Toronto, Ontario--(Newsfile Corp. - April 24, 2014) -
Frontline Gold Corporation (TSXV: FGC) ("Frontline" or the "Corporation") is pleased to announce that it has, subject to regulatory approval, negotiated
an option to purchase up to a 100% interest in the Crowshore property ("Crowshore"). The property is comprised of eight property patents covering 129 hectares and includes a 100% interest in two claims, covering 320 hectares along the
northeast extension of PC Gold Inc.'s Core Mine Trend near Pickle Lake, Ontario (see attached map below).
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).
To exercise its option and acquire up to a 100% interest in the property patents and a 100% interest in the claims, Frontline must issue a total of 2,000,000 shares of the Corporation over four years and pay the optionor a total of $61,200 (of
which $60,000 is due in year 4 of the option agreement), and grant the optionor a 2% net smelter returns royalty. Frontline may repurchase one-half of the royalty for $1,000,000.
Frontline's President and CEO, Mr. Walter Henry, said, "The claims and patents are an excellent addition 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). The low acquisition cost of the land package combined with no 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."
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.
On the eastern boundary of Frontline's Crowshore property,
Manicouagan Minerals Inc. ("Manicouagan") holds 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 |
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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.
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Contact: Walter Henry |
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Telephone: (416) 362-9100 |
"Walter Henry" |
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Fax: (416) 362-9300 |
Walter Henry, President & CEO |
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Email:
info@frontlinegold.com |
FRONTLINE GOLD CORP. |
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Website:
www.frontlinegold.com |
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Frontline Gold Corp. (TSXV:
FGC) |
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1 Toronto Street, Suite
201 |
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Toronto, Ontario M5C 2V6
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Frontline Gold Corporation - Crowshore Property Patents and Claims
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