Frontier Resources (ASX: FNT) has returned peak assays of 5.9 grams per tonne gold and 623ppm molybdenum from the final holes of its 2012 drilling program at the Andewa porphyry gold-copper project in Papua New Guinea.
Each diamond drill hole intersected broad low grade gold mineralisation that included higher grade sections.
These included:
- 160 metres at 0.13 grams per tonne gold including 2 metres at 2.24g/t gold;
- 232 metres at 0.16g/t gold including 2 metres at 3.95g/t gold plus 0.11% copper; and
- 12 metres at 0.96g/t gold including 2 metres at 3.93g/t gold.
Two of the holes encountered deeper gold mineralisation at the end of hole with 2.6 metres at 0.93g/t gold and 10 metres at 0.12g/t gold.
Systematic alteration and mineralogical studies are continuing on all holes, which could provide vectors to the better part of the gold porphyry system.
Newcrest Mining (ASX: NCM), which is earning a 60% equity in EL 1345 (Andewa) and EL 1951 (Mt Schrader), by sole funding A$19.25 million in exploration within 4 years, is determining exploration budgets for financial year 2014 and will advise Frontier regarding work proposed for the Andewa Project in due course.
The gold major has already sole funded A$6 million.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.