Fronteer keeps hitting silver in Turkey (July 09, 2007)

Vancouver — Fronteer Development Group (FRG-T, FRG-X) keeps pumping out good news. Ten days after announcing that a new combined estimate for its Agi Dagi and Kirazli silver-gold deposits, in Turkey, has increased resources by 53%, the company released new, high-grade silver results from the deposits that were not included in the updated resource calculation.

Drilled at the southern end of the Kirazli resources area, hole 97 returned 532 grams silver per tonne over 23.5 metres, including 9.3 metres of 1,213 grams silver. Nearby hole 99 intersected 1.47 grams gold over 31.5 metres.

Drills are also turning on the Agi Dagi project, and the most recent assay returned 3.82 grams gold over 48 metres, including 6.6 grams gold over 15 metres, in hole 298. This hole was cut to twin an earlier reverse-circulation hole, 177, which returned 2.27 grams gold over 52.5 metres but with poor drill recoveries.

Kirazli and Agi Dagi are Fronteer’s two key holdings in northwestern Turkey. Fronteer owns both projects outright, though Teck Cominco’s (TCK.B-T, TCK-N) Turkish subsidiary can earn a 60% interest in both by spending roughly US$15 million on exploration by April 2008. Teck has invested some US$12 million on the projects to date.

The Agi Dagi deposit covers two resource areas, called the Deli and Baba zones. Deli and Baba are situated at opposite ends of a 3-km-long hill. The site has seen 322 holes drilled totalling roughly 51,000 metres. According to the recent resource estimate, the Deli zone contains measured and indicated resources of 787,000 oz. gold and 6.7 million oz. silver (1.6 million measured tonnes grading 1.8 grams gold and 13.5 grams silver, and 18.3 million indicated tonnes at 1.2 grams gold and 10.2 grams silver). Baba holds indicated resources of 15 million tonnes grading 1.3 grams gold and 15.5 grams silver.

The Kirazli deposit lies some 25 km northwest of Agi Dagi and consists of a single, coherent, near-surface resource. A total of 170 drill holes covering 30,000 metres of drilling have defined measured and indicated resources of 348,000 oz. gold and 1.9 million oz. silver.

Both sites also hold considerable inferred resources, which the company is working to better define. Fronteer currently has three drill rigs operating on the two sites, and plans 25,000 metres of drilling in 2007.