Join our daily newsletter At The Bell to receive exclusive market insights
- Frontier Resources (FNT) has released a steady update from the March quarter
- The company’s focused on discovering high-grade quartz vein gold within the Tolukuma mining lease in Papua New Guinea
- Last quarter, Frontier reported grades of up to 101g/t gold from rock chip sampling at the Kimono Vein
- It also announced pleasing grades from the Tassy vein discovery which include 6.32g/t gold and 23.22g/t silver
- Around $210,000 was allocated to operations — most of which was spent on exploration
- Frontier rounded off the March quarter with $3.34 million in cash
- Company shares ended the day 5.56 per cent in the green and closed at 1.9 cents
Frontier Resources (FNT) has released an operational and financial update for the March 2021 quarter.
The company is focussed on exploring for high-grade quartz vein gold within the Tolukuma mining lease in Papua New Guinea.
Over the quarter, Frontier announced the last batch of results from mapping and sampling undertaken towards the end of last year. The program targeted the Kimono prospect which is located to the east of the mining lease and resulted in discovering the Tassy vein.
Best rock chip sample grades from the Kimono Vein include 52.7g/t, 80.9g/t and 101g/t gold.
Trenching results from the Tassy vein include four metres at 4.78g/t gold and 17.94g/t silver including three metres at 6.32g/t gold and 23.22g/t silver.
A follow-up trench sampling program began at the start of this year across the Kimono and Tassy vein areas to define drilling targets. Assay results are expected some time this month.
Additionally, Frontier has lodged an application for a tenement renewal. It also plans to undertake trench sampling at the Saki prospect to test and confirm vein continuity.
The company spent $210,000 on operating activities — most of which was allocated to exploration.
At the end of the quarter, Frontier had around $3.34 million in cash and expects to have 16 quarters left of available funding.
Company shares ended the day 5.56 per cent in the green and closed at 1.9 cents.
