Since April Fronteer Development Group (FRG-T, FRG-X) has drilled about 5,900 metres and 56 holes at its 51%-owned and operated Long Canyon project in northeastern Nevada.
The metallurgical drilling has uncovered an additional gold zone over a 200-metre strike length. The new Syncline zone is 400 metres southeast and parallel to the existing Discovery zone.
Drill highlights from the Syncline zone include 2.95 grams gold per tonne over 7.6 metres, including 6.99 grams gold per tonne over 1.5 metres. Hole LC235 cut 2.63 grams gold per tonne over 3 metres.
Apart from the Syncline zone, the latest drill results from the main zone at Fronteer’s Long Canyon project returned 4.15 grams per tonne gold over 50.8 metres, including 6.98 over 15.2 metres in hole LCM13.
Other highlights include 3.46 grams gold per tonne over 14.9 metres, including 8.05 grams gold per tonne over 2 metres in hole LCM03 and in hole LCM17, 4.15 grams gold per tonne over 17.1 metres, including 7.53 grams gold per tonne over 6.1 metres.
True widths of the mineralized intervals were interpreted to be between 70-100% of the reported lengths. Drill composites were calculated using a cut-off grade of 0.30 gram gold per tonne.
About US$10 million of Fronteer’s US$14.1 million work-program budget for the year will be spent on a 47,000-metre drill plan.
The balance of the company’s 2009 budget will be spent on preliminary environmental, engineering and metallurgical studies to begin assessing processing options and the economics of the deposit.
At presstime Fronteer was trading at $4.04 per share.
The company has a 52-week trading range of $1.55-$5.68 per share and has 118.7 million shares outstanding.
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