Fronteer Development Group Inc.
Placer Dome Commits to $500,000 Drill Program on Fronteer’s Red Lake Project
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Placer Dome Commits to $500,000 Drill Program on Fronteer’s Red Lake Project
VANCOUVER, BRITISH COLUMBIA–Fronteer Development Group Inc. (FRG – Toronto
Stock Exchange, FRR – Frankfurt Stock Exchange) is pleased to announce that
Placer Dome has committed to a $500,000 drill program on one of Fronteer’s key
properties in the Red Lake Belt. 2004 will be Fronteer’s second year with Placer
Dome as an exploration partner. Under the terms of the Agreement with Fronteer,
Placer Dome may earn a 65% interest in 2 of Fronteer’s Properties in the Belt
by spending $2.5 million over five years. Fronteer is the operator.
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THE DRILL PROGRAM
A 3,000 metre drilling program is scheduled to commence in early March, 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 completely underexplored and represents
an exceptional resource opportunity. According to Fronteer’s VP Exploration Dr
Rick Valenta, “This is an outstanding hosting structure with the strongest gold
in till anomaly in the entire Red Lake Belt”.
THE TARGET
Geochemical surveys over this new zone have revealed an impressive high grade
gold footprint comparable in size and similar in structure to the nearby ‘mine
trend’ in Red Lake which hosts over 17 million ounces of gold. The target area
is poorly exposed and therefore, has never been prospected. Fronteer’s detailed
aeromagnetic data has clearly mapped out the structures in the area and the MMI
soil geochemistry indicates that they bear the signature of a Red Lake-style
gold system. Fronteer’s glacial till samples from this new target area averaged
42 Gold Grains per sample. In comparison, till samples collected by the
Geological Survey of Canada from the Madsen Mine area averaged 6.7 Gold Grains
and samples from the Campbell-Red Lake mine area averaged 2 Gold Grains. The
much higher till values obtained from Fronteer’s property indicate that
extensive sources of gold were exposed at the time of glaciation and therefore,
may be shallower drill targets than the original Campbell
or Madsen orebodies.
Placer Dome is currently one of Fronteer’s largest outside shareholders holding
1,000,000 common shares, or approximately 5% of the Company. Fronteer is
extremely pleased to have Placer Dome continue as an exploration partner for
2004. The company brings considerable expertise to the table with a strong
history of exploration and development in the Belt. Placer Dome has produced
over 10 million ounces of gold to date from its nearby Campbell Mine, which
began production in 1949.
Fronteer is also pleased to announce that it has recently raised $616,609
through the exercise of warrants bringing its working capital to $3.5 million.
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 PhD, P.Geo, President and CEO
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Contact:
Fronteer Development Group Inc.
Mark O’Dea
President & CEO
Phone: (604) 632-4677
Email: modea@fronteergroup.com
Website: http://www.fronteergroup.com
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Source: Fronteer Development Group Inc.
end of message, (c)DGAP 09.01.2004
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WKN: 533050; ISIN: CA35903Q1063; Index:
Listed:
091719 Jän 04
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