Drill Core Assay Results to 5m of g/t Gold and Further Drilling Planned

Transcription

1 ADDRESS PHONE Office J, Level 2, 1139 Hay St pmcneil@frntierresurces.cm.au West Perth, WA, 6005, Australia ABN WEBSITE ASX Limited Market Annuncements Platfrm ASX: FNT 13 th June 2016 Drill Cre Assay Results t 5m f g/t Gld and Further Drilling Planned Frntier Resurces Ltd is pleased t annunce that assays frm recently cmpleted drill hles EZU001, EZU002 and EZU003 frm the Swit Kai East Creek Upper Zne, Bulag, Papua New Guinea, all shw significantly elevated gld grades when assciated with intrusives, quartz veining and brecciated znes. Three diamnd cre hles (37.4m ttal f HQ TT) were cmpleted that targeted a mderate steep SSW dipping gld mineralised zne, with a previusly released (11/6/14) jackhammer channel sampled intercept f 2.0m grading g/t gld g/t silver. Hwever, the gld encuntered is primarily flat lying /cnfrmable with the sediments, with a secndary assciatin with the targeted dipping zne. The best intercept was in EZU001 with 5.0m grading a weighted average f g/t gld, frm surface. This includes a best intercept f 1.0m grading 29.7 g/t gld g/t silver, frm 3.0 t 4.0m dwnhle. Hle EZU002 returned 3.6m grading 7.92 g/t gld, frm surface and EZU003 had 2m grading 6.44 g/t gld plus 1m grading 4.79 g/t gld, frm 1.0m dwnhle. The peak assay in EZU003 was g/t gld, shwing the nugget effect (grade variability) frm very fine grained native gld. Drilling will cntinue at the high grade gld Swit East Creek Upper and Lwer Znes plus newly advanced assciated targets as sn as reasnably pssible. The mineralisatin mdel has been refined and there is excellent strike cntinuity ptential that can nw be easily drill accessed relative t the tpgraphy. Many new targets have been prpsed frm the tpgraphic evaluatin and its refinement is nging. Flat spts indicate resistance t ersin and silicified (pssibly brecciated and gld mineralised) intrusive. Multiple hrizntal and dipping levels f gld mineralisatin are predicted ver significant strike distances. Additinal infrmatin relating t the strike ptential f the prject will be released when plans are generated. Assay results frm the single line f ridgeline sil samples ver 2 anmalies (lcated within fly camping distance frm Swit Kai) each returned distinct znes with elevated zinc, silver, gld, arsenic, antimny but lw cpper. The assay results are still lw rder relative t the Bulag area nrms and their relevance will be further evaluated, as we are attempting t 'see thrugh' a sediment cap fr the skarn and 'gechemical' leakage is an excellent vectr t such a surce. DETAILS Frntier s drilling prgram at the Swit Kai East Creek Upper Zne, Bulag EL in Papua New Guinea, targeted a 2.0m wide gld mineralised interval that graded g/t in demlitin jackhammer trench channel sampling (4/2014) that appeared t dip mderately suth. It was nted by the current drilling, that it then cmes frm a sub hrizntal zne f gld mineralisatin that is cnfrmable with the sediments and the dip slpe mineralisatin des nt extend further at that lcatin. 1

2 The three hles ttalled 37.8m and were cmpleted apprximately perpendicular t the dipping mineralisatin/ structure, n azimuths f 350 magnetic. Hle cllar c rdinates (handheld GPS AGD66) and infrmatin is tabulated belw. Drilling was suspended in May due t minr but debilitating rig hydraulic issues (easily fixed with new seals), but will cntinue at the Upper and Lwer high grade gld Znes as sn as reasnably pssible. Hle EZU001 returned 5.0m grading a weighted average f 13.9 g/t gld frm surface. Sme grade variability / nugget effect was nted, with the average becming 15.8g/t if the high assays are used and 11.9 if the lw assays are used. EZU001 (8.1m) was inclined t 40 and cllared 3m suth f the waterfall face (r assumed nrth end f high grade zne). In EZU002 (11.3m) the skid psitin was the same but the inclinatin was 70 and the cllar was further suth 1.0m. Hle EZU002 returned 3.6m grading 7.92 g/t gld, frm surface. Hle EZU003 (18.4m) was cllared a further 5.0m t the suth and was als inclined at 70 ; it cntained 2m grading 6.44 g/t gld, plus 1m grading 4.79 g/t gld, frm 1.0m dwnhle. The peak assay in EZU003 was 1m f g/t gld, shwing the nugget effect (grade variability) frm very fine grained native gld. The first native gld in rck fr the Bulag EL ever was nted in hle EZU002 at 1.15m and at 3.00m dwnhle (peak gld assay frm 1.0m t 2.0m = 6.11g/t and frm 3.0m t 3.6m = 9.39g/t), then in hle EZU001 at 0.70m (0.0m t 1.0m = 7.37 g/t gld). Gld mineralisatin is hsted by narrw silica / quartz veins prducing stck wrkings, with multiple generatins f intense brecciatin, dgstth quartz and lead + zinc sulphide minerals + semi massive sulphides that are lcated in intrusives prximal t large scale nrmal mderate t steep suth dipping structures (faults) and cnfrmable with the sub hrizntal hst siltstne. The mst strngly veined, brecciated and base metal sulphide mineralised intercepts are the mst prspective fr high grade gld mineralisatin. Frntier drilled under the gld mineralisatin at the Central Upper Zne in late 2014, testing fr sub hrizntal and nrth dipping pssibilities t it. The drilling prved that all the Central Upper Zne mineralisatin is related t fault/fracture fill /silicificatin n the 'dip slpe' and is nt sub hrizntal. It is therefre relatively thin (1 t 2m?) and t test it nw wuld means drilling directly n the 50 degree dip slpe (which wuld have been dne if it were pssible). That lessn was taken t East Creek and we fcused n evaluating the suth dipping 2

