Fronteer delivers Turkish delight

Vancouver — Fronteer Development Group (FRG-T, FRG-X) has made significant resource increases on its Agi Dagi and Kirazli gold projects in western Turkey.

Combined resources on the two projects, under option from Teck Cominco (TEK.SV.B-T, TCKBF-O), have seen a 400% boost to an indicated 461,000 oz. gold and an inferred 1.6 million oz. An indicated silver resource of 2.1 million oz. plus 8.6 million inferred oz. were also reviewed on the properties.

At Agi Dagi, the updated estimates on the Baba and Deli zones reviewed 7.8 million tonnes of indicated resource grading 0.86 gram gold per tonne and 1.69 grams silver per tonne (for 217,000 contained ounces gold and 425,000 contained ounces silver). In the inferred category, 34.8 million tonnes of 0.93 gram gold and 4.2 grams silver were calculated (1 million oz. gold and 4.7 million oz. silver). The bulk of the Agi Dagi resource is oxide material.

The Baba zone holds expansion potential toward the north-northwest, while Deli remains open in all directions.

Indicated resources at Kirazli came in at 5.4 million tonnes averaging 1.4 grams gold and 9.7 grams silver (244,000 oz. gold and 1.7 million oz. silver), evenly split between oxide and sulphide material. An inferred resource of 17.8 million tonnes of 0.98 gram gold and 6.74 grams silver was also calculated (563,000 oz. gold and 3.9 million oz. silver). Kirazli is open to the north, south and at depth.

Fronteer anticipates drilling on its two Turkish projects to resume in March as it advances them towards prefeasibility.

Fronteer also tabled a new resource estimate on its Michelin uranium deposit located in coastal Labrador. A measured and indicated resource of almost 9 million tonnes grading 0.113% U3O8 (22.2 million lbs. U3O8) was reviewed in the estimate by engineers Roscoe Postle Associates. The calculation primarily reclassified the historical resource on Michelin, occurring from surface to about 250 metres depth.

An additional 4.1 million tonnes of inferred resource grading 0.148% U3O8 was calculated in deeper portions of the deposit (to about 700 metres), based on seven widely spaced drill holes.

In mid-2005, Fronteer and Altius Minerals (ALS-V) restructured a 50/50 alliance covering the central Labrador project area and created Aurora Energy, a private company now held 57% by Fronteer (operator) and 43% by Altius.

Fronteer shares have recently rallied to an almost all-time high of $4.50 on strong volumes. The company posts a $218-million market capitalization based on its 48.5 million shares outstanding.