Full Metal Minerals Ltd.
TSX VENTURE : FMM

Full Metal Minerals Ltd.

October 05, 2011 10:22 ET

Full Metal and Antofagasta Minerals S.A. Significantly Expand Pyramid Porphyry Project, Alaska; Intercepts 155.9 Meters Averaging 0.71% Cu, 0.018% Mo, 0.179 g/t Au or 0.97% Cu Equivalent

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 5, 2011) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) ("Full Metal") is pleased to announce that final assay results have been received for the 2011 drilling completed at the Pyramid Porphyry Project, located in southwest Alaska. These results suggest a significant new copper-gold-molybdenum porphyry discovery that is wide open for expansion.

Highlights from the 2011 drilling program include:

  • PY11-07: 104.0 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 2011 season, twelve holes were completed totaling 2,576 meters. 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, is open for expansion in all areas and at depth.

Of significance was drill hole PY11-016 which intersected 155.94 meters averaging 0.71% Cu, 0.179 g/t Au and 0.018% Mo, or 0.97% Cu equivalent underneath a 94.0 meter thick leach cap. The intercept includes several higher grade zones, including 20.0 meters averaging 0.99% Cu, 0.151 g/t Au and 0.012% Mo, or 1.19% Cu equivalent. This hole was shut down in strong mineralization, with the final 7.94 meters averaging 0.78% Cu, 0.124 g/t Au and 0.03% Mo. This hole was completed at the extreme of southeastern area of drilling to-date, suggesting a grade and hydrothermal vector in this direction.

Drill hole PY11-017 was a 60 meter northeast step-out from hole PY10-05, which encountered 72.0 meters averaging 0.75% Cu, 0.162 g/t Au and 0.017% Mo (0.957% Cu. Equiv). This hole intersected 117.54 meters averaging 0.60% Cu, 0.081 g/t Au and 0.024% Mo, or 0.81% Cu equiv. Mineralization remains open to expansion to the north. Complete drill results 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; diorites are known for their gold bearing affinity.

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

Surface work completed during the 2011 program included a ground magnetic survey and additional mapping. Survey results identified regions of strong magnetic highs and lows coincident with magnetite bearing potassic alteration and phyllic alteration respectively. Peripheral magnetic highs respond to early potassic (biotite-magnetite) alteration in hornfelsed sediments. Drill holes PY11-06 and 09 did not encounter significant copper mineralization within these zones of alteration. Areas of relative magnetic lows correlate with phyllic overprinting early potassic alteration and host the bulk of copper mineralization encountered in the majority of this seasons drilling. Drill hole PY11-015 was drilled on the far west side of the system and lost at 104.55m due to technical problems in intense leached capping with pervasive quartz stockworks (A, B, and D veining), leaving the western side of the property completely open.

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 2011 exploration program at Pyramid was 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 2011 exploration program at Pyramid was supervised by Jodie Gibson, P.Geo Senior 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 five existing joint ventures, and multiple precious and base metal projects in Alaska. Assay results from 2011 exploration programs at the Unga, Circle, Tanacross and Rolling Thunder gold projects will be released shortly.

Antofagasta Minerals is a wholly-owned subsidiary and the mining division of Antofagasta plc ("Antofagasta") (ANTO.L). Antofagasta is listed on the London Stock Exchange and a constituent of the FTSE-100 Index, with interests also in transport and water distribution. Currently, Antofagasta's activities are primarily concentrated in Chile where it owns and operates four copper mines: Los Pelambres, Esperanza, El Tesoro and Michilla. Total production in 2011 is expected to be 620,000-640,000 tonnes of copper, 10,600 tonnes of molybdenum and 200,000-215,000 ounces of gold. Antofagasta also has exploration and evaluation or feasibility programmes in North America, Latin America, Europe, Asia, Africa and Australia.

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.

Contact Information