging copper-gold
porphyry deposit in northwestern Turkey. For further information on Fronteer Gold, visit www.fronteergold.com.
The Long Canyon mineral resource
estimate was completed by James Gray, P.Geo.,
Director of Mineral Resources for Fronteer Gold,
who is a Qualified Person as defined by National Instrument 43-101 and has
reviewed and validated that the resource-estimaton
information contained in the release is consistent with the resource
estimate. The Mineral Resource estimation methodologies were independently
reviewed at a high level, and were deemed to meet CIM Definition Standards
for Mineral Resources and Mineral Reserves (2010), by Harry Parker, P.Geo.,
Technical Director, AMEC, and Georges Verly, P.Eng., Chief Geostatistician,
AMEC. The resource model was constructed using a new and more geostatistically-driven approach than has been used in
previous Long Canyon resource estimates, and was designed to capture the
combined structural and stratigraphic nature of
gold mineralization. The model is based on manually-digitized 3 dimensional
geological solids for 10 different lithological
units and 20 different structural domains that were used to constrain the
interpolation of high and low grade indicator probability shells. Gold grades
were then estimated for each 5x10x5 metre block
inside these probability shells by inverse-distance-cubed interpolation.
Finally, each block was diluted using grades from adjacent blocks and
outlying blocks were manually removed to ensure that the criteria of
'reasonable expectations for economic extraction' have been met.
Classification of the resource is based on the strength of the geological
understanding of the deposit, combined with relatively conservative search
parameters, such as the number of, and average distances to, nearest drill
holes. This updated Mineral Resource estimate is quoted at a cut-off grade of
0.20 g/t gold to be consistent with the internal cut-off defined by Long
Canyon's initial Preliminary Economic Assessment (see Dec. 1, 2009, press
release or NI 43-101 report, "Updated Technical Report on the Long
Canyon Project Elko County, Nevada, USA," dated June 28, 2010, and posted
on SEDAR (www.sedar.com)
on July 2, 2010. Further details of the estimation procedure will be
available in an updated NI 43-101 report, which will be posted on SEDAR (www.sedar.com),
no later than 45 days from the date of the Jan. 12, 2011, release.
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, potential
type of mining operation and timing and size of exploration and development
programs involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievement of Fronteer Gold 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 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 Gold's Annual Information form and Fronteer Gold's latest Form 40-F on file with the United
States Securities and Exchange Commission in Washington, D.C. Although Fronteer Gold 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 Gold
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.
NEWS RELEASE 11-02
Contact:
Contacts:
Fronteer Gold Inc.
Mark O'Dea
President & CEO
604-632-4677 or Toll Free 1-877-632-4677
Fronteer Gold Inc.
Patrick Reid
Senior Director, Institutional Marketing
604-632-4677 or Toll Free 1-877-632-4677
info@fronteergold.com
www.fronteergold.com
|
|