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Frontier Resources hits visible copper in first hole at Ok Tedi JV in Papua New Guinea
Wednesday, October 26, 2011


Frontier Resources (ASX: FNT) has terminated its first diamond drill hole at 697.6 metres in visible copper mineralisation at the Esis Porphyry Copper Occurrence in Papua New Guinea.

A 5,000 metre drilling program is planned on the Likuranga exploration licence (EL 1351) which is highly prospective for porphyry copper – gold, high-grade gold - silver -zinc skarns and structurally controlled and/or epithermal gold deposits.

The area contains the Esis porphyry occurrence and the Bukuam porphyry related copper, molybdenum, gold and zinc soil anomalies.

Frontier Resources has established a joint venture with copper producer Ok Tedi Mining Ltd (OTML) to explore three ELs and two ELAs with US$12 million to be spent on each project over 6 years to earn 80.1% (or 58% for ELs 1595 and 1597).

Frontier is then non-dilutable and deferred carried to completion of a Bankable Feasibility Study, repayable from 50% of future cash flow.

Ok Tedi Mining have completed large aeromagnetic and radiometric programs at each EL in the JV to discriminate and rank targets for follow up exploration.

A second drill rig has been set-up at Esis, but accommodation is still being prepared for the crews.