Since April, Fronteer Development Group (FRG-T, FRG-X) has drilled about 5,900 metres and 56 holes at its 51%-owned and operated Long Canyon project in northeastern Nevada.
The metallurgical drilling has uncovered an additional gold zone over a 200-metre strike length. The new Syncline zone is 400 metres southeast and parallel to the existing Discovery zone.
Drill highlights from the Syncline zone include 2.95 grams gold per tonne over 7.6 metres, including 6.99 grams gold over 1.5 metres. Hole 235 cut 2.63 grams gold over 3 metres.
Apart from the Syncline zone, the latest drill results from the main zone at Long Canyon returned 4.15 grams gold over 50.8 metres, including 6.98 grams over 15.2 metres in hole M13.
Other highlights include 3.46 grams gold over 14.9 metres, including 8.05 grams gold over 2 metres in hole M03, and in hole M17, 4.15 grams gold over 17.1 metres, including 7.53 grams gold over 6.1 metres.
True widths of the mineralized intervals were interpreted to be between 70% and 100% of the reported lengths. Drill composites were calculated using a cutoff grade of 0.3 gram gold per tonne.
About US$10 million of Fronteer’s US$14.1-million work-program budget for the year will be spent on a 47,000-metre drill plan.
The balance of the company’s 2009 budget will be spent on preliminary environmental, engineering and metallurgical studies to begin assessing potential processing options and economics of the deposit.
Long Canyon is 49%-owned by AuEx Ventures (XAU-T, AUXVF-O).
At presstime, Fronteer traded at $4.04 per share.
The company has a 52-week trading range of $1.55-5.68 per share and 118.7 million shares outstanding.
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