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Frontier Resources (ASX: FNT) has intersected 17.6 metres at 10.80 grams per tonne (g/t) gold at surface from initial drilling at the Stormont gold/bismuth/silver deposit within the Moina Project in Tasmania.
Other results include 15 metres at 7.67 g/t gold from 3 metres and 6.5 metres at 6.56 g/t gold from 8.5 metres.
The very high grade gold results are from the first six diamond core holes drilled in 2011 at the Stormont Deposit and also include:
- 4.5 metres at 37.4 g/t gold; - 4 metres at 19.4 g/t gold; and - 2 metres of 13.4 g/t gold.
Peter McNeil, chairman and managing director, said each of these results are "in different holes within significant and wider lower grade mineralised envelopes. These are excellent results and the first we have drilled in the region in 3 years."
A 40 square kilometre 3D-Induced Polarisation geophysical survey is being undertaken over the entire Stormont area and the general Moina Project further east to generate World Class Intrusive Related Gold and precious plus base metal skarn targets for drilling in 2012.
Line cutting is progressing well for the 3D-IP and the actual survey should commence in 4 weeks. The 3D -IP has been a successful exploration tool at the company's Andewa Project and other areas in PNG and the concepts are the same.
The company said a soil geochemical survey is also planned to test areas covered by the IP survey (not covered by basalt) and should be completed by the end of the year.
The correlation between gold mineralisation and high magnetic susceptibility provides Frontier with confidence that with continued exploration and drilling, some of the numerous other magnetic anomalies near the company’s Stormont Gold –Bismuth Deposit will yield further significant gold mineralisation and ultimately mineral resources.
The company has completed an additional seven holes at Stormont (sampled and sent for analysis) and about fifteen further holes are planned for this phase of the drilling.
The present Inferred Resource is 112,500 tonnes at 3.94 g/t gold plus 3.41 g/t silver plus 0.27% bismuth (cut-off grade 1.0 g/t gold), containing 14,250 ozs gold, 12,335 ozs silver and 30.6 tonnes bismuth.
Importantly, this program will complete the infill holes necessary to upgrade the Resource to Indicated Resource status and will also test for extensions to the stated resource. Further encouraging results would result in additional exploration drilling.
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