Frontier Resources Limited today provided an update on Muller Range Fieldwork exploration program and the latest analysis results of its high-resolution Worldview Satellite Data.
In today’s market release, Frontier Resources Limited (ASX: FNT) told that it had designed its upcoming fieldwork program to take further geochemical data in some particular areas of the Lower Tingi Valley Prospect. Those areas are reported to contain the anomalous gold and base metals at the surface, earlier detected in the soil sampling of reconnaissance ridge?and?spur.
The company’s exploration program aims to increase the technical know-how on the anomalous zones of the prospect area. For this purpose, the company intends to increase the density of samples over a range of area recognized by the historical mapping and ridgeline soil sampling. It will reportedly include the same type of grid-based soil sampling program to be undertaken as completed in 1992 to 1993 over the eastern end of Tingi prospect by Kennecott.
As per the company’s data, the targeted zone of these work programs covers an area of approximately 1 square kilometer. The company further informed that grid sampling lines will be orientated near perpendicular to NE trending structures while cutting it 100 meters apart. Total of 237 samples is intended to be collected by the company, which are spaced at 50m intervals along each grid line.
On the front of satellite data analysis, Frontier informed that in the airborne geophysical magnetic modeling program, it had discovered a broad, deep and sub-surface porphyry intrusive system at the central EL2356 Muller Range tenement block. The system reportedly relates to copper mineralization at the surface of the tenement which is host to significant copper-gold-molybdenum Baia porphyry system.
This comes after the company has taken over the half-meter Worldview satellite data that cover the Baia tenement block. Following this acquisition, the company came across several previously unmapped centers of intrusive circular systems as well as breccia type bodies located outside the key Baia magnetic porphyry intrusive.
Moreover, the company continues to hold discussions with the large exploration companies so that it can have additional funds to ramp up the geochemical sampling, geophysics and drilling activities at its two key exploration tenements. It translates the development of EL2356 tenement in Muller Range and EL1595 tenement in Bulago. Both these tenements have already gone through the process of renewal as required by the Mining Advisory Council. But the approval from the Minister of Mining Hon. Johnson Tuke remains pending for their renewal.
Today’s announcement further explained that in the past few months, Frontier had made many visits to PNG with the objective to know the working and progress of its tenements and holding subsidiary companies. Going forward the company plans to undertake the Fieldwork programs for EL1595.
Frontier Resources further informed the ongoing process of project evaluations and acquisitions with the view to improve its shareholders' value. However, the company confirmed that currently there is no proposal on the Board.
FNT traded flat on 10 January 2019. The stock price last traded at $0.011 with a market capitalization of $5.38 million.