Vancouver — Drilling by
Hole 126 at Agi Dagi, collared more than 60 metres from any previous hole, returned a 57-metre intersection from 38 metres down-hole grading 3.8 grams gold per tonne, including an 11-metre intercept averaging 8.7 grams gold.
The hole extends the Deli zone mineralization further northwest and confirms continuity with hole 118, which had earlier returned 39 metres of 4.4 grams gold per tonne, including a high-grade portion of 8.4 metres averaging 12.4 grams gold (T.N.M., May 20-26/05).
Other holes intersected a number of 20- to 80-metre intervals of oxide mineralization averaging about 1 gram gold per tonne.
Fronteer’s 8,000-metre Agi Dagi drill program is aimed at delivering a resource figure by late-2005.
High-grade mineralization appears sub-horizontal and is interpreted as a possible high-grade feeder structure within the largely tabular and flat-lying Deli zone. Agi Dagi is a large, high-sulphidation epithermal system that includes a mineralized silica cap measuring 4 by 2 km. Its mineralization occurs along a northeast-southwest trend.
Before the implementation of National Instrument 43-101,
In mid-2004, Fronteer acquired the property from Teck Cominco by agreeing to spend US$5 million on exploration and issuing 350,000 shares over four years. Teck retains a 1% net smelter return royalty or a production bonus of US$10 per oz. to a maximum of 600,000 oz. gold, in addition to a back-in option for a 60% interest.
On the nearby Kirazli project, also under option from Teck Cominco, drilling has cut a new zone of gold mineralization that expands the deposit at depth. Hole KD-31, collared 60 metres from the nearest hole, intersected 51 metres from 108 metres below surface grading 5.7 grams gold, including 15 metres of 16.6 grams gold. The hole ended in mineralization averaging 2 grams gold.
The current 6,000-metre Kirazli drill program is expected to continue until September 2005, with results being incorporated into a resource estimate by year-end.
In addition to its gold projects in western Turkey, Fronteer holds uranium claims in Labrador’s central mineral belt, and gold projects in southern Mexico.
The company, which recently added an American Stock Exchange listing, posts a $130-million market capitalization based on its 47 million shares outstanding. The issue was trading at $2.80 in late July in a 52-week range of 30 and $3.80 per share.
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