Vancouver – Significant resource increases have come about on Fronteer Development Group’s (FRG-T, FRG-X) 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 461,000 indicated oz. and 1,606,000 inferred oz. of gold. 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 (metal content of 217,000 oz. gold and 425,000 oz. silver). In the inferred category, 34.8 million tonnes of 0.93 gram gold and 4.2 grams silver were calculated (one million oz. gold and 4.7 million oz. silver contained). 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 contained), 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 both north and southwards in addition to depth.
Fronteer anticipates drilling on its two Turkish projects to resume in March as it advances both towards pre-feasibility.
Shares of the company gained 8%, or 31, to close at $4.17 with strong volume on the resource announcement. Fronteer posts a $200-million market capitalization based on its 48.5 million shares outstanding.
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