Franconia Minerals Corporation: Drilling Continues to Expand Copper-Nickel-PGM Mineralization at Birch Lake, Minnesota
Tuesday February 6, 9:30 am ET
ca.us.biz.yahoo.com
SPOKANE, WASHINGTON--(CCNMatthews - Feb. 6, 2007) - Franconia Minerals Corporation (TSX VENTURE:FRA - News) announces a fourth progress report on the on-going 2006-2007 core-drilling program at the Birch Lake copper-nickel-PGM (platinum group metals) inferred resource located in the Duluth Complex of Minnesota. This latest drilling has intercepted mineralization considerably thicker than the average 75 foot thickness of the deposit. Further, ongoing drilling continues to reveal mineralization that is generally similar to or higher than the average 0.59% copper, 0.19% nickel and 0.65g/t palladium, 0.32g/t platinum, and 0.14g/t gold values already found in this 100.4 million tonne inferred resource.
Brian Gavin, Franconia's president comments, "We are very pleased with these interim results from the in-fill drilling program, which will, in time, allow us to convert the current inferred resource to an indicated resource and provide samples for bench-scale and pilot plant-scale metallurgical testing. The recent drilling certainly indicates thicker zones of mineralization with higher grades than previously encountered. For example, hole BL06-05W2, a wedge offset that intercepted 101 feet (30.8 meters) of 0.91% copper, 0.31% nickel plus 3.07 grams per tons of combined platinum, palladium and gold, has shown the best overall mineralization we've found so far."
Additional wedges from drill hole BL06-04 and BL06-5 (see table) further confirm the thickness and grade of mineralization in the southern portion of the deposit (see map).
January 2007 Drill Results, Birch Lake, Minnesota
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Down
Hole
Interv- Plati- Palla-
Drill From To al (1) Copper Nickel num dium Gold
Hole (ft) (ft) (ft) (%) (%) (g/t) (g/t) (g/t)
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BL06-4 2297.5 2429.0 135.0 0.513 0.166 0.358 0.600 0.133
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incl. 2287.5 2402.4 104.9 0.525 0.181 0.366 0.600 0.134
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BL06-4W1 2297.7 2428.0 130.3 0.460 0.198 0.303 0.541 0.102
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incl. 2297.7 2383.9 86.2 0.582 0.269 0.385 0.680 0.123
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incl. 2297.7 2362.8 65.1 0.556 0.300 0.451 0.714 0.121
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BL06-4W4 2303.3 2428.0 124.7 0.540 0.162 0.305 0.587 0.135
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incl. 2303.3 2371.5 68.2 0.688 0.221 0.400 0.774 0.172
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BL06-05 1988.3 2065.5 79.0 0.677 0.258 0.451 0.926 0.250
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incl. 1990.2 2047.6 57.4 0.722 0.272 0.522 1.067 0.246
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BL06-05W1 1990.8 2088.0 97.2 0.651 0.257 0.401 0.801 0.189
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incl. 1990.8 2053.3 62.5 0.701 0.261 0.477 0.958 0.217
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BL06-05W2 1988.6 2080.8 92.2 0.626 0.240 0.496 0.987 0.223
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incl. 1988.6 2041.2 52.6 0.751 0.274 0.712 1.398 0.304
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incl. 1988.6 2019.4 30.8 0.910 0.300 0.904 1.790 0.373
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BL06-05W3 1986.6 2104.6 115.0 0.607 0.217 0.424 0.803 0.184
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incl. 1986.6 2022.6 33.0 0.765 0.262 0.704 1.411 0.302
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incl. 2090.8 2104.6 16.0 0.891 0.135 0.598 1.025 0.266
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Average for
the deposit 75.0 0.59 0.19 0.65 0.32 0.14
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(1) True widths are approximately 90% of down hole-intervals.
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Approximately 20% of the planned 23-hole 2006-2007 program has been completed. Core samples were prepared at ALS Chemex Ltd. laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver. Samples were analyzed for gold, platinum and palladium using a standard fire assay with an ICP finish, as well as for 34 base metals and trace elements using a four-acid (near-total) digestion and a combination of ICPMS and ICPAES. ICP over-limits were reanalyzed using sodium peroxide fusion and acid dissolution followed by ICPAES.
Birch Lake and the nearby Maturi deposit are the subjects of a recent independent preliminary economic assessment (see Franconia news release of October 3, 2006) prepared by Scott Wilson Roscoe Postle Associates to NI 43-101 standards (available at www.SEDAR.com). The preliminary economic assessment contemplates that a combined Birch Lake-Maturi operation would have, over a 26-year mine life, an average annual production of 74 million lbs of copper, 19 million lbs of nickel, 2.9 million lbs of cobalt, 68,000 ounces of palladium, 33,000 ounces of platinum and 7,300 ounces of gold. All technical data have been reviewed by Brian Gavin, Franconia's president and an appropriately qualified person as defined by NI 43-101.
Franconia Minerals Corporation trades on the TSX-V under the symbol FRA. (For additional information see www.franconiaminerals.com.) Franconia presently has 43,380,120 shares issued and outstanding.
Brian Gavin, President
FORWARD-LOOKING STATEMENT: Although Franconia Minerals Corporation believes many of its properties have promising potential; its properties are in the early stages of exploration. None have yet been shown to contain proven or probable mineral reserves. There can be no assurance that such reserves will be identified on any property, or that, if identified, any mineralization may be economically extracted.
To view the accompanying map please click the link below:
ccnmatthews.com
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Contact:
Farah Alibhai
Franconia Minerals Corporation (Vancouver)
(604) 731-7340
Email: info@franconiaminerals.com
Greg Taylor
Franconia Minerals Corporation (Toronto)
(416) 605-5120
Email: gtaylor@gtinvestorrelations.com
111 E. Magnesium Road, Suite A
Franconia Minerals Corporation
Spokane, WA 99208
(509) 340-1328
(509) 696-9680 (FAX)
Email: franconia@franconiaminerals.com
Source: Franconia Minerals Corporation |
