Full Metal Minerals Ltd.

Full Metal Minerals Ltd.

November 22, 2011 13:49 ET

Full Metal Identifies Multiple Gold and Silver Anomalies and Expands Rolling Thunder Project, White Gold Trend, Eastern Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 22, 2011) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) is pleased to announce that the Company has received encouraging surface sampling results from multiple silver and gold targets at the Rolling Thunder Project, located along the eastern extension to the Yukon's White Gold trend in Alaska. Full Metal has continued to expand the land package through additional claim staking to 51,164 hectares, covering multiple different target areas.

Full Metal Minerals has received encouraging results from the 2011 Rolling Thunder exploration program in the historic 40 Mile district. This year's program collected 2,373 soil samples, 379 rock samples, and 178 trench samples. Soil sampling focused on completing coverage of the ridges and spurs on Rolling Thunder claim blocks as well as expanding grids at South Pika and McElfish prospects and placing a soil grid at the Pika target.

Soil maps with complete gold and silver results can be viewed at www.fullmetalminerals.com.

Particularly encouraging silver values were returned from the Pika prospect. Grab samples of sulphide veins returned 5,750 and 4,950 g/t Ag. Mineralization is associated with strong sericite-limonite-silica alteration observed in dominantly augen gneiss, a soil grid was established measuring approximately 2,000 by 2,000 meters at 50m centers and 100m line spacing. Within the soil grid, as well as expanded 'ridge and spur' soil lines, five separate multielement soil trends were identified, ranging from 400 to 1,800 meters in length. One of these particular trends is 1,800 meters in length; 239 samples range from trace to 6.9 g/t Ag in soil, averaging 1.0 g/t Ag.

Due to limited bedrock exposure at Pika, ten trenches were completed across the Pika prospect. Trenches primarily targeted a series of mineralized NNE-trending structures carrying anomalous Au, Ag, and/or Pb. Trenches PC11-02 and PC11-03 contained 2.8ppm Ag and 1153ppm Pb over 17.7m and 1.9ppm Ag and 402ppm Pb over 30m, respectively. One grab sample from PC11-04 assayed 256ppm Ag and 4.49% Pb. Several of the grab sample highlights in the Pika area are listed below.

Sample Lithology Au (ppb) Ag (ppm) Pb (ppm)
593046 Gossan 1,095 525 >20%
593026 Gossan 645 392 9.29%
593032 Massive Galena 150 4950 >20%
593049 Massive Galena 18 5750 >20%
593047 Quartz Vein 280 103 9,770
K843489 Augen Gneiss 69 31.2 1,885
756756 Quartz Vein 260 64.1 1,345
593030 Sericitic Schist < 5 31 5,550
593028 Augen Schist 44 28.9 5,330
756957 Quartz Vein 33 20.9 778

Two new claim blocks at Rolling Thunder, West Pika (81km2) and Gold Fish (37km2) were staked this season after receiving results from ridge-and-spur soil sampling and prospecting. The West Pika claim block is adjacent to the Pika claim block. One grab sample of a mineralized quartz vein on West Pika yielded 2.31 g/t Au, 343 g/t Ag, 6040 ppm Pb, and 1700 ppm Bi. The Gold Fish claim block is located adjacent to the west to the Company's Willow claim group in the northwestern portion of the target area.

An expansion of the soil grid completed in 2010 at the McElfish claim block, located approximately 20km southeast of Pika. A total of 197 soils were collected on 50m centers and 100m spaced NW-SE lines. Assay results show two ~1km NE trending Au anomalies with a width of 200-500m and values ranging between 20-200ppb. The anomalies are still open to the southwest.

Full Metal's management and geologic team were shared with Underworld Resources, which made a significant discovery at the White Gold Project in the Yukon. Underworld was acquired by Kinross Gold in the spring of 2010. The technical team utilized this experience and understanding of geologic controls, geochemistry and exploration targeting methods which was successful at White Gold to stake these new claims.

The White Gold district in Alaska occurs within a mineral belt of Cretaceous age deposits, prospects, and placer gold mines trending from the Minto mine in the southwest, and includes porphyry copper and epigenetic gold deposits and prospects such as Freegold Mountain (Northern Freegold), Casino (Western Copper), White Gold (Kinross) and Coffee (Kaminak). This mineral belt strikes to the northeast from the Yukon into Alaska, and includes Full Metal's Rolling Thunder claims, the Fortymile placer district, and Full Metal's high-grade Zn-Ag-Pb-Cu carbonate replacement deposits (see News Release FMM 2010 – NR #5, June 3rd 2010). Over 30 companies are actively exploring along this trend in the Yukon, with an ongoing staking rush up to the Yukon-Alaska border. Full Metal Minerals is the only company currently active in the Alaska section of this belt.

Placer gold mining has been ongoing in the Fortymile district since the late 1800's, with over 550,000 ounces of placer gold produced (from Szumigala et al, Alaska DGGS Report 2000). The area is underlain by the same host rocks, a similar tectonic history and intrusive rocks to the White Gold District.

Full Metal and BHP completed an extensive reconnaissance program in the southern portion of the target area during 2008, exploring four porphyry targets. In 2009, Full Metal regained a 100% ownership of this program, after BHP completed extensive geochemical surveys and a large airborne magnetic survey. In addition to a proprietary geochemical data set owned by Full Metal from historic operators, the Company utilized this data in targeting several of the new claim groups.

Full Metal's 2011 exploration program at Rolling Thunder was managed by Robert McLeod, P.Geo, Vice-President Exploration for Full Metal Minerals and a Qualified Persons as defined by NI 43-101. Rock and soil samples were collected by experienced geologists, placed in sealed bags and delivered by Company employees to ALS-Chemex Labs facility in Fairbanks, Alaska. A sample quality control/quality assurance program using standards and blanks was implemented. Mr. McLeod prepared and approved the information contained in this release.

Full Metal is a generative exploration company with five existing joint ventures, and multiple precious and base metal projects in Alaska. The Company recently announced drill results from the Pyramid copper-gold-molybdenum porphyry discovery.


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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