3 structure, but the mineralisatin turned ut t be predminantly flat lying. Gld mineralisatin is undubtedly als lcated in the dip slpe structure targeted, but its size and tenr f the grade has nt yet been determined. Frm T Intercept Gld Average East Creek Drill Hle EZU001 Gld Max. Gld Min. Silver Zinc Lead Arsenic Frm T Intercept Gld Average East Creek Drill Hle EZU002 Gld Max. Gld Min. Silver Zinc Lead Arsenic Frm T Intercept Gld Average East Creek Drill Hle EZU003 Gld Max. 3 Gld Min. Silver Zinc Lead Arsenic East Creek Hle ID EL 1595 BULAGO EAST CREEK PROSPECT DRILLING INFORMATION MAY 2016 C rdinates (AMG066) Azimuth Nrthing Easting RL (degrees mag) Inclinatin (degrees) End f Hle Depth EZU EZU EZU Ttal Meters f Drilling 37.8

4 The Central Lwer Zne actually crrespnds t the East Creek Upper Zne (bth are sub hrizntal gld mineralisatin n the same 'level') and the Central Upper Zne crrespnds mre t the East Creek Lwer Zne (md high angle suth dipping mineralisatin). Cnceivably, the highest grade mineralisatin wuld be where they intersect. The best immediate large /reginal target is the next zne upslpe frm Swit Kai, accrding t the aermagnetics. Anther excellent new zne t test is dwnslpe frm Swit Kai and has very strng zinc and lead, plus gld anmalies in grid based sil sampling and an OTML rck utcrp sample t 27 g/t gld. Excellent drill targets are the junctins f the sub hrizntal mineralised layer n 1630m RL and the mderate suth dipping structures. This creates a hrizntal plunge pssibility fr higher grade mineralisatin, that is apparent is EZU001. Technical infrmatin regarding Bulag was released t the ASX n 10/5/16, 21/4/16, 12/12/14, 5/12/14, 4/7/14, 11/6/14, 1/4/14, 18/10/12, 24/5/12, 17/5/12, 28/2/11 and 16/3/10; it is als summarised in Quarterly Reprts. Fr additinal infrmatin please visit ur website at FRONTIER RESOURCES LTD P.A.McNeil, M.Sc., MAIG Cmpetent Persn Statement: The infrmatin in this reprt that relates t Explratin Results is based n infrmatin cmpiled by Peter A. McNeil Member f the Aust. Inst. f Gescientists. Peter McNeil is the Chairman/Managing Directr f Frntier Resurces, wh cnsults t the Cmpany. Peter McNeil has sufficient experience which is relevant t the type f mineralisatin and type f depsit under cnsideratin t qualify as Cmpetent Persn as defined in the 2012 Editin f the Australasian Cde f Reprting Explratin Results, Mineral Resurces and Ore Resurces. Peter McNeil cnsents t the inclusin in the reprt f the matters based n the infrmatin in the frm and cntext in which it appears. Licence N. Date Frm Date T Ownership Area (SQ KM) Lat. Sub Blcks Bulag River* EL /07/2014 6/07/ % Frntier Gld PNG Ltd Muller Range EL /12/ /12/ % Frntier Cpper PNG Ltd * Under reneweal 430 SQ KM NB: The Papua New Guinea Mining Act f 1992 stipulates that ELs are granted fr renewable 2 year Terms (subject t Wrk and Financial Cmmitments) and the PNG Gvernment maintains the right t purchase up t 30% prject equity at "Sunk Cst" if/when a Mining Lease is granted. 4

