Fronteer has just announce that a new resource estimate has been compiled for its Northumberland gold project where the resource now comprises a Measured and Indicated ("M&I") resource of 2.44 million ounces and an inferred resource of 0.82 million ounces of gold. Throw in the new indicated resource of 9.06 million ounces of silver and things are starting to look good.
President and CEO Dr. Mark O'Dea had this to say:
"Our focus in the near-term is to expand the deposit by drill testing higher grade mineralized bodies identified through this new modelling. With gold prices on a strong up trend, global gold reserves decreasing and advanced projects in mining-friendly jurisdictions with good infrastructure in short supply, Northumberland represents an important asset not only for Fronteer, but the gold industry,"
The Northumberland project represents one of the largest undeveloped Carlin-style deposits in Nevada with this re-evaluation more than doubling the ‘Measured’ ounces of gold. The news release goes on to say that that:
Newmont Mining Corporation has granted Fronteer a license for the use of its patented N2TEC flotation process technology (tests using Newmont's technology achieved recoveries greater than 90% from Northumberland refractory sulfide mineralization). In return, Fronteer has granted Newmont preferential ore processing rights for any non-heap leach ore developed from Northumberland on commercially competitive terms.
To see the results of the modelling techniques please click this link and to read the article in full please click this link.
We are all aware of the difficulties that Aurora Energy is having with permits etc, so its good to know that these activities and based on private lands, which we assume means that they are free to continue their work unimpeded.
Fronteer Development Group Incorporated trades as FRG on the Toronto Stock Exchange and FRG on the AMEX.
To stay updated on our market commentary, which gold stocks we are buying and why, please subscribe to The Gold Prices Newsletter, completely FREE of charge. Simply click here and enter your email address.
For those readers who are also interested in the silver bull market that is currently unfolding, you may want to subscribe to our Free Silver Prices Newsletter, just click here.