Fronteer Development Group Inc.
FRONTEER to commence three drill programs next month
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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FRONTEER to commence three drill programs next month
Fronteer Development Group Inc.
(FRG – Toronto Stock Exchange, FRR – Frankfurt Stock Exchange) is pleased to
provide an update on its exploration activities in the Red Lake Belt of Ontario,
the Bear Province of the Northwest Territories and the Central Mineral Belt of
Labrador.
2004 will be an extremely active exploration year for Fronteer with over 11,000
metres of drilling scheduled on its gold and copper-gold-silver projects.
Fronteer is the owner and operator on all of its properties. Over the next 12
months approximately $2.0 million in exploration will be funded by Fronteer’s
partners.
Gold in the Red Lake Belt, Ontario
Dixie Lake Gold Project – A 3,000 metre deep drilling program is scheduled to
commence in early February 2004 to test the down plunge extension of high grade
gold mineralization. A 10 hole drill program completed in November, 2003
intersected 4.7 metres of 8.1 g/t gold including 3.0 metres of 10.6 g/t gold and
0.6 metres of 39.7 g/t gold. High grade gold mineralization is wide open at
depth, and the property is considered to have the potential to host a > 500,000
ounce resource.
Swain-Sol D’Or Gold Project – A 3,000 metre drilling program is scheduled to
commence mid-February, 2004 to further test a newly discovered 4 km long gold-
bearing zone (Sol D’Or Gold Trend) that has high grade and large tonnage
potential. Fronteer discovered this new zone in the summer of 2002 and drill
tested a small segment of it in the spring of 2003 intersecting 6.0 metres of
2.0 g/t gold. This extensive gold-bearing target has represents a pristine and
significant development in the Belt.
In addition to the Sol D’Or Gold Trend, a number of other drill-ready targets
remain on the property including the Beaver Pond Showing which returned assays
from surface grab samples of 55 g/t gold and 2.1% copper and the No. 7 Vein and
Sol D’Or mine which returned historic grab values of 2.18 ounces gold per ton
and an average grade of 0.56 ounces gold per ton respectively.
Birch-Uchi Gold Project – A 3,000 metre drilling program is scheduled to
commence mid-February, 2004 to test Fronteer’s newest gold discovery with world
class size potential. The target is approximately 3 km in length and 500 metres
in width and has never before been drill tested. This target is extremely
underexplored and represents an outstanding resource opportunity.
Copper-Gold-Silver in the Bear Province, NWT
Longtom IOCG Project – A 2,000 metre drill program is scheduled to commence mid-
August to test a series of high quality coincident gravity and magnetic and IP
anomalies that are part of a large Olympic-Dam-style mineralizing system that is
over 7.5 km long. The Longtom Property is one of 3 IOCG properties in the Bear
Province that will be the focus of extensive exploration during the summer of
2004.
Copper-Gold-Silver in the Central Mineral Belt, Labrador
Fronteer and Altius Minerals Corporation are jointly exploring several
properties in the Central Mineral Belt of Labrador for “Olympic Dam-type”
copper-gold-silver deposits. Extensive airborne geophysical surveys and
detailed ground follow up programs will be carried out during the summer of 2004
and exploration targets will be “drill-ready” by September 2004.
The Fronteer Exploration Team
Fronteer’s projects are supervised by VP Exploration Dr Rick Valenta with
technical input from President & CEO Dr Mark O’Dea. Management and
implementation of projects are carried out by geological experts with solid
exploration experience.
Fronteer’s PArtners in success
· Placer Dome is earning a 65% interest in a number of Fronteer’s
properties in the Red Lake Belt by spending $2.5 million on exploration over 5
years. Fronteer is the operator.
· Red Lake Resources is earning a 50% interest in 2 of Fronteer’s
Properties in the Red Lake Belt by spending $750,000 on exploration over 4
years. Fronteer is the operator.
· Alberta Star is earning a 50% interest in Fronteer’s Dixie Lake Gold
Project by spending $2.0 million on exploration over 3 years. Fronteer is the
operator.
· NW Mineral Ventures is earning a 50% interest in 6 of Fronteer’s
properties in the NWT by spending $5.0 million over 5 years. Fronteer is the
operator.
· Altius Minerals and Fronteer are in a 50-50 Joint Venture in the
Central Mineral Belt of Labrador exploring for world class IOCG deposits.
Fronteer and Altius are sharing operatorship.
Fronteer has no debt, $3.5 million in working capital and 21,206,379 shares
outstanding. The Company plans to continue its aggressive acquisition strategy
on an international scale capitalizing on the strengths of its management team
and Board of Directors.
On behalf of Fronteer Development Group Inc.
“Mark O’Dea”
MARK O’DEA PhD, P.Geo
President and CEO
For further information on Fronteer visit http://www.fronteergroup.com or
contact
Mark O’Dea, President & CEO
604-632-4677 (Phone)
modea@fronteergroup.com
end of message, (c)DGAP 07.01.2004
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WKN: 533050; ISIN: CA35903Q1063; Index:
Listed:
071633 Jän 04
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