5 View t NNE frm helicpter, with drill rig starting hle EZU003 n Pad 1. Drill Pad 2 will be tested after drilling re cmmences. Pad 1 targeting previusly released trench sample result = 2m f 195 g/t gld. Pad 2 targeting previusly released trench sample result 3m f 48.2 g/t Au Visible gld in hle EZU002 thrugh a bincular micrscpe The scale is in increments f 0.5mm (1 alum. + 1 black). Field f view is 8.0mm and magnificatin is abut 40 times. 5

6 The fllwing infrmatin is prvided t cmply with the JORC Cde (2012) requirements fr the reprting f explratin trenching results fr Explratin Licence 1595 in Papua New Guinea. JORC CODE 2012 Sectin 1 Sampling Techniques and Data Criteria Explanatin Cmmentary Sampling techniques Nature and quality f sampling (e.g. cut channels, randm chips, r specific specialised industry standard measurement tls apprpriate t the minerals under investigatin, such as dwn whle gamma sndes, r handheld XRF instruments, etc). These examples shuld nt be taken as limiting the brad meaning f sampling. As nted herein Drilling techniques Drill sample recvery Include reference t measures taken t ensure sample representivity and the apprpriate calibratin f any measurement tls r systems used. Supervised by Explratin Manager Aspects f the determinatin f mineralisatin that are Material t the Public Reprt. In cases where 'industry standard' wrk has been dne this wuld be relatively simple (e.g. 'reverse circulatin drilling was used t btain 11m samples frm which 3 kg was pulverised t prduce a 30g charge fr fire assay') In ther cases mre explanatin may be required, such as where there is carse gld that has inherent sampling prblems. Unusual cmmdities r mineralisatin types (e.g. submarine ndules) may warrant disclsure f detailed infrmatin. Drill type (e.g. cre, reverse circulatin, pen hle hammer, rtary air blast, auger, Bangka, snic, etc) As nted herein. and details (e.g. cre diameter, triple r standard tube, depth f diamnd tails, face sampling bit r ther type, whether cre is riented and if s, by what methd, etc). Methd f recrding and assessing cre and chip sample recveries and results assessed Linear arithmetic Measures taken t maximise sample recvery and ensure representative nature f the samples. As nted herein. Whether a relatinship exists between sample recvery and grade and whether sample bias may have ccurred due t preferential lss/gain f fine/carse material. N Lgging Whether cre and chip samples have been gelgically and getechnically lgged t a level f detail t supprt apprpriate Mineral Resurce estimatin, mining studies and metallurgical studies. Yes Whether lgging is qualitative r quantitative in nature. Cre (r cstean, channel, etc) phtgraphy. As nted herein. The ttal length and percentage f the relevant intersectins lgged All Sub sampling techniques and sample preparatin Quality f assay data and labratry tests Verificatin f sampling and assaying Lcatin f data pints Data spacing and distributin Orientatin f data in relatin t gelgical structure If cre, whether cut r sawn and whether quarter, half r all cre taken. Quarter cre sampled If nn cre, whether riffled, tube sampled, rtary split, etc and whether sampled wet r dry. NA Fr all sample types, the nature, quality and apprpriateness f the sample preparatin technique. Apprpriate Quality cntrl prcedures adpted fr all sub sampling stages t maximise representivity f samples. Supervised by Explratin Manager Measures taken t ensure that the sampling is representative f the in situ material cllected, Supervised by including fr instance results fr field duplicate /secnd half sampling. Explratin Manager Whether sample sizes are apprpriate t the grain size f the material being sampled. Supervised by Explratin Manager The nature, quality and apprpriateness f the assaying and labratry prcedures used and whether the technique is cnsidered partial r ttal. Nature f quality cntrl prcedures adpted (e.g. standards, blanks, duplicates, external labratry checks) and whether acceptable levels f accuracy (i.e. lack f bias) and precisin have been established. Fr gephysical tls, spectrmeters, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and mdel, reading times, calibratins factrs applied and their derivatin, etc. Apprpriate. Quarter diamnd blade cut drill cre was 50 gm fire assayed fr gld +40 element ICP with ttal 4 acid digestin Acceptable accuracy levels established As nted herein. The verificatin f significant intersectins by either independent r alternative cmpany persnnel. All by J.Kirakar and K.Igara The use f twinned hles. Nil Dcumentatin f primary data, data entry prcedures, data verificatin, data strage (physical and As nted herein. electrnic) prtcls. Discuss any adjustments t assay data. Nne Accuracy + quality f surveys used t lcate drill hles (cllar + dwn hle surveys), trenches, mine NA wrkings and ther lcatins used in Mineral Resurce estimatin. Specificatin f the grid system used. Map datum is AGD 066. Quality and adequacy f tpgraphic cntrl. 40m cnturs 1:100,000 plans, 20m SRTM cnturs. Data spacing fr reprting f Explratin Results. As nted herein and refer t any attached plans fr details. Whether the data spacing and distributin is sufficient t establish the degree f gelgical and grade Yes cntinuity apprpriate fr the Mineral Resurce and Ore Reserve estimatin prcedure(s) and classificatins applied Whether sample cmpsiting has been applied. N Whether the rientatin f sampling achieves unbiased sampling f pssible structures t the extent If and as stated in text. this is knwn, cnsidering the depsit type. If the relatinship between the drilling rientatin and the rientatin f key mineralised structures is cnsidered t have intrduced a sampling bias, this shuld be assessed and reprted. If and as stated in text 6

