Franconia Minerals Corp.

Published : January 16th, 2008

Intersects "Longest & Strongest" Mineralization To Date At Birch Lake

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Cobalt |
Franconia Minerals Corp.
News Release

Wednesday, January 16, 2008
TSX: FRA

Franconia Minerals Intersects "Longest & Strongest" Mineralization
to Date at Birch Lake Copper-Nickel-PGM Project

Intercepts at Western Extremity of Resource Show Significant Expansion Potential

January 16, 2008 Spokane, Washington: Franconia Minerals Corporation (TSX:FRA) announced today that core-drilling has intersected the longest, high-grade mineralization found to date at its Birch Lake copper-nickel-PGM (platinum group metals) project in the Duluth Complex. Wedge offset drill hole BL07-11W3, completed near the western edge of the area tested so far (see map), has intercepted 246 feet of 0.77% copper (Cu), 0.21% nickel (Ni), and 1.15 grams per tonne (g/t) Total Precious Metals (TPM = Platinum [Pt] + palladium [Pd] + Gold [Au]), including 60 ft. at 1.00% Cu, 0.28% Ni and 1.92 g/t TPM. BL07-13, located approximately 950 feet further to the north and slightly east, returned 340 feet of 0.59% Cu, 0.19% Ni and 0.71 g/t TPM, including 19 feet of 0.96% Cu, 0.27% Ni and 1.27 g/t TPM (see table.) These two intercepts are much longer and stronger than the average for the deposit, as calculated in 2006 prior to this most recent round of drilling, of 75 ft. at 0.59% Cu, 0.19% Ni and 1.11 g/t TPM (0.65g/t Pd, 0.32g/t Pt, and 0.14 g/t Au).

"The assays we've received from these latest holes give us very good indications that the resource may be significantly larger and higher grade in the western portion of our property than previously shown" said Brian Gavin, Franconia's President and CEO. "These results also suggest the resource may extend further to the north then previously considered. We look forward to getting back in there as soon as possible in the spring to verify the extent to which we can expand our already substantial resource."

Approximately 90% of the planned 18-hole, 63,000-foot program at Franconia's Birch Lake deposit has now been completed although assay results have to date only been received for 70% of the program.

January 2008 Drill Results, Birch Lake, Minnesota

Drill Hole

From
(ft)
To
(ft)
Down Hole
Interval*
(ft)
Copper
(%)
Nickel
(%)
Platinum
(g/t)
palladium
(g/t)
Gold
(g/t)

BL07-11W3

2183.2 2429.6 246.4 0.77 0.21 0.32 0.68 0.15

incl.

2183.2 2243.3 60.1 1.00 0.28 0.57 1.12 0.23

incl.

2395.1 2420.0 24.9 1.00 0.25 0.20 0.60 0.13

BL07-11W4

2186.2 2425.4 239.2 0.59 0.17 0.23 0.48 0.11

incl.

2202.8 2224.1 21.3 0.87 0.20 0.49 0.83 0.25

incl.

2335.1 2347.0 11.9 1.08 0.22 0.45 0.93 0.14

BL07-12

1957.7 2042.9 85.2 0.71 0.22 0.22 0.51 0.12

incl.

1984.3 2006.7 22.4 0.93 0.26 0.32 0.80 0.15

BL07-13

1710.0 2049.5 339.5 0.59 0.19 0.19 0.42 0.10

incl.

1712.1 1731.4 19.3 0.96 0.27 0.33 0.89 0.15

BL07-14

2394.6 2556.8 162.2 0.58 0.17 0.30 0.63 0.15

BL07-14W2

2393.2 2553.9 160.7 0.54 0.17 0.27 0.57 0.13

BL07-14W3

2405.4 2559.5 154.1 0.62 0.19 0.28 0.68 0.16

incl.

2420.1 2452.9 32.8 1.00 0.29 0.46 1.14 0.24
True thickness is approximately 90% of the down hole interval

Franconia is rapidly advancing its development work on what is the largest land position of any public company in the Duluth Complex, including three NI 43-101-compliant inferred resources totaling 307 million tonnes. The Complex is believed to contain the third largest unexploited copper-nickel-platinum group metals resources in the world, after Sudbury and Nor'ilsk.

This latest drill program is aimed at converting the current 100.4 million tonne inferred resource on the Birch Lake portion of Franconia's project to an indicated resource and providing samples for bench-scale and pilot plant-scale metallurgical testing, planned for 2008. This inferred resource is in addition to Franconia's nearby 83 million tonne copper-nickel-PGM inferred resource at Maturi and its nearby underground Inferred Resource at Spruce Road of 124.4 million tonnes, bringing the total underground resource at Franconia's Birch Lake Project to 307.9 million tonnes. Birch Lake, Maturi and Spruce Road are the subjects of independent reports prepared by Scott Wilson Roscoe Postle Associates (Scott Wilson RPA) to NI 43-101 standards (available at www.SEDAR.com and www.franconiaminerals.com).

