Fronteer jumps on more news...more gold...
11/09/06
Fronteer Development Group Inc. ("Fronteer") (TSX: FRG)(AMEX: FRG) is pleased to announce that the first round of drilling on its new Pirentepe Gold Project, in northwestern Turkey, has intersected thick intervals of near surface gold mineralization with encouraging grades in two out of four holes for which results have been received.
Pirentepe forms part of the center of a 20-kilometre-long emerging gold district, which is underpinned by Fronteer's 100% owned Kirazli deposit to the northwest and its 100% owned Agi Dagi deposit to the southeast. Collectively these deposits have a current resource base of 461,000 indicated ounces of gold and 1,606,000 inferred ounces of gold.
Pirentepe is characterized by a three kilometre long and 700 metre wide zone of anomalous gold in soils associated with many of the telltale geological signatures shared by the Kirazli and Agi Dagi deposits.
Drilling highlights from Pirentepe include:
1. PD-01 intersected 1.79 grams per tonne gold over 46.90 metres, starting at 17 metres depth. The hole ended in high-grade gold mineralization.
2. PD-02 (a confirmatory hole of MTA hole MJTC-2) intersected 1.83 grams per tonne gold over 38.0 metres also starting at 17 metres.
"These exciting results confirm that Pirentepe has the potential to provide the next step change in the gold resource potential of this evolving district," says Dr. Mark O'Dea, Fronteer's President and CEO. "Our early success at Pirentepe strongly reinforces our belief that this area has the potential to host multiple near surface gold deposits."
Two other holes (PD-03 to 04) tested additional targets on the Pirentepe project and returned no significant results. Ongoing drilling is currently underway in the vicinity of PD-01 and PD-02 as part of an initial 1,000-metre drill program, with follow up drilling planned for 2007.
At this point in time, Fronteer has insufficient information to ascertain true widths.
Halilaga, a second project, is located within four kilometres of Pirentepe, and will be the focus for drilling in the next few weeks. Sample results from Halilaga include gold values of up to 2.3 grams per tonne, silver values of up to 90.8 grams per tonne, and copper values of up to 0.30%. In one area on the property, Fronteer collected 40 rock chip samples at one of its target areas, 19 of which returned gold values greater than 1.0 grams per tonne.
Pirentepe and Halilaga are currently under option from Teck Cominco Limited's Turkish subsidiary (TCAM). Fronteer may earn a 100% interest in these properties subject to a back-in right to TCAM. TCAM is currently earning-back into the Agi Dagi and Kirazli properties.
ABOUT FRONTEER
Fronteer is a rapidly evolving company committed to building long term value through ongoing discoveries, and strategic acquisitions. Fronteer currently has 10 drill rigs operating in Turkey on four gold projects, one drill rig operating in Mexico on two gold-silver projects. Fronteer also has a prominent foothold in an emerging uranium-copper-gold district in the northern Yukon where it has just completed an extensive exploration program. Fronteer holds a 47.25% interest in Aurora Energy Resources (TSX: AXU), which has a current market capitalization of approximately CDN$861 million. Fronteer has a strong balance sheet with approximately CDN$43 million in cash and short term investments.
Assay results have been prepared under the guidance of Mr. Ian Cunningham-Dunlop P.Eng, who is designated as a Qualified Person with the ability and authority to verify the authenticity of and validity of this data. All samples were analyzed by ALS Chemex, Perth, WA, Australia, using ICP-AES and fire assay.
