Following up on the incredible bonanza hits from late 2010 including; 27 metres at 66.8 grams per tonne gold, in the Papua New Guinea 'Ring of Fire', the Frontier Resources (ASX: FNT) and Ok Tedi Mining Ltd JV has completed a radiometric survey.
Frontier has an alliance with world class copper producer Ok Tedi Mining.
The aeromagnetic and radiometric geophysical survey was conducted at the Bulago joint venture, and if the trenching results are anything to go by, the highly prospective tag is easily attached.
Other major highlights from late 2010 trench channel sampling include; 7.5 metres at 67.0 g/t gold, 18 metres at 40.3 g/t gold and 1.5 metres at 5.59 g/t gold, plus 2,555 g/t silver, 2.17% copper and 3.16% zinc.
Interpretation of the highly anticipated survey data will be available in 2 to 3 months, and will then be integrated with the existing geological and geochemical information.
This will allow the JV to rank targets for follow up exploration, which potentially could include drilling.
Ok Tedi Mining has the option to earn 58% of the Bulago JV by spending US$12 million within 6 years.
Frontier is carried from completion of earn-in to the completion of a Bankable Feasibility Study, with pro-rata (carried) repayments from 50% of its future metal sales.
Under certain circumstances, Ok Tedi Mining can purchase up to 80.1% equity in the project.
The Bulago JV is located near the Strickland River, in the Southern Highlands Province in north-west Papua New Guinea.