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Market: TSX, NYSE
Sector: General Mining
Epic: TSX:FRG
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Web Site: Fronteer Development Corp
Other Articles: 01-10-200922-07-200916-07-2009

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Fronteer Development Corp

Fronteer Development Corp

Fronteer has interests in several major gold and copper-gold projects throughout Nevada, USA and northwest Turkey. The Company's key projects include a 100% interest in the Northumberland Gold deposits in Nevada; a 51% interest in Long Canyon, a  gold discovery in Eastern Great Basin, and Sandman, a property in which Newmont Mining has the option to acquire up to a 60% interest by advancing the project to a production decision by 2011.

In Turkey, as part of a joint venture with Teck Cominco, Fronteer has a 40% interest in a new mineral district that includes two gold deposits and a third copper-gold porphyry deposit.

Monday, December 21, 2009

Fronteer and AuEx continue to hit near surface gold mineralisation with infill drilling at Long Canyon

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Fronteer Development Group (TSX&NYSE Amex: FRG) and AuEx Ventures (TSX: XAU) have announced new results from infill drilling at their Long Canyon gold deposit in Nevada, which included grades of up to 16.99 g/t (grammes per tonne) of gold, continuing to intersect near-surface oxide gold mineralisation.


The highlights of the drilling results from 22 infill holes included intersections of 20.7m (metres) grading 8.59 g/t gold, 10m at 16.99 g/t gold, 8.8m at 6.94 g/t gold, 5.9m at 7.60 g/t gold, 4.6m at 3.49 g/t gold, 11.7m at 2.33 g/t gold and 19.2m at 1.54 g/t gold.


The activities undertaken at Long Canyon over the course of the year included the completion of over 100,000 ft of core and reverse circulation drilling, significant metallurgical testwork to confirm the amenability of the deposit to conventional recovery techniques, geotechnical investigations for safe pit designs and the collection of data necessary for further permitting.


Over 40 core holes were drilled at Long Canyon during 2009 to provide subsurface samples of gold mineralization for metallurgical evaluation. Numerous column leach tests have been conducted from surface samples recovered in late 2008 and more tests are planned using this core to confirm the favourable metallurgical response indicated from that work.


The preliminary economic assessment announced earlier this month confirmed that Long Canyon possessed what the companies called “favourable project economics.” This assessment was performed using a gold price of US$800 per ounce, estimated initial capital costs of US$66 million, operating costs based on similar projects and metallurgical recoveries based on the ongoing Long Canyon metallurgical program.


The results of the assessment indicated a 6 year mine life producing an average of 93,000 oz/year at a cash cost of US$351/oz. The project generates a pre-tax IRR of 64%, a project payback of 1.3 years and a pre-tax NPV (net present value) of US$145 million. The resource used for this assessment did not include any drill results from 2009. An updated NI43-101 resurce estimate is planned to be completed in Q1 2010.


AuEx holds a 49% interest in the Long Canyon venture with Fronteer Development operates and owns the remaining 51%.

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