Drilling in the northeastern half of the Long Canyon property in Nevada is returning broad intervals of high-grade oxide gold, Fronteer Gold (FRG-T, FRG-X) reports.
The gold deposit, in which Fronteer holds a 51% stake and joint-venture partner AuEx Ventures (XAU-T) holds the remaining 49% interest, is now 2.7-km long and remains open for expansion.
Highlights from the drilling include 5.27 grams gold per tonne over 64 metres, including 16.19 grams gold over 5.5 metres in hole 444C; and 8.87 grams gold per tonne over 19.8 metres, including 18.17 grams gold over 4.9 metres in hole 462C.
Other notable intercepts include 5.99 grams gold over 27 metres, including 10.86 grams gold over 5.9 metres in hole 459C; 2.49 grams gold over 35.1 metres, including 6.97 grams gold over 7.6 metres in hole 480; and 5.98 grams gold over 25.3 metres, including 21.20 grams gold over 1.7 metres in hole 443C.
Five drill rigs are at work and already more than 30,000 metres of the 45,000 metres planned for 2010 have been drilled. Results from the majority of the holes are pending.
Primary drill composites were calculated using a cut-off grade of 0.30 gram gold per tonne, with variably higher cut-offs for the sub-intervals.
This year the company wants to complete the metallurgical, engineering, and environmental work necessary to advance Long Canyon to the pre-feasibility stage. Four, 15-ton surface bulk samples and one 3-ton, large-diametre core sample have been collected for large-column metallurgical testing.
Simulations of run-of-mine, heap-leach conditions will also be undertaken, and work is also expected to begin this month on the installation of seven more ground-water monitoring wells. Engineering, mine design studies and permitting are also underway.
Fronteer closed at $6.27 per share, up 16¢ or 2.62%.
Over the last year the company has traded in a range of $3.75-$7.27 and has 119.9 million shares outstanding.
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