(An indicated mineral resource is a portion of a mineral resource for which quantity, grade, and other characteristics can be estimated with a level of confidence sufficient to support mine planning and additional economic evaluation of the project. The Birch Lake deposit is currently classified as an inferred resource, which is that part of a mineral resource for which certain characteristics can be estimated based on geological evidence and limited sampling and which can be reasonably assumed to have a consistent grade of mineralization.)

Core samples were prepared at the 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.

The preliminary economic assessment prepared by Scott Wilson RPA -- which does not include the Spruce Road resource -- contemplates that a combined Birch Lake-Maturi operation would have, over a 26-year mine life, an average annual production of 74 million pounds (lbs) of copper, 19 million lbs of nickel, 2.9 million lbs of cobalt, 68,000 ounces (oz) of palladium, 33,000 oz of platinum and 7,300 oz of gold. All technical data have been reviewed by Brian Gavin, Franconia's president and CEO, Mr. Gavin is an appropriately qualified person as defined by NI 43-101.

The Duluth Complex, a geologic formation located in northeastern Minnesota, extends for 240 kilometers trending from northeast to southwest and hosts a number of copper-nickel-PGM deposits. Collectively these deposits are believed to be one of the largest unexploited resources of these scarce minerals in the world.

Franconia Minerals Corporation trades on the TSX under the symbol FRA. (For additional information see www.franconiaminerals.com.) Franconia currently has 58,186,566 shares issued and outstanding.

Brian Gavin,
President and CEO

In the US: Douglas Sherk: 415 896 6820
dsherk@evcgroup.com
In Toronto: Greg Taylor: 905 337 7673
gtaylor@franconiaminerals.com

In Vancouver: Farah Alibhai: 604 731 7340
info@franconiaminerals.com

FORWARD-LOOKING STATEMENT: Although Franconia Minerals Corporation believes many of its properties have promising potential. These 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.


Click here to enlarge

Franconia Minerals Corp.

CODE : FRA.TO
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Franconia Min. is a exploration company based in United states of america.

Franconia Min. is listed in Canada and in United States of America. Its market capitalisation is CA$ 75.6 millions as of today (US$ 77.9 millions, € 56.1 millions).

Its stock quote reached its highest recent level on February 01, 2008 at CA$ 1.95, and its lowest recent point on March 06, 2009 at CA$ 0.10.

Franconia Min. has 86 954 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Franconia Minerals Corp.
7/5/2008Duluth Complex: A World-Class Value Play
Annual reports of Franconia Minerals Corp.
2006 Annual report
2007 Annual report
Project news of Franconia Minerals Corp.
5/12/2010(Birch Lake)Intercepts 124 Feet Of 0.67% Copper And 0.17% Nickel At Dulu...
5/4/2010(Birch Lake)Increases Ownership at Birch Lake to 70%
3/25/2010(Birch Lake)Options Land Parcels For Birch Lake
3/3/2010(Birch Lake)Begins New Drill Program At Its Birch Lake Project, Duluth ...
9/23/2009Announces 21% Increase In NI 43-101 Indicated Resource At Bi...
2/9/2009(Birch Lake)Summarizes Results Following Drilling & Bulk Sample Collecti...
1/15/2009(Birch Lake)Receives Final Loan And Grant Payments From The State Of Min...
8/25/2008(Birch Lake)Files Technical Report Supporting Latest Ni 43-101 Resource ...
7/9/2008(Birch Lake)Franconia Doubles NI 43-101 Resource Estimate On Birch Lake ...
6/20/2008(Birch Lake)Earns 60% Interest In Birch Lake Project
6/2/2008(Birch Lake)Second Drill Turning at Birch Lake
3/26/2008(Red Knoll)Launches New Drill Program at Red Knoll Copper Project, Ariz...
1/16/2008(Birch Lake) Intersects "Longest & Strongest" Mineralization To Date At ...
1/14/2008(Birch Lake)Reports "No Change in Water Quality" from Birch Lake Copper-...
Corporate news of Franconia Minerals Corp.
3/3/2011Shareholders Approve Arrangement With Duluth Metals
2/22/2011Announces that Institutional Shareholder Services and Glass ...
3/25/2008Adopts Shareholder Rights Plan
3/25/2008 Adopts Shareholder Rights Plan
3/24/2008 To Present At John Tumazos Very Independent Research, LLC M...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (FRA.TO)Other OTC (FRALF)
0.870-1.14%0.910+1.11%
Last quotes and information before delisting
Prev close Open
0.880 0.880
Low High
0.870 0.870
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.870 -4.40%
Volume 1 month var.
19,775 -4.40%
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 1/23/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.02-0.35%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.59-2.26%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.62+3.75%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.57-1.88%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02-25.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.91+4.30%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.93+1.17%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.28-3.39%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.28+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.09-0.95%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 57.78+1.99%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :