VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 29, 2008) - Fronteer Development Group Inc. ("Fronteer" or the "Company") (TSX:FRG)(NYSE Alternext US:FRG) is pleased to announce that new drill results have both strengthened and extended high-grade, oxide gold mineralization at its 51%-owned and operated Long Canyon project in Nevada.
Drilling that tested a 150-metre long gap between mineralized holes in the West Zone returned:
- 9.03 grams per tonne gold (0.264 ounces per ton) over 25.8 metres, including 14.44 g/t (0.422 oz/ton) over 6.9 metres, in hole LC173C.
Drill highlights from several step-out holes extending the Northeast and Shadow Zones include:
- 5.45 g/t (0.159 oz/ton) over 7.6 metres, including 9.36 g/t (0.273 oz/ton) over 3.0 metres, in LC172;
- 4.34 g/t gold (0.127 oz/ton) over 16.8 metres, including 6.63 g/t (0.194 oz/ton) over 6.1 metres, in LC130C;
- 1.18 g/t (0.035 oz/ton) over 27.5 metres in LC158.
With drilling consistently intersecting near-surface, high-grade oxide gold mineralization, Long Canyon is developing into a high-quality gold deposit. Mineralization has been intersected over a 1.7 kilometre (1.1 mile) long strike length and across multiple zones that are collectively up to 400 metres in width. Mineralization remains open in all directions - including at depth.
Approximately 24,700 metres in 164 holes have been drilled in 2008, with assays from approximately 50 holes still pending. A project-first, independent National Instrument 43-101 resource estimate is planned for Q1 2009.
For a map highlighting recent drilling, please click: http://www.fronteergroup.com/sites/f...
LONG CANYON DRILL RESULTS
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Intercept
From To Length Au Au
Hole ID (metres) (metres) (metres) (oz/ton) (g/t)
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LC117C 82.1 85.7 3.6 0.077 2.64
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including 84.8 85.7 0.9 0.244 8.37
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91.8 107.0 15.2 0.082 2.79
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including 100.9 101.2 0.3 0.389 13.33
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LC122C 78.0 81.1 3.1 0.022 0.74
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LC127C 43.0 47.6 4.6 0.113 3.87
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including 43.0 44.5 1.5 0.292 9.99
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49.7 53.7 4.0 0.016 0.56
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61.3 82.6 21.3 0.050 1.71
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including 72.0 73.5 1.5 0.170 5.81
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LC130C 44.8 61.6 16.8 0.127 4.34
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including 49.4 55.5 6.1 0.194 6.63
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56.1 57.0 0.9 0.260 8.91
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60.5 61.1 0.6 0.169 5.80
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LC135C 52.4 58.5 6.1 0.080 2.74
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including 53.4 54.9 1.5 0.154 5.25
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LC156 123.5 132.6 9.1 0.045 1.41
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LC158 126.5 154.0 27.5 0.035 1.18
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158.5 161.6 3.1 0.027 0.93
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LC172 50.3 57.9 7.6 0.159 5.45
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including 51.8 54.9 3.0 0.273 9.36
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LC173C 37.0 62.8 25.8 0.264 9.03
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including 37.8 39.9 2.1 0.326 11.17
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44.5 48.2 3.7 0.446 15.26
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50.6 57.5 6.9 0.422 14.44
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93.3 97.3 4.0 0.034 1.16
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True widths of the mineralized intervals are
interpreted to be between 70-100% of the reported
lengths. Holes LC154, LC167, LC177, LC178, LC181 had
no reportable intercepts.
For a PDF of comprehensive drill results, please click: http://www.fronteergroup.com/sites/f...
Fronteer is majority owner (51%) and manager of Long Canyon through a participating joint venture with AuEx Ventures Inc. (49%). Long Canyon, Sandman and Northumberland are currently Fronteer's leading gold properties in Nevada. Long Canyon, located 6.5 km (4 miles) south of the I-80 Freeway corridor in northeastern Nevada, is part of Fronteer's emerging 400,000-acre Eastern Great Basin portfolio.
For more information on Long Canyon and Fronteer's other Nevada projects, visit: http://www.fronteergroup.com/?q=cont...
Robert Felder, M.Sc. and Certified Professional Geologist, as recognized by the American Institute of Professional Geologists, is designated as a Qualified Person for these Long Canyon drill results, with the ability and authority to verify the authenticity of, and validity of, this data. Drill composites were calculated using a cut-off of 0.30 g/t. Drill intersections are reported as drilled thicknesses. Reverse circulation cuttings were sampled on 5.0 feet (1.52 metre) intervals and core was sampled at geologically selected intervals. All drill samples were assayed by American Assay Laboratories (ISO9002:2002) in Sparks, Nevada, for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 10.0 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.
LIQUIDITY
Fronteer is not invested in any short-term commercial paper or asset-backed securities. Fronteer has approximately C$81 million in cash that is fully liquid and held with a large Canadian commercial bank. |
