Full Metal Minerals Ltd.
TSX VENTURE : FMM

Full Metal Minerals Ltd.

April 18, 2012 13:23 ET

Full Metal and Antofagasta Minerals S.A. Announce 2012 Drill Program at Pyramid Cu-Au-Mo Porphyry Deposit, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 18, 2012) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) ("Full Metal") and Antofagasta Minerals are pleased to announce a 3,000 meter core drilling is planned for the 2012 field season at the Pyramid Project, located near tidewater on the Alaska Peninsula.

The primary objective of the upcoming drilling program is to test extensions of Cu-Au-Mo mineralization, as well as follow up on high grades encountered during the 2011 drilling program around the southern limits of the mineralizing system. A significant portion of the surface expression of stockwork veining, favorable alteration and copper mineralization has not yet been drilled at Pyramid. Mineralization is open in all directions and at depth.

Highlights from the 2011 drilling program at Pyramid include:

  • PY11-007: 104.00 meters 0.72% Copper Equivalent
  • PY11-010: 310.29 meters 0.53% Copper Equivalent
  • PY11-012: 208.00 meters 0.54% Copper Equivalent
  • PY11-014: 100.00 meters 0.76% Copper Equivalent
  • PY11-016: 155.94 meters 0.97% Copper Equivalent
  • PY11-017: 117.54 meters 0.81% Copper Equivalent

During the 2010 and 2011 season, seventeen holes were completed at Pyramid, funded by Antofagasta Minerals S.A. Drill holes were typically shallow for a Porphyry system, with most holes less than 300 meters in total length. Drilling spanned an area measuring approximately 1,100 meters east-west and 900 meters north-south.

Complete drill results from the 2011 program are as follows:

Hole ID From (m) To (m) Interval (m) Cu% Au (ppm) Mo % Cu.Eq%
11PY-006 No Significant Intercepts
11PY-007 6.00 110.00 104.00 0.56 0.129 0.009 0.72
Including 12.00 60.00 48.00 0.74 0.152 0.011 0.93
Including 26.00 36.00 10.00 0.86 0.167 0.018 1.11
11PY-008 70.00 154.00 84.00 0.27 0.036 0.013 0.38
11PY-009 No Significant Intercepts
11PY-010 16.76 327.05 310.29 0.39 0.102 0.009 0.53
Including 162.00 198.00 36.00 0.54 0.132 0.005 0.68
Including 238.00 264.00 28.00 0.63 0.190 0.003 0.81
Including 184.00 196.00 12.00 0.74 0.152 0.003 0.89
Including 246.00 258.00 12.00 0.82 0.271 0.005 1.08
11PY-011 No Significant Intercepts
11PY-012 60.00 268.00 208.00 0.35 0.088 0.019 0.54
Including 222.00 234.00 12.00 0.47 0.105 0.016 0.65
11PY-013 43.00 63.00 20.00 0.25 0.051 0.009 0.35
91.00 103.00 12.00 0.30 0.083 0.031 0.56
123.00 140.21 17.21 0.28 0.101 0.019 0.48
11PY-014 46.00 146.00 100.00 0.48 0.102 0.033 0.76
Including 84.00 106.00 22.00 0.57 0.102 0.027 0.82
Including 118.00 146.00 28.00 0.67 0.142 0.024 0.93
Including 138.00 144.00 6.00 0.98 0.165 0.014 1.20
11PY-015 Lost Hole
11PY-016 94.00 249.94 155.94 0.71 0.179 0.018 0.97
Including 94.00 108.00 14.00 0.95 0.201 0.025 1.27
Including 226.00 246.00 20.00 0.99 0.151 0.012 1.19
Including 230.00 240.00 10.00 1.15 0.185 0.012 1.38
11PY-017 44.00 161.54 117.54 0.60 0.081 0.024 0.81
Including 46.00 136.00 90.00 0.66 0.087 0.025 0.88
Including 96.00 136.00 40.00 0.77 0.094 0.026 1.00

*Copper equivalent calculations use metal prices of US$2.00/lb for copper, US$1,150/oz for gold, and US$12/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 $2.00) + (Au g/t x 36.973($/g)) + (Mo % x 22.04 lbs x $12.00))/(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 early halo veins, 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.

Mineralization is typically comprised of chalcocite, covellite, chalcopyrite and molybdenite with supergene enrichment at depths ranging from 120 to over 250 meters below surface.

Drill hole collar maps and tables are available at www.fullmetalminerals.com.

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 2012 exploration program at Pyramid will be funded by Antofagasta Minerals S.A. ("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 2012 exploration program at Pyramid will be supervised by Robert McLeod, P.Geo., Vice-President Exploration of Full Metal Minerals, a Qualified Person as defined by NI 43-101. Drill cores will be cut in half using a diamond saw, with one half placed in sealed bags, and delivered to ALS-Chemex facilities in Anchorage and Fairbanks, Alaska. A sample quality control/quality assurance program utilizing standards and blanks, as well as third-party check laboratories is in place. Contents of this release were prepared by and approved for release by Mr. McLeod.

Full Metal is a generative exploration company with four existing joint ventures, and multiple precious and base metal projects in Alaska. Drilling programs are also planned for 2012 at the Company's Unga gold-silver, and Pebble South copper-gold Projects, funded by Joint Venture Partners.

Antofagasta Minerals S.A. is a wholly-owned subsidiary and the mining division of Antofagasta plc ("Antofagasta") (ANTO.L). Antofagasta is one of the world's largest copper producers. Its activities are mainly concentrated in Chile where it owns and operates four copper mines. In 2011, the group produced 640,500 tonnes of copper, 9,900 tonnes of molybdenum, and 196,800 ounces of gold. The Antucoya project, in Northern Chile, was approved by the Board in December 2011 and is expected to commence its construction in 2012. Additionally, in Chile Antofagasta Minerals is developing the feasibility study for the Centinela Mining District. In the United States, the group has a joint venture agreement to complete the exploration and begin a feasibility study in respect of the Twin Metals Project, a copper, nickel and PGEs project located in Minnesota. Antofagasta also has exploration programs in Europe, Australia, Africa and the Americas.

ON BEHALF OF THE BOARD OF DIRECTORS

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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