Fronteer Grants Option To International Enexco

Fronteer Grants Option To International Enexco

VANCOUVER – Fronteer Development Group Inc. reported that it has granted International Enexco Inc. an option to earn a 51% interest in its 100% owned Loomis Mountain gold property in eastern Nevada.

Enexco may earn a 51% interest in Loomis by drilling a minimum of 11,000 metres (approximately $2.6M US) over 36 months and carrying out a minimum of $300,000 US in non-drilling related field programs, including geological, geochemical and geophysical surveys.

Loomis is located approximately 32 kilometres north of Wells, Nevada, and covers 15,570 acres of mostly private mineral rights. The geology of the area is analogous to Carlin Trend, displaying the same structural characteristics, host rocks and intrusive history. Widespread anomalous gold mineralization at Loomis occurs in a northeast-trending zone that outcrops over a distance of 1.7 kilometres. Rock-chip sampling has yielded up to 4.6 grams per tonne gold. Four target areas have been defined to date but have seen negligible drilling.

The property lies along the eastern edge of the Roberts Mountain Thrust, a key structural feature associated with Carlin-type gold deposits. Enexco plans to place initial efforts on structural mapping to further define drilling targets in the upper-plate and lower-plate rocks of the Roberts Mountain Thrust.

The Loomis option agreement increases Fronteer’s cost-effective exposure to exploration upside in the Eastern Great Basin, where it is a dominant land holder. A $14.1M US program, funded 51%/49% by Fronteer and minority owner AuEx Ventures, is currently underway at Long Canyon.

The company’s Suite 1650, 1055 West Hastings, Vancouver, BC V6E 2E9, 604.632.4677, fax 604.632.4678, email: info@fronteergroup.com.