Fronteer revises up gold resource estimate

Exploration company Fronteer Development Group has announced an increase in the combined resource estimate for its Agi Dagi and Kirazli deposits in Turkey.

The deposits have increased by 53 per cent compared to last year, with the new estimate standing at 1.5 million ounces of gold and 9.1 million ounces of silver (measured and indicated), together with 1.6 million inferred ounces of gold and 6.7 million inferred ounces of silver.

This makes for an overall gold equivalent resource of 3.5 million ounces.

"We are very pleased to see our gold resource base in Turkey reach true 'world-class' status," said the company's Dr. Mark O'Dea.

"And our deposits are still growing. They are all at, or near, surface and characterized by excellent infrastructure, conventional metallurgy, high gold recoveries, and are proximal to one another to allow for strong development synergies."

The Agi Dagi and Kirazali deposits are located in northwestern Turkey and "form part of an emerging gold and copper-gold district that is still in its exploration infancy".