Frontline Provides Update on Its Menderes Gold Project, Plans to Complete Soil Sampling
Toronto, Ontario--(Newsfile Corp. - July 22, 2015) - Frontline Gold Corp. (TSXV: FGC) ("Frontline" or the "Corporation") is pleased to provide an update on its developments at it Menderes Gold Project ("Menderes"). Menderes is located in Izmir province, western Turkey, and the property, located only 20 km from the provincial capital of Izmir, consists of 62 km2 in a high potential epithermal gold environment.
Update
Operating License Application
Frontline has completed all the requirements under the operating licenses with the MIGEM (Turkish Republic Ministry of Energy and Natural Resources) for Menderes. The license application covers three of the four permits that comprise the Company's Menderes project (see attached Map A). The license application, which was based on a detailed description of the Menderes project and the work completed on the project since Q1 2011 was submitted to the Turkish Mining Bureau. The operating licenses approval and issuance, is condition on the review of the license application by MIGEM and the payment of required regulatory fees. Frontline is hopeful that the operating licenses will be issued by the end of Q4 2015. The operating licenses will allow Frontline to hold the permits for a further 10 years and continue its exploration at Menderes. Several high priority drill targets exist on the Menderes project and the Company is currently permitted to drill 21 holes at the property.
Sale of 1% Net Smelter Royalty to Abitibi Royalties Inc.
Further to Abitibi Royalties Inc.'s (TSXV: RZZ) press release dated July 20th, 2015, http://www.abitibiroyalties.com/news/2015/july20/, it has entered into a binding letter of intent with Frontline Gold Corp. to acquire a 1-per-cent net-smelter-return royalty on the Menderes gold project that surrounds Eldorado Gold Corp.'s Efemcukuru gold mine in Turkey on three sides.
In exchange for a 1-per-cent NSR on the 6,194-hectare Menderes gold project, Abitibi Royalties has agreed to pay Frontline $20,000.
Ian Ball, President and CEO of Abitibi Royalties provided the following comment, "We view this as a good opportunity to acquire a royalty on a project that surrounds a new, low-cost, long-life mine where there has been limited regional exploration, but evidence of historic mining. The Menderes gold project is well situated, bordering Eldorado Gold's Efemcukuru mine on three sides."
Soil Sample Work - Camtepe permit (see Map B)
Eldorado Gold Corp.'s ("Eldorado") 2014 soil sampling and initial drilling program within the area west of the Kestane Beleni vein identified new vein targets hosted in phyllite in the Karabag and Dedebag areas (the Dedeba vein is located in the footwall of the Kestane Beleni vein). The veins are particularly anomalous in silver. Drilling programs subsequently tested these targets and extensions of known mineralization on the Kokarpinar vein. In 2014 Eldorado drilled a total of 4,483 metres in the Kokarpinar vein in 2014 and 954 metres in the Dedebag area (Source: Eldorado Gold Corp. - Annual Information Form - For the year ended December 31, 2014).
Frontline is looking to initiate a surface soil sampling work at Menderes on its Camtepe permit which covers an area west of Eldorado's Kestane Beleni vein. The soil geochemical sample survey program will be conducted over an area of approximately 414 hectares covered by the Camtepe permit (see Map B).
The soil and geochemical sampling program will consist of 1,089 soils samples with each sample spaced 40m horizontally and 100m vertically between samples. To date over 250 soil samples and 25 rock samples have been collected. In addition, a number of new silicified zones and epithermal vein systems have been discovered. The zones and vein systems are NW-SE trending, similar to what was previously identified at the Menderes project. Prospecting and mapping is ongoing and a soil anomaly contour map will be completed when all assays results have been received, which is expected by Q4 2015.
The Menderes project remains a very high priority for the Company. Frontline is seeking a joint venture partner in order to fully explore the Menderes gold project. To contact Frontline, please call Walter Henry, President and CEO at (416) 416-5825.
Menderes is located in Izmir province, western Turkey, and the property, located only 20 km from the provincial capital of Izmir, consists of 62 km2 in a high potential epithermal gold environment. The exploration focus of Menderes is the eastern strike extension of Eldorado Gold Corp.'s Efemcukuru gold mine, which began operation in mid-2011.
The technical information herein was reviewed 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 its Red Lake (gold) property groups.
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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To view an enhanced version of the Menderes Project Permit Map (Map A), please visit:
https://orders.newsfilecorp.com/files/2192/16410_frontlinegold1enhanced.jpg
To view an enhanced version of the Camtepe Permit Map (Map B), please visit:
https://orders.newsfilecorp.com/files/2192/16410_frontlinegold2enhanced.jpg