VERADALE, Wash., Aug. 6, 2002 (PRIMEZONE) -- Franconia Minerals Corporation (OFEX:FRA) is pleased to announce very promising initial results from its core drilling program at the high-grade zinc San Francisco property in southwestern Utah. One of three core holes drilled, hole SF-2, encountered numerous zones containing high grade oxide zinc mineralization with up to 25.48 per cent zinc over 15.7 ft down the hole within a wider, 55.7 ft intercept averaging 12.88 per cent zinc (see Table 1.). These results complement previous drilling and sampling on the property which showed the presence of high-grade sphalerite (zinc sulfide) mineralization, with up to 55 feet of 19% zinc in drilling and 105 feet of 14.5% zinc in underground drift sampling. Additional details are available at www.franconiaminerals.com.
Table 1. Significant zinc intercepts, San Francisco property, Utah
Drill Total Azimuth/ From To Intercept Zinc
Hole Depth Angle Grade
(ft) (ft) (ft) (ft) (per cent)
SF-1 949 NA/-90 Results pending
SF-2 1,257 117/ -81.5 1170 1225.7 55.7 12.88
Includes: 1170 1207 37 14.88
Includes: 1172.5 1195 22.5 21.06
Includes: 1179.3 1195 15.7 25.48
Includes: 1200 1202.2 2.2 26.00
Includes: 1212 1225.7 13.7 12.13
Includes: 1217.5 1222.7 5.2 23.90
SF-3 1,322 149/-75 Results pending
Given sufficient tonnage and favorable metallurgy, oxide zinc of this grade could constitute a mineable resource in its own right. Alternatively, the presence of high-grade oxide zones is often strongly indicative of the close proximity of additional zinc sulfide mineralization.
SF-1 (see Franconia News Release 02-07, June 25, 2002) was positioned to test the west and northward extension of high-grade mineralization but was abandoned due to poor drilling conditions before reaching the most prospective levels. Assay results are pending.
Drill hole SF-2 encountered very high-grade zinc mineralization (see Table 1) in oxidized zones at approximately the 1100 foot mine level. These zones appear to occur in high angle structures but, due to a lack of data, it is impossible to estimate a true thickness at this time.
The zinc mineralization encountered in SF-2 occurs some 300 feet south southwest and 300 feet deeper than the most extensive sulfide zinc mineralization and 70 feet from oxide zinc mineralization known to exist in the old workings and represents a previously undiscovered area of high-grade zinc mineralization.
Hole SF-3 was drilled to a depth of 1322 feet. Oxide material, visually similar to that present in SF-2, was intercepted between 1178 feet and 1277.5 feet down the hole. Oxidized material comprised approximately 35 to 40 per cent of this interval, which, as in SF-2, occurs on and around the 1100ft level. Assays are pending and should be received within two weeks.
Exploration Implications
The implications for exploration are threefold:
1. High-grade oxide zinc mineralization is now known to occur
intermittently from the surface to the 1100 foot level. No
previous attempt has been made to quantify the amount and
grade of this type of mineralization to this depth in order
to evaluate the global oxide zinc resource.
2. High-grade zinc mineralization occurs within feet, or tens of
feet, of high grade zinc sulfide mineralization on previously
sampled levels of the mine. The oxide zinc mineralization
encountered in SF-2, and perhaps in SF-3, may well be
indicative of high-grade sulfide mineralization nearby.
3. The relationship of the newly discovered zinc mineralization
to previously known mineralization is not yet known and
further work will be directed towards assessing the size,
shape, and extent of this new zone or zones.
Franconia Minerals Corporation brings together a wealth of knowledge, experience and information of the worldwide minerals industry and has formed two strategic alliances with major mining companies, Teck Cominco American and Impala Platinum Holdings, to explore for and develop large, commercially and strategically critical mineral resources in an efficient and timely manner. Franconia Minerals Corporation is a Canadian corporation trading on the OFEX in London under the symbol FRA.
On behalf of the Board of Directors, 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 and Markets Act 2000, by Lion Capital Corporation Limited (Lion), 7-8 Kendrick Mews London SW7 3HG, who is authorised to carry on Investment Business by the Financial Services Authority. 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: 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