Full Metal Minerals Ltd.

Full Metal Minerals Ltd.

September 27, 2010 17:38 ET

Full Metal and Antofagasta Drill 388 Meters Averaging 0.32% Cu, 0.018% Mo, 0.067 g/t Au or 0.459% Cu Equivalent at Pyramid Porphyry Project, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 27, 2010) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) ("Full Metal") is pleased to announce that assay results have been received for the first drill hole completed at the Pyramid Porphyry target, located in southwest Alaska.

Starting at surface, drill hole PY10-01 encountered copper and molybdenum mineralization throughout the entire 500 meter length of this initial drill hole. This hole was the first of five diamond drill holes totaling 1,668 meters completed on the property during the 2010 season. Results for the additional four holes are pending. All holes encountered chalcocite, chalcopyrite and molybdenite mineralization over long intervals, covering a 900 meter (east-west) by 750 meters (north-south) area. Copper mineralization has been traced on surface, and coupled with current and historic drilling over an approximate 2,000 meter by 1,000 meter area, and is open in all directions.

From bedrock to the end of the hole, PY10-01 encountered 467.57 meters averaging 0.272% Cu, 0.019% Mo and 0.058 g/t Au or 0.409% copper equivalent. Higher grade intervals returned up to 57.7 meters averaging 0.479% Cu, 0.018% Mo and 0.112 g/t Au or 0.653% copper equivalent. Of significance with PY10-01 and all holes drilled during 2010 encountered chalcocite and covellite supergene enrichment at depths ranging from 120 meters to 250 meters below surface. Mineralization in all drill holes starts at surface.

Hole-ID   From (m)   To (m)   Length (m)   Cu %   Au (g/t)   Mo %   Cu EQ%*
PY10-01   32.30   499.87   467.57   0.272   0.058   0.019   0.409
including   36.00   424.00   388.00   0.320   0.067   0.018   0.459
including   68.10   290.00   221.90   0.403   0.088   0.014   0.538
including   180.30   238.00   57.70   0.479   0.112   0.018   0.653
*Copper equivalent calculations use metal prices of US$2.00/lb for copper, US$1000/oz for gold, and US$10/lb for molybdenum. The contained copper represents estimated contained metal in the ground and has not been adjusted for metallurgical recoveries. Adjustment factors to account for differences in relative metallurgical recoveries for gold, copper and molybdenum will depend upon the completion of definitive metallurgical testing.
CuEQ % = ((Cu% x 22.04lbs x $2.00) + (Au g/t x 32.15($/g)) + (Mo % x 22.04 lbs x $10.00))/( 22.04 lbs x $2.00)

Multiple hydrothermal centers have been identified at Pyramid, within an oval-shaped 2,300 meter by 1,400 meter mapped extent of phyllic and potassic alteration zones. Classic vein styles are identified in the core with EDM, A, B, and D veins hosting mineralization. Copper mineralization with variable molybdenum occurs within multiple phases of porphyritic intrusive rocks as well as hornfelsed sediments. Quartz diorite porphyry and quartz feldspar porphyry intrusives make up the bulk of the igneous rock types and hosts; diorites are known for their gold bearing affinity. Drilled mineralization is open for expansion in all directions and at depth.

The 37,296 hectare Pyramid Porphyry Project lies along the southern margin of the Alaska Peninsula approximately eight kilometers from tidewater. The area was initially explored in 1974 by the Aleut-Quintana-Duval Joint Venture, who drilled 19 shallow holes (maximum 168 meters depth) in late 1975 (1,695 meters total). Gold content was not an exploration target in the initial exploration effort. More recent exploration by Battle Mountain Gold in the late 1980's identified associated gold values that have enhanced the potential of Pyramid.

The 2010 exploration program at Pyramid was funded by Antofagasta Minerals ("Antofagasta Minerals"), who are currently earning a 51% interest in the Property. Full Metal has an exploration agreement with Option to Lease a 100% interest in mineral rights from the Aleut Corporation, an Alaska Native Regional Corporation, and has been granted the surface rights from Shumagin and TDX Corporations, Alaska Native Village Corporations (see FMM News Release #8, July 9, 2010).

The 2010 exploration program at Pyramid was supervised by John T. Galey, Jr, C.P.G., Consulting Geologist, and Robert McLeod, P.Geo., Vice-President Exploration of Full Metal Minerals. Both are Qualified Persons as defined by NI 43-101. Drill cores were cut in half using a diamond saw, with one half placed in sealed bags, and delivered to ALS-Chemex facilities in Fairbanks, Alaska. A sample quality control/quality assurance program utilizing standards and blanks, as well as third-party check labs has been implemented. Contents of this release were prepared by and approved for release by Mr. McLeod.

Full Metal is a generative exploration company with multiple precious and base metal projects in Alaska and the Yukon. Work during 2010 includes drilling programs at the 100%-owned Fortymile zinc-silver-lead Property, underground development with Harmony Gold at the Lucky Shot Property, as well as additional surface work and drilling programs at several of Full Metal's Properties funded by Joint Venture Partners.

Antofagasta Minerals is a wholly-owned subsidiary and the mining division of Antofagasta plc ("Antofagasta") (ANTO.L). Antofagasta plc has three business divisions: Mining, Transport and Water. Antofagasta is one of the world's largest copper producers. Its activities are mainly concentrated in Chile where it owns and operates three copper mines with a total production of 442,500 thousand tonnes of copper and 7,800 tonnes of molybdenum in 2009. Antofagasta has recently commissioned a brownfield expansion at its Los Pelambres mine and a new mine development, Esperanza, is expected to enter into production at the end of 2010. Together, these are expected to increase group copper production to over 700,000 tonnes from 2011. A feasibility study is also in progress at Antucoya in Northern Chile. In Pakistan, a feasibility study has been completed at the Reko Diq joint venture. In the United States, the group recently signed a joint venture agreement to complete the exploration and begin a feasibility study for Nokomis, a copper and nickel project located in Minnesota. Antofagasta also has exploration programs in Africa, Europe, Australia, and the Americas.


Michael Williams

President and Director

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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