Frontline Acquires Additional Claims Adjacent to Its Crowshore Property Along PC Gold's Core Mine Trend
Toronto, Ontario--(Newsfile Corp. - July 18, 2014) - Frontline Gold Corp. (TSXV: FGC) ("Frontline" or the "Corporation") is pleased to announce that it has, subject to regulatory approval, negotiated to purchase to a 100% interest in two claims, that are contiguous to the Corporation's newly acquired Crowshore property ("Crowshore") see news release dated April 24, 2014. The Crowshore property now is comprised of eight property patents covering 129 hectares and includes a 100% interest in 4 claims, covering 480 hectares along the northeast extension of PC Gold Inc.'s Core Mine Trend near Pickle Lake, Ontario (see attached map below).
Frontline's President and CEO, Mr. Walter Henry, said, "The 2 claims are an excellent addition to its Crowshore property given the proximity to a known historical gold mining area and to PC Gold's Pickle Crow Gold Mine which contain a compliant inferred mineral resource estimate of 1.26 million oz avg. (3.9 g/t). Recently announced drill results by PC Gold in its press release (July 16, 2014) that highlighted new high-grade intercepts in its No. 22 and No. 23 veins.
No. 23 vein highlights:
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878.69 grams per tonne gold over 0.9 metre (25.63 ounces per ton over three feet) in hole PC-14-283 from 65.89 to 66.79 metres;
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10.60 grams per tonne gold over 5.55 metres (0.31 ounce per ton over 18.2 feet) in hole PC-14-283 from 71.45 to 77 metres, including 83.48 grams per tonne gold over 0.55 metre (2.43 ounce per ton over 1.8 feet);
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An intersection of 12.72 grams per tonne gold over 4.03 metres (0.37 ounce per ton over 13.2 feet) in hole PC-14-284 from 66.20 to 70.23 metres, including 85.36 g/t over 0.50 metre (2.49 ounces per ton over 1.6 feet);
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An intersection of 28.51 g/t gold over 2.63 metres (0.83 ounce per ton over 8.6 feet), in hole PC-14-284 from 73.42 to 76.05 metres, including 68.95 g/t gold over 1.06 metres (2.01 ounces per ton over 3.5 feet);
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68.71 g/t gold over 0.50 meters (2.00 oz/ton over 1.6 feet) in hole PC-14-291 from 100.22 to 100.72 meters in the No. 22 Vein.
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16.10 g/t gold over 0.55 meters (0.47 oz/ton over 1.8 feet), in hole PC-14-293 from 140.88 to 141.43 meters in the No. 23 Vein.
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Abundant visible gold observed.
"The low acquisition cost of the Crowshore land package combined with minimal property expenditure requirements allows us to grow our strategic positions in these challenging markets. The Crowshore property is interesting given that its gold occurrences have not been revisited in any detail since Crowshore Patricia suspended operations back in 1947," added Mr. Henry.
To acquire a 100% interest in the two claims, Frontline must issue a total of 401,000 shares of the Corporation and grant the optionor a 2% net smelter returns royalty. Frontline may repurchase one-half of the royalty for $1,000,000.
Crowshore Eastern Boundary
The 2 acquired claims on the eastern boundary of Frontline's Crowshore property, were jointly held 51% Murchison Minerals Ltd. (formerly named Manicouagan Minerals Inc. ("Manicouagan")) and 49% White Metal Resources Corp. and was formerly known as the Pickle Lake East Gold Project. Manicouagan announced back in the second quarter of 2010 that it had carried out a helicopter supported diamond drill program that consisted of six holes (PLE-10-01 to PLE-10-06) totaling 1,214 metres on the Pickle Lake East Property. The drill holes were designed to test selected I.P. resistivity anomalies identified from a survey carried out by Manicouagan late in 2009 on the portion of the Property where the Pickle Crow - Central Patricia Gold Mine trend crosses onto the Pickle Lake East Property. The drill program was successful in identifying what is interpreted to be the gold-bearing structure which hosts the Pickle Crow and Albany Mines, located several kilometres to the south west. Diamond drill holes PLE-10-01 and PLE-10-02 encountered broad zones of alteration including two 10 to 20 metre wide zones of intense carbonate-sericite +/- green mica alteration containing anomalous (>100 ppb gold).
