Nov 16 2010
Fronteer Gold (TSX:FRG)(NYSE Amex:FRG) reports that ongoing drilling has returned the best intercept to date at its wholly owned Long Canyon gold deposit in Nevada.
Mineralization at Long Canyon continues to be 100% oxidized and remains open in all directions.
New results, largely concentrated to the northeast of the current resource area, include:
- 12.30 grams per tonne gold (0.359 ounces per ton) over 50.4 metres, including 20.91 g/t gold (0.611 oz/ton) over 23.5 metres in LC577C;
- 6.31 g/t gold (0.184 oz/ton) over 49.2 metres, including 17.21 g/t gold (0.503 oz/ton) over 5.6 metres in LC568C;
- 7.31 g/t gold (0.214 oz/ton) over 32.9 metres, including 22.84 g/t gold (0.667 oz/ton) over 3.8 metres in LC591C;
- 7.21 g/t gold (0.211 oz/ton) over 28.5 metres in LC588C;
- 4.40 g/t gold (0.128 oz/ton) over 26.2 metres, including 10.08 g/t gold (0.294 oz/ton) over 3.2 metres in LC574;
- 4.86 g/t gold (0.142 oz/ton) over 23.5 metres, including 14.01 g/t gold (0.409 oz/ton) over 3.5 metres in LC565C.
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 are interpreted to be between 30-100% of the reported lengths.
THE NEAR-TERM PROGRAM
Fronteer Gold is well-funded to advance Long Canyon on a 100% basis as we move the project toward production. Six drill rigs are operating on the property as part of an ongoing 70,000-metre program. Drilling is now scheduled to extend through winter, with an additional 10,000 metres of drilling planned for December though to March 2011. A $20-$25 million development/exploration program is estimated for 2011, including near-term goals of:
- completing an updated resource and Preliminary Economic Assessment in early 2011;
- undertaking 75,000 metres of exploration and development drilling;
- initiating permitting;
- completing an additional resource update near year-end 2011; and,
- commencing feasibility stage.