- Shares in Frontier Resources (FNT) doubled this morning on the back of impressive results from a sampling and mapping program at its Tolukuma gold project in Papua New Guinea
- Soil samples, rock chip samples, and chip-channel trench samples were collected from the Kimono and Kimono South prospects as part of the program
- According to Frontier, the best assays from the rock chip samples came from the Kimono vein, including a sample of 101 grams per tonne of gold
- Importantly, however, the program found the newly-discovered Tassy vein to extend over a kilometre in strike length
- Frontier is now planning further trench sampling for later in January to begin to define some solid drill hole targets in the area
- Shares in the company more-than-doubled in early action before paring their win to a healthy 57 per cent to trade at 2.2 cents each
Shares in Frontier Resources (FNT) doubled this morning on the back of impressive results from a sampling and mapping program at its Papua New Guinea gold project.
The junior explorer collected 102 soil samples, 102 rock chip samples, and 205 chip-channel trench samples from the Kimono and Kimono South prospects of its Tolukuma gold project as part of the sampling program.
The program was taken on to test the continuity and strike extensions of already-known veins and to validate historical assay results from drilling in the area.
Frontier said the best assays from the rock chip samples came from the Kimono vein and returned results of up to a whopping 101 grams per tonne of gold. Other impressive results included 80.9 grams per tonne of gold, 52.7 grams per tonne of gold, and 22.2 grams per tonne of gold.
Essentially, Frontier said these results suggest the tested area is a high-grade segment of the Kimono vein.
Samples from other areas also showed mineralisation for gold, silver as electrum, pyrite, stibnite, and more.
Importantly, Frontier said the newly-discovered Tassy vein is now interpreted to extend a kilometre in strike length, with trench sampling showing results of three metres at 2.87 grams per tonne of gold and one metre at 15.5 grams per tonne of gold.
Moreover, the sampling program revealed that gold mineralisation occurs at 360 metres and 600 metres further to the south-southwest in the Lower Holsiga Creek zone. Trench sampling from this area returned results including one metre at 4.03 grams per tonne of gold and one metre at 1.42 grams per tonne of gold.
Looking ahead, Frontier is now planning further trench sampling for later in January to begin defining some solid drill hole targets in the area.
While exploration at the Kimono area is still in its early stages, investors seemed impressed with today’s news. Shares in Frontier more-than-doubled in early action today to 3 cents each, but have since pared back their win slightly.
Still, at 11:19 am AEDT, shares in FNT are up 57.14 per cent and trading at 2.2 cents each.