Franconia Minerals Corp.

Published : February 09th, 2009

Summarizes Results Following Drilling & Bulk Sample Collection At Its Birch Lake Copper-Nickel-Pgm P

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Keywords :   Copper | Gold | Nickel | Palladium | Platinum | Recovery |
Franconia Minerals Corp.
News Release

Monday, February 09, 2009
TSX: FRA

Franconia Minerals Summarizes Results Following Drilling & Bulk Sample Collection At
Its Birch Lake Copper-Nickel-Pgm Project


February 9, 2009 Spokane, Washington: Franconia Minerals Corporation ("Franconia" or the "Company") (TSX: FRA) is pleased to present a summary of the results of its completed 2008 barge drilling program at the Birch Lake deposit in northern Minnesota. A total of nine holes and associated wedged offsets for 19,566 feet were drilled between May and late September 2008. Results for all holes are presented here (see Table 1 and map).

The drilling mainly tested the northwestern sector of the Birch Lake deposit for extension of the previously outlined resource. Every hole encountered good thicknesses of mineralization and the drilling shows that the deposit continues in this northwesterly direction and remains open for further expansion.

The drilling mainly tested the northwestern sector of the Birch Lake deposit for extension of the previously outlined resource. Every hole encountered good thicknesses of mineralization and the drilling shows that the deposit continues in this northwesterly direction and remains open for further expansion.

All holes and wedged offsets were drilled using wide diameter (PQ) core. Wedges were drilled on the first two holes of the 2008 program. The wedged offsets provide additional material for metallurgical tests but only provide sampling for a very limited distance away from the original drill hole. Wedging was discontinued for the remainder of the holes as a large enough sample for bulk testing (approximately 60 tonnes) had been collected. Now that sufficient metallurgical sample is in hand, it is likely that the majority of future drilling at Birch Lake will utilize smaller diameter, more economical NQ core drilling.

Following the planned resource estimate update, a Preliminary Economic Assessment would examine the viability of a 20,000 tonnes-per-day, 20 year-plus mine-life Birch Lake underground operation. This assessment is expected to be followed by a more comprehensive and detailed pre-feasibility study.

Table 1

Results of the 2008 Drill Program, Birch Lake, Minnesota*

Drill Hole

From
(ft)

To
(ft)

Down Hole Interval**
(ft)

Copper
(%)

Nickel
(%)

Platinum
(g/t)

palladium
(g/t)

Gold
(g/t)

TPM***
(g/t)

BL08-1

1345.7

1601.3

255.6

0.43

0.16

0.07

0.17

0.05

0.29

BL08-1W1

1360.3

1595.7

235.4

0.52

0.18

0.08

0.21

0.05

0.34

BL08-1W2

1318.8

1591.7

272.9

0.43

0.17

0.08

0.2

0.05

0.33

BL08-1W3

1338

1583.1

245.1

0.47

0.17

0.09

0.2

0.05

0.34

BL08-1W4

1350.3

1613.9

263.6

0.48

0.17

0.08

0.19

0.05

0.32

BL08-2

1366.5

1414

47.5

0.72

0.23

0.17

0.39

0.1

0.66

BL08-2W1

1366

1413.9

47.9

0.85

0.30

0.22

0.51

0.12

0.85

BL08-3

1549.8

1668.8

119

0.60

0.18

0.15

0.31

0.08

0.54

BL08-4

1234.4

1339.6

105.2

0.49

0.16

0.08

0.18

0.04

0.31

BL08-4

1440.3

1525.8

85.5

0.45

0.19

0.06

0.14

0.04

0.24

BL08-5

1261.8

1338.3

76.5

0.26

0.09

0.12

0.21

0.06

0.39

BL08-6

1715.9

1914.4

198.5

0.73

0.26

0.16

0.35

0.12

0.63

incl.

1725.2

1766.4

41.2

1.14

0.40

0.28

0.67

0.17

1.12

BL08-7

1547.7

1754.7

207

0.61

0.16

0.17

0.40

0.10

0.67

BL08-8

2080.2

2189.7

109.5

0.48

0.14

0.34

0.76

0.14

1.24

BL08-9

2121.8

2253.9

132.1

0.54

0.15

0.23

0.58

0.14

0.95

* Results for hole BL08-1 and -2 (including wedges) were released previously in October, 2008
* *True thickness is approximately 90% of the down hole interval
*** TPM = palladium + Platinum + Gold



