Fronteer reports four new discoveries at Kirazli

Vancouver – The recent discovery of four new high-grade zones outside known resources at the Kirazli gold-silver project has Fronteer Development Group (FRG-T, FRG-X) confident that ongoing drilling will add “significant ounces” to the Turkish project’s resource base.

A US$2.5-million exploration program is under way at Kirazli, which hosts a near-surface gold deposit with a minimum strike length of 1,000 metres. Indicated resources stand at 5.4 million tonnes grading 1.4 grams gold and 9.7 grams silver per tonne, with the oxide portion being 2.7 million tonnes at 1.69 grams gold and 16.18 grams silver.

One of the new discoveries at Kirazli resulted from a hole drilled to test a gold-silver geochemical anomaly about 500 metres south of the resource area. The hole returned 21 metres grading 2.86 grams gold and 144.2 grams silver, starting at surface, which includes a 3-metre interval of 7.05 grams gold and 315.6 grams silver.

A separate hole tested a new target 400 metres to the southwest of the resource area and returned 1.89 grams gold over 11.5 metres, including 3.29 grams over 6 metres, starting at a depth of 5 metres.

Another hole tested a new target 1,400 metres from the resource area and intersected multiple zones of mineralization, returning 0.82 gram gold over 2.75 metres and 0.86 gram gold over 7.1 metres.

The fourth discovery resulted from a hole that was drilled to test a target 200 metres from the resource area. The hole returned 1.15 grams gold over 6.5 metres, starting at a depth of 84 metres.

President Mark O’Dea stated that results to date “expand the resource potential” of the project, which has “the potential to evolve into a viable, heap-leach development project.” He noted that the project also has the advantages of a low strip ratio and “excellent metallurgical qualities.”

An exploration program is also under way at Fronteer’s Agi Dagi gold-silver project in Turkey, which hosts a gold resource of 217,000 oz. based on an indicated resource of 7.8 million tonnes at 0.86 gram gold, plus a further 1.04 million oz. based on an inferred resource of 34.78 million tonnes at 0.93 gram gold. The indicated silver resource of 425,000 oz. is based on 7.8 million tonnes at 1.69 grams silver, with another 4.69 million oz. based on the inferred resource of 34.78 million tonnes at 4.2 grams silver.

Teck Cominco (TEK-A-T, TCK-N) has a right to earn 60% of both projects by spending US$15 million over the next two years, with US$10 million of this directed to Agi Dagi. The company can boost these interests to 70% through additional earn-back requirements.

Fronteer is drilling a silver-gold discovery in Mexico, under option from Teck Cominco. The company is also exploring a copper-gold-uranium district in the Yukon Territory, and holds a 49.3% interest in Aurora Energy (AXU-T), which is focused on exploring uranium properties in the Central Mineral Belt of coastal Labrador.