(TheNewswire)
Toronto, Ontario / TheNewswire / May 05, 2017 - Frontline Gold Corporation (TSX-V:FGC) ("Frontline" or the "Company") announces it has executed a Letter of Intent with Pistol Bay Mining ("Pistol") wherein, subject to the analysis of the results, Pistol Bay has the option to acquire up to an 80 percent interest in its Copperlode Property, in the Confederation Lake greenstone belt, by making certain payments and share issuances. The Confederation Lake greenstone belt lies 40 to 60 kilometres southeast of Red Lake, Ontario and is known to contain multiple deposits, zones and occurrences of volcanogenic massive sulphide (VMS) mineralization, dominated by zinc and copper, with associated silver and gold values.
Frontline's Confederation Lake - "Copperlode Property"
The Copperlode Property, with five known zinc-copper zones, consists of four mining claims comprising 31 claim units for a total area of approximately 496 hectares or 1,225 acres. Frontline holds the claims under option from a vendor. The Copperlode Property hosts two mineralized zones with historical mineral resources based on drilling by Copperlode Mines Ltd. and Rexdale Mines Ltd. in the 1960s and 1970s:
The Copperlode "E" Zone has a historical resource of 145,000 tonnes with reported grades of 8.28% zinc, 1.02% copper and 24 grams per tonne silver. The Copperlode "D" Zone has a historical resource of 32,600 tonnes reported to average 7.58% zinc and 0.26% copper. These historical resources do not comply with current standards as spelled out in National Instrument 43-101. Insufficient work has been done on these zones by a qualified person to determine whether 43-101 compliant mineral resources exist.
Other mineralized zones on the Copperlode Property, with selected diamond drill intercepts, are:
-Copperlode "B" zone, 6.3 metres @ 2.50% zinc and 1.68% copper
-Copperlode "C" zone, 1.5 metres @ 0.21% zinc and 6.02% copper
-Hornet Zone, 6.6 metres @ 7.56% zinc and 0.08% copper, also 5.03 metres @ 4.07% zinc and 1.13% copper. The Hornet zone was discovered by Noranda Exploration in 1997; it is open at depth and along strike.
The Copperlode Property lies approximately 4 kilometres from, and on strike with the Arrow Zone, which is on claims held by Pistol Bay. The Arrow Zone has a historical (2007), 43-101 compliant, indicated mineral resource of 2,071,000 tonnes grading 5.92% zinc, 0.75% copper, 21.1 grams per tonne (g/t) silver and 0.58 g/t gold, plus an inferred mineral resource of 120,552 tonnes grading 2.60% zinc, 0.56% copper, 18.6 g/t silver and 0.40 g/t gold (based on 3% zinc equivalent cutoff). An updated mineral resource estimate is being prepared for Pistol Bay.
Terms of Letter of Intent - Option Agreement
Upon completion of the airborne survey, Pistol Bay will have the option to acquire an initial 65 percent interest in the Copperlode Property from Frontline by making cash payments totaling $26,000, issuing a total of 450,000 common shares over a two year period and expending a total of $150,000 on exploration expenditures over a period of three years. The interest can be increased to 80 percent by paying Frontline an additional $50,000 and issuing 300,000 common shares within 90 days after earning the initial 65% interest. See Abitibi press release dated 05/05/2017: http://www.pistolbaymininginc.com/pdf/news/2017_05_05%20PST%20NR%20Copperlode%20LOI%20_final_.pdf
Frontline is a Canadian junior mineral exploration company. The Company's principal Ontario properties include the following:
-Red Lake Gold exploration properties consisting of 16 claims, totaling 6,400 acres on 160 claim units adjoining Pure Gold's Madsen Mine to the east and the south. This land package combined with the Company's Chukuni and White Horse Island Projects, provides the Company with one of the largest exploration land packages within the Red Lake District totaling just 9,600 acres.
-The Chukuni propertywhich consists of seven contiguous claims, totaling 2,960 acres on 74 claim units in proximity to Goldcorp's Red Lake Gold Mine, and the proximity to Goldcorp's #3 Mine shaft.
-Whitehorse Island property comprised of two contiguous claims, totalling 35.55 hectares hosts the Whitehorse Island gold shaft and are situated between the Goldcorp / Premier Gold Rahill-Bonanza Gold Property and Premier Gold's Hasaga Gold Property.
-Cameron Lake Property Group consists of a 100% interest in seven (7) gold properties in the Rainy River area of Ontario ("Rainy River Properties") which are strategically located adjacent to First Mining Finance's Cameron Gold Project ("Cameron Gold Project") in the Rainy River area.
-Zealand Properties consist of a total of 72 claim units covering 1,152 hectares. All of the claims are located on or near the project boundaries to Treasury Metals' ("Treasury Metals") Goliath Gold Project.
-Confederation Lake Project the Property hroperty hosts a number of historical Cu-Zn bearing massive sulphide and stringer sulphide mineralized zones, hosted in strongly altered felsic volcanic pyroclastic rocks.
-Birch-Uchi Greenstone Belt exploration property, which is adjacent to Sabina Gold and Silver's Golden Sidewalk property, hosts the past-producing Bathurst Mine;
-Production Royalty and Net Smelter Royalty on a portion of First Mining Finance's Pickle Crow Gold Project which was acquired from PC Gold Inc.
In addition to the Ontario Exploration portfolio discussed above, the Company's international principal properties include the following:
i.Keban Tailings Project- Located approximately 45 km northwest from the city of Elazig, via paved highway, which is fully permitted and includes the exclusive rights to process a minimum 114,000 tonnes of mineralized milled tailings stored in two areas within the defined tailings boundaries.
ii.Kambertepe Tailings Project- Includes the exclusive rights to process approximately up to 6,000 tonnes of mineralized tailings, with the following average reported grades per tonne of tailings: 2.1% Copper, 21 g/t Silver, 1.9% Zinc, 0.5% Titanium and over 50% Iron, based on assays completed by Bureau Veritas, Vancouver, Canada, as noted from a Firat University report on the project dated March 15th, 2016.
iii.Menderes Gold Project, a 6,194 ha (62 km ?) contiguous land package located near the village of Efem??ukuru, in Izmir Province, Western Turkey. The permits that make up the Menderes Gold Project were acquired for their excellent potential to host low to medium sulphidation, gold-mineralized epithermal vein systems. The Menderes Gold Project is contiguous to the eastern and southern property boundaries of Eldorado Gold's Efen??ukuru Mine (sourcewww.eldoradogold.com).
iv.Niaouleni Gold Project, in southern Mali in the heart of West Africa's prolific gold belt. Active gold exploration projects in the immediate vicinity of Niaouleni include African Gold Group Inc.'s Kobada Gold Project (www.africangoldgroup.com).
Further information about the Company is available on the Company's website, www.frontlinegold.com , or our social media sites listed below:
Facebook: https://www.facebook.com/Frontline Gold Corp./
Twitter: https://twitter.com/frontlinegold
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.
-------------------------------------------------------------------- | "Walter Henry" | |Contact:Walter Henry | | | |Telephone: (416) 362-9100 | | | |Fax: (416) 362-9300| | | |Email: info@frontlinegold.com| | | |Website: www.frontlinegold.com | | | || | | |Frontline Gold Corp. (TSX-V: FGC)| | | |1 Toronto Street, Suite 201| | | |Toronto, Ontario M5C 2V6| |----------------------| || |Walter Henry,| || |President&CEOFRONTLINE| | | |GOLD CORP.| || --------------------------------------------------------------------NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
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