This latest drilling builds on Franconia's announcement in July, 2008 (see news release of July 9, 2008) of an updated resource estimate for the Main Zone at the Birch Lake deposit, one of three underground resource areas identified thus far at the Company's Birch Lake Project. Scott Wilson Roscoe Postle Associates (Scott Wilson RPA) provided the estimate in their report entitled, "Technical Report on the Resource Estimate for the Birch Lake Property, Minnesota, U.S.A." and prepared by Richard Routledge, P. Geo., an appropriately qualified person according to NI 43-101. This report estimated an Indicated Resource* of 108.2 million tonnes plus an Inferred Resource of 87.3 million tonnes for the Birch Lake property deposit (see Table 2) This represented a substantial increase from the previous Birch Lake property resource completed in 2006, which included only an Inferred Resource of 100.4 million tonnes and no Indicated Resource . Independent reports prepared to NI 43-101 standards by Scott Wilson RPA are available at www.SEDAR.com and www.franconiaminerals.com.

Table 2
Birch Lake Deposit Mineral Resources Estimated at Various Copper Cut-off Grades Franconia Minerals Corporation, Birch Lake Property, Minnesota


 

Indicated Resources1,3,7,8

Cut-off

Tonnes6

Cu

Ni

Co

Pt

Pd

Au

TPM5

CuEq4

Grade

(000's)

%

%

%

g/t

g/t

g/t

g/t

%

Main Zone2

108,206

0.528

0.163

0.009

0.279

0.599

0.132

1.010

1.241

0.3% Cu

98,336

0.557

0.170

0.010

0.292

0.631

0.140

1.062

1.303

0.4% Cu

83,958

0.592

0.178

0.010

0.302

0.657

0.146

1.105

1.371

0.5% Cu

63,137

0.638

0.191

0.010

0.318

0.695

0.155

1.167

1.466

0.6% Cu

35,559

0.706

0.209

0.011

0.346

0.763

0.171

1.280

1.612

0.7% Cu

16,400

0.779

0.231

0.012

0.383

0.852

0.191

1.425

1.780



 

Inferred Resources1,3,7,8

Cut-off

Tonnes6

Cu

Ni

Co

Pt

Pd

Au

TPM5

CuEq4

Grade

(000's)

%

%

%

g/t

g/t

g/t

g/t

%

Main Zone2

87,298

0.541

0.167

0.009

0.226

0.493

0.111

0.830

1.213

0.3% Cu

78,668

0.573

0.176

0.010

0.237

0.520

0.118

0.875

1.280

0.4% Cu

66,984

0.612

0.186

0.010

0.251

0.553

0.125

0.930

1.360

0.5% Cu

53,141

0.653

0.198

0.011

0.265

0.580

0.133

0.978

1.445

0.6% Cu

31,757

0.718

0.218

0.011

0.286

0.624

0.146

1.056

1.585

0.7% Cu

17,162

0.778

0.237

0.012

0.299

0.656

0.157

1.113

1.708


1. CIM definitions were followed for Mineral Resource estimation and classification.

2. Mineral Resources are estimated for the Main Zone of the deposit as defined and wireframed based on mineral occurrence, grades, Cu:Pd, Ni:Pt ratios and other lithologic and stratigraphic factors.

3. Mineral Resources were estimated using average long-term metal US$ prices of $8.50/lb nickel, $2.50/lb copper, $20/lb Co, $1,200/oz platinum, $350/oz palladium and $800/oz gold.

4. Copper equivalent (CuEq%) = Cu% + 2.47 x Ni% + 2.78 x Co% + 0.19 x Au g/t + 0.59 x Pt g/t + 0.16 x Pd g/t based on metal prices and expected process recovery.

5. TPM is Au g/t + Pt g/t + Pd g/t.

6. Bulk density is 3.07 t/m3 as averaged from specific gravity testing.

7. Co, Au, Pt, Pd grades, that are lacking in historic drill holes, have been entered in the resource database based on regression of assay grades from Franconia drill hole assays.

8. Resources are estimated from approximately 345 m depth to approximately 840 m depth.

9. Scott Wilson RPA recommends reporting resources for the wireframed zone.

(*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.

All technical data have been reviewed by Brian Gavin, Franconia's president and CEO, who is also an appropriately qualified person as defined by NI 43-101.

Franconia Minerals Corporation trades on the TSX under the symbol FRA. (For additional information see www.franconiaminerals.com.) Franconia currently has 59,082,572 shares issued and outstanding.

In the US: Douglas Sherk: 415 896 6820
dsherk@evcgroup.com

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

In Toronto: Greg Taylor: 905 337 76730
gtaylor@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.

<

Franconia Minerals Corp.

CODE : FRA.TO
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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.

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