7 Sample security The measures taken t ensure sample security Nrmal baggage freight prcedures Audits r reviews The results f any audits r reviews f sampling techniques and data. N specific audits r reviews f sampling techniques and data have been undertaken. Sectin 2 Reprting f Explratin Results Criteria Explanatin Cmmentary Tenure The security f the tenure held at the time f reprting alng with any knwn impediments t btaining a licence t perate in the area. Explratin dne by ther parties Acknwledgment and appraisal f explratin by ther parties. Gelgy Depsit type, gelgical setting and style f mineralisatin. Drill hle infrmatin AS nted herein Explratin in the regin was initiated in the late 1960s as part f a PNG prphyry cpper depsit search. It was explred fr gld initially in the mid 1980's. Gld intrusive epithermal related targets, prphyry cpper gld mlybdenum and higher grade gld silver zinc lead skarns. Drilling underway and Infrmatin tabulated herein. A summary f all infrmatin material t the understanding f the explratin results including a tabulatin f the fllwing infrmatin fr all Material drill hles: Data aggregatin methds Easting and nrthing f the drill hle cllar Elevatin r RL (Reduced Level elevatin abve sea level in metres) f the drill hle cllar Dip and azimuth f the hle Dwn hle length and interceptin depth Hle length If the exclusin f this infrmatin is justified n the basis that the infrmatin is nt Material and this exclusin des nt detract frm the understanding f the reprt, the Cmpetent Persn shuld clearly explain why this is the case. In reprting Explratin Results, weighting averaging techniques, maximum and/r minimum grade truncatins (e.g. cutting f high grades) and cut ff grades are usually Material and shuld be stated. Infrmatin nted herein. Infrmatin nted herein. Infrmatin nted herein. Infrmatin nted herein. Infrmatin nted herein. Nt applicable Tables f results included shw data aggregatin if applied. Where aggregate intercepts incrprate shrt lengths f high grade results and lnger lengths f lw grade results, the prcedure used fr such aggregatin shuld be stated and sme typical examples f such aggregatins shuld be shwn in detail Is this ccurs, it is stated in the text. Relatinship between mineralisatin widths & intercept lengths The assumptins used fr any reprting f metal equivalent values shuld be clearly stated. These relatinships are particularly imprtant in the reprting f Explratin Results. If the gemetry f the mineralisatin with respect t drill hle angle is knwn, its nature shuld be reprted. If it is nt knwn and nly the dwn hle lengths are reprted, there shuld be a clear statement t this effect (e.g. 'dwn hle length, true width nt knwn'). N metal equivalent values are reprted. Mderately understd Reprted Diagrams Apprpriate maps and sectins (with scales) and tabulatins f intercepts shuld be included fr any significant discvery being reprted These shuld include, but nt be limited t a plan view f drill hle cllar lcatins and apprpriate sectinal views. Balanced reprting Where cmprehensive reprting f all Explratin Results is nt practicable, representative reprting f bth lw and high grades and/r widths shuld be practiced t avid misleading reprting f Explratin Results. Apprpriate maps, sectins and tabulatins f intercepts are included. Cmprehensive reprting f Explratin Results has been previusly cmpleted and released. Other substantive explratin data Other explratin data, if meaningful and material shuld be reprted including (but nt limited t): gelgical bservatins; gephysical survey results; gechemical survey results; bulk samples size and methd f treatment; metallurgical test results; bulk density, grundwater, getechnical and rck characteristics; ptential deleterius r cntaminating substances All meaningful explratin data has been included in this and previus releases. Further wrk The nature and scale f planned further wrk (e.g. tests fr lateral extensins r depth extensins r large scale step ut drilling). Diagrams clearly highlighting the areas f pssible extensins, including the main gelgical interpretatins and future drilling areas, prvided this infrmatin is nt cmmercially sensitive. Future wrk is dependent n a capital raising t be undertaken in mid Apprpriate plans will be included, as pssible in a later release dcumenting apprved future wrk prgrams. 7