Franconia Begins Drill Program On Dunka Nickel-Copper Massive Sulfide Target In Minnesota.SPOKANE, Wash. -- Franconia Minerals Corporation (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:FRA Fra: see Angelico, Fra; Bartolommeo di Pagholo del Fattorino, Fra; Fra Filippo Lippi under Lippi. )(OFEX OFEX Off Exchange (Over-The-Counter Market established in 1995, Specialising in Smaller Companies) :FRA) announces that it has begun a diamond drill program on its Dunka property, a nickel-copper massive sulfide exploration target located in northeastern Minnesota. Dunka lies southwest of Franconia's inferred copper-nickel-PGM resources at Birch Lake Birch Lake may refer to: Cities, towns, townships etc.
The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. previously encountered in historic drilling. "The Dunka target represents a potentially high-grade copper-nickel massive sulfide target lying only two miles distant but geologically distinct and separate from our Birch Lake and Maturi resources," said Mr. Brian Gavin Brian Gavin (born 14 Nov, 1957) is a fifth-generation diamond cutter from South Africa. Referred to as “Brian the Cutter,” Gavin is best known for establishing a quality benchmark and grading system for hearts and arrows diamonds, a specialized precision-cut form of the , president of Franconia Minerals. "This mineralization may be indicative of a separate, higher grade type of nickel-copper deposit than is generally seen in the Duluth Complex The Duluth Complex is the basement bedrock beneath the Arrowhead Region of northeastern part of the U.S. state of Minnesota, including the eastern part of Superior National Forest and the Boundary Waters Canoe Area Wilderness (BWCA). ." The initial drilling program will consist of two vertical holes, each 1800 feet deep, drilled within two hundred meters of the historic D-5 hole (see drill hole map below). D-5 intersected 32 feet (9.7 meters) with reported grades of 1.7% copper and 1.3% nickel, including 12 feet (3.7 meters) of massive sulfide mineralization with 3.5% copper and 2.8% nickel (see table below). The target is copper and nickel enriched massive to semi-massive sulfide mineralization in the South Kawishiwi intrusion, a member of the Duluth Complex. Previous drilling revealed nickel-copper sulfide mineralization in four holes drilled between 1965 and 1981 by Exxon Minerals (holes D-2, D-5 and D-10) and Newmont (hole NM-9) over a strike length of more than one mile (1800 meters). The mineralization is coincident with a magnetic geophysical feature within the South Kawishiwi intrusive and appears to occur in the same geologic horizon in all these holes. Copper and Nickel Assays, Dunka Target, Birch Lake, Minnesota --------------------------------------------------------------------- Drill From To Interval Copper Nickel Year Hole (feet) (feet) (feet) (%) (%) drilled --------------------------------------------------------------------- D-2 1577 1591 14.0 1.06 0.52 1977 --------------------------------------------------------------------- D-5 1609 1641 32 1.70 1.30 1978 --------------------------------------------------------------------- includes 1609 1621 12 3.51 2.95 --------------------------------------------------------------------- D-5W1 (wedge) 1614.7 1636.9 22.2 1.76 0.60 2001 --------------------------------------------------------------------- includes 1634.0 1636.9 2.9 3.00 2.80 --------------------------------------------------------------------- D-10 1591 1605 14.0 0.73 0.70 1980 --------------------------------------------------------------------- includes 1603.5 1605 1.5 0.78 2.20 --------------------------------------------------------------------- NM-9 1568.5 1578.5 10.0 1.16 0.76 1969 --------------------------------------------------------------------- (All intercepts are "down hole" lengths and do not necessarily represent true widths.) Hole D-5W1 is a wedged offset from D-5 drilled by the Beaver Bay Beaver Bay is a city and a township in Lake County, Minnesota:
All the intercepts occur about 1550 to 1650 feet below the surface. The geometry of the mineralization remains to be determined. Some of the assay data are on file at the Minnesota Department of Natural Resources The Minnesota Department of Natural Resources is the agency of the state of Minnesota charged with maintaining natural areas such as state parks, state forests, recreational trails, and recreation areas as well as managing minerals, wildlife, and forestry. in Hibbing, Minnesota Hibbing is a city in St. Louis County, Minnesota, USA. The population was 17,071 at the 2000 census. The city was built on the rich iron ore of the Mesabi Iron Range. At the edge of town is the largest open-pit iron mine in the world.[1] U.S. . This information was reviewed by Franconia's exploration manger William F. Rowell. Mr. Rowell is an appropriately qualified person as defined by National Policy 43-101. Maturi and Birch Lake Elsewhere on the Birch Lake project, Franconia is also planning to conduct an independent economic assessment based on a scenario in which the Maturi and Birch Lake copper-nickel-PGM resources would be mined concurrently and processed at a central plant. Franconia Minerals Corporation trades on both the TSX-V in Canada and OFEX in the UK under the symbol FRA. (For additional information see www.franconiaminerals.com.) The directors of Franconia Minerals Corporation accept responsibility for this announcement. Franconia presently has 28,669,385 shares issued and outstanding. FRANCONIA MINERALS CORPORATION Brian Gavin President This document, which has been issued by Franconia Minerals Corporation (Franconia), has been approved solely for the purposes of Section 21 of the Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and Markets Act 2000, by Lion Capital Corporation Limited (Lion), 4th Floor, 2 Cromwell Place, London SW7 2JE, who is authorised to carry on Investment Business by the Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. . Lion, is acting as advisers for Franconia and to no-one else and will not be responsible to anyone other than Franconia for providing protections afforded to customers of Lion for providing advice in relation to any investment made pursuant to this announcement and makes no recommendation for the suitability of any investment, which is the subject of this announcement. FORWARD-LOOKING STATEMENT forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : 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. Incorporated in Alberta Canada No. 207953670. Please note: There is a map available on CCNMatthews' website at the following link: http://www.ccnmatthews.com/docs/fra0227.pdf THE TSX VENTURE EXCHANGE TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. HAS NOT REVIEWED AND DOES NOT ACCEPT RESP RESP Response RESP Registered Education Savings Plan (Canada) Resp Responsibility Resp Respektive (Sweden: respectively) Resp Respiration RESP Respironics, Inc. ONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Franconia Minerals Corporation (TSX VENTURE:FRA) (OFEX:FRA) |
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