A summary of the significant assay results from the drill program which was included in the press release (dated August 24. 2010) is summarized in the table below.
Pickle Lake East - Summary of Significant Intersections | ||||
Hole | From (m) | To (m) | Length (m) | Au gpt |
PLE-10-01 | 41.0 | 45.0 | 4.0 | 0.53 |
And | 56.5 | 58.0 | 1.5 | 0.76 |
And | 256.7 | 269.0 | 12.3 | 0.45 |
And | 303.8 | 305.0 | 1.2 | 2.88 |
PLE-10-02 | 32.8 | 35.0 | 2.2 | 0.45 |
PLE-10-03 | 22.1 | 22.8 | 0.7 | 0.95 |
And | 179.0 | 182.0 | 3.0 | 0.84 |
PC Gold's Pickle Crow Gold Mine
PC Gold's Core Mine Trend is host to the Pickle Crow Gold Mine, which consists of multiple past-producing zones mined via the No. 1, No. 3 and Albany shafts. The Pickle Crow Gold mine operated from 1935 until 1966, when it closed as a result of low gold prices. The Pickle Crow Gold Mine produced 1.47 million ounces of gold at a grade of 0.47 ounces per tonne and 168,757 ounces of silver at a grade of 0.055 ounces per tonne. PC Gold's Pickle Crow Gold Mine was an 1.26 million ounce NI 43-101 compliant inferred mineral resource (10,150,000 tonnes averaging 3.9 g/t gold). The higher grade underground component of this initial resource is 1.1 million ounces averaging 5.4 g/t gold, including a high grade vein component of 600,000 ounces averaging 9.3 g/t gold (source PC Gold - Investor Presentation - March 2014).
Crowshore Property
Historical exploration of the Crowshore patents indicates four gold-bearing zones. Drilling in 1938 traced the A Zone for about 122 metres and yielded gold assays as high as 0.74 ounces per ton. The B Zone was tested over a length of approximately 1,067 metres and returned values as high as 0.32 ounces per ton over 0.65 metres. Channel sampling of the C Zone in 1944 indicated the presence of a possible 46-metre long ore shoot with a mean width of 0.16 metres with an average gold content of 0.3 ounces per ton. Drilling of the D Zone in 1989 between the Albany shaft and the Crowshore shaft identified a series of narrow anastomosing quartz veins yielding up to 5.6 grams of gold per tonne over 1.89 metres, and on the 38-metre level, 58.83 metres of strike length averaging 8.57 grams of gold per tonne across an average width of 0.67 metres.
In October 1945, Crowshore Patricia sunk a three-compartment shaft and had advanced it to a vertical depth of 175 meters by the following year. Crosscuts to the three zones were completed by the spring of 1947 with a total of 521 meters of crosscutting being performed. The Crowshore shaft is located 1,000 metres northeast of PC Gold's Albany shaft along the mine trend. A historical non-NI 43-101-compliant resource estimate of the Albany by Highland Crow Resources in 1985 lists 90,639 tons grading 0.32 ounces of gold per ton. This is a historical resource not compliant with NI 43-101. The Corporation has not reviewed the methods of calculating this resource.
The technical information herein was reviewed prepared by Mr. Greg Isenor, P. Geo., who acts as Frontline's Qualified Person as defined by National Instrument 43-101.
About Frontline Gold Corporation
Frontline is a Canadian junior mineral exploration company with an experienced discovery team and a proven record of accomplishment. The Company's principal properties include the Menderes gold project in the Izmir province of Western Turkey, the Poly and Stewart (gold-copper polymetallic) projects in the Stewart region of British Columbia and the Niaouleni gold project in southern Mali in the heart of West Africa's prolific gold belt. Other Canadian exploration properties include it's Red Lake (gold) claims.
For further information, please visit the Company's website at www.frontlinegold.com to view the most recent corporate presentation.
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Contact: | Walter Henry | |
Telephone: | (416) 362-9100 | |
"Walter Henry" | Fax: | (416) 362-9300 |
Walter Henry, President & CEO | Email: | info@frontlinegold.com |
Frontline Gold Corp. | Website: | www.frontlinegold.com |
Frontline Gold Corp. (TSXV: FGC) | ||
1 Toronto Street, Suite 201 | ||
Toronto, Ontario M5C 2V6 | ||
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Frontline Gold Corp. - Crowshore Property Patents and Claims
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