VERADALE, Wash., Aug. 14, 2002 (PRIMEZONE) -- Franconia Minerals Corporation (OFEX:FRA) is pleased to announce additional very promising results from its core drilling program at the high-grade zinc San Francisco property in southwestern Utah. Hole SF-3 encountered two zones of high-grade oxide zinc mineralization with up to 24.59 per cent zinc over 26.0 ft down the hole within a wider, 49.5 ft intercept averaging 16.63 per cent zinc (see Table 1).
These results complement results reported last week for hole SF-2 (55.7 ft intercept averaging 12.88 per cent zinc, see Table 2 below) as well as 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, including plans and cross-sections, are available at www.franconiaminerals.com.
Table 1. Significant zinc intercepts in holes SF-1 and SF-3,
San Francisco property, Utah
Drill Total Azimuth/ From To Intercept Zinc Grade
Hole Depth(ft) Angle (ft) (ft) (ft) per cent)
SF-1 949 NA/-90 657.0 663.5 6.5 3.71
SF-3 1,322 149/-75 1177.6 1189.0 11.4 18.01
Includes: 1177.6 1184.0 6.4 26.90
1228.5 1278.0 49.5 16.63
Includes: 1244.0 1278.0 34.0 20.18
Includes: 1244.0 1270.0 26.0 24.59
Includes: 1256.3 1270.0 13.7 34.30
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 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. However, assay results show a zone of sulfide (sphalerite) mineralization between 657.0 ft and 663.5ft averaging 3.71 per cent zinc.
Hole SF-3, as in hole SF-2 (see Franconia News Release 02-09, August 6, 2002), encountered very high-grade zinc mineralization (see Table 1) in oxidized zones at approximately the 1100 foot mine level. The mineralization in hole SF-3 occurs some 200 feet south of the mineralization intercepted in SF-2 (see Table 2 below). Preliminary examination of the core indicates that smithsonite (zinc carbonate) is the main zinc-bearing mineral, suggesting that the zinc would be relatively easy to recover, and that the mineralization is largely conformable with the near-horizontal bedding of the carbonate host rocks. The conformable nature of the mineralization suggests that the oxide mineralization may grade laterally into bedded, "manto"-style sulfide mineralization.
The zone of mineralization encountered in holes SF-2 and SF-3 remains open to the west and south, and, in the case of SF-3, to the east. Additional drilling is planned to fully determine the extent of potentially economic zinc mineralization. Also, further studies will be undertaken to characterize the mineralogy and metallurgical characteristics of the oxide zinc material. A program of check assays is currently underway.
Table 2. Previously reported significant zinc intercepts in hole
SF-2, San Francisco property, Utah
Drill Total Azimuth/ From To Intercept Zinc Grade
Hole Depth(ft) Angle (ft) (ft) (ft) per cent)
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
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.