Full Metal Minerals Ltd.

Full Metal Minerals Ltd.

November 16, 2006 09:01 ET

Full Metal and Triex Announce Results from Drilling and Reconnaissance Exploration, Boulder Creek Uranium Project, Alaska

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 16, 2006) - Full Metal Minerals (TSX VENTURE:FMM) ("Full Metal") and Triex Minerals Corporation (TSX VENTURE:TXM) ("Triex") are pleased to announce that all results have been received from the first pass drill program at the Boulder Creek uranium deposit in Alaska, completed in July, 2006 (see previous release dated Sept. 7th, 2006). Grade and thickness values confirmed historic drill results, and support continued efforts in 2007 to test for potential new deposits along strike to the north where geochemical anomalies are established. Extensive reconnaissance exploration successfully identified multiple new targets for detailed evaluation and potential drill-testing in 2007. Not all geochemical data sets from the regional surface sampling program have been received, therefore a complete synthesis of the uranium potential in the region is pending. Complete results for 2006, and plans for 2007, are anticipated for release during the next month, at which time updated maps and sections will be provided on respective company websites.

The Boulder Creek uranium deposit is located in the southeastern Seward Peninsula, Alaska, 160 km east of Nome, and 47 km north of the coastal village of Elim. The Boulder Creek deposit is hosted within Tertiary-aged sandstone peripheral to a Late Cretaceous alkalic quartz monzonite intrusion. It is the largest known uranium deposit in the state, discovered by Houston Oil and Minerals (later Tenneco Mineral Company), with drilling between 1979 and 1981 outlining some 1,000,000 pounds of U3O8 at an average grade of 0.27% U3O8 and average thickness of 3 metres, and depths of mineralization from surface to 120 metres (Economic Geology, Volume 82, 1987 pp. 1558-1574). The foregoing is an historical estimate. The Companies have not completed the work necessary to certify the classification of the resource and is not treating the historical estimate as compliant with NI 43-101. The historical estimate should not be relied upon.


Twelve holes were completed within and peripheral to the known limits of mineralization at the Boulder Creek uranium deposit. The delineation of the "main zone" of the deposit is not changed based on this work. Two holes completed in the core of the deposit confirmed the historic grade and thickness of the deposit for sandstone-hosted uranium deposit types. Hole DV06-54 was completed in the core of the northern part of the deposit. It contained 0.317% U3O8 over 3.0 metres between 23.0 and 29.0 metres depth, including 0.867% U3O8 over 2.0 metres. Hole DV06-64 contained 0.317% U3O8 over 2.0 metres within 5.0 metres of 0.1647% U3O8 between 11.4 and 16.4 metres depth. Possible extensions of the deposit along strike to both the north and south are not completely tested.

Two holes were completed at Carbon Creek, seven kilometres northwest along strike from the main deposit at Boulder Creek. These holes did not intersect significant uranium mineralization, but favourable host stratigraphy was confirmed. Much more drilling is required to fully test the nine kilometer long, multi-element geochemical anomalies that extend from Carbon Creek to the main deposit area at Boulder Creek.

Reconnaissance Exploration

First-pass reconnaissance exploration was completed in four main areas in the Death Valley and McCarthy Marsh regions north and west of the Boulder Creek uranium deposit. Work was performed in areas with geological settings similar to that at the Main Zone at the Boulder Creek uranium occurrence, that is, Cretaceous age granitic bodies forming uplands on the flanks of Eocene age sedimentary basins. A total of 2,996 line-kilometres of airborne radiometrics were flown in four different blocks using Triex's in-house Exploranium GR460 spectrometer system that utilizes two GPX-256 sodium iodide crystals mounted on a helicopter. Flight line spacing was 200 m and 400 m.

Airborne radiometric anomalies were followed up on the ground by mapping, prospecting and geochemical sampling. Some 475 samples rock, soil and biogeochemical samples were collected; most data have been received by the Company, but some are still pending. Rock and soil samples were prepared by the ALS-Chemex Laboratories facility in Fairbanks, Alaska, and analyses were completed at the ALS-Chemex laboratory in North Vancouver, British Columbia. Biogeochemical samples were processed and analyzed by Acme Analytical Labs Ltd. of Vancouver, British Columbia.

Boulder Creek - Death Valley

Exploration was focused on a 30 kilometre long, northwesterly trending belt that extends from five kilometres southeast of the main zone of the Boulder Creek deposit to the northwestern corner of Death Valley. Approximately 1,155 line-kilometres of airborne radiometrics was completed. Twelve anomalies were followed-up and examined on the ground, including one from the "990 Hill" area just to the northwest of the Main Zone. Rock and soil geochemical data are pending. Some 203 biogeochemical samples were collected from this belt. There are twelve areas with coincident uranium and molybdenum anomalies that will be examined in detail in 2007 and evaluated for drill testing.

McCarthy Marsh

Reconnaissance work was also done west of Boulder Creek, on the western side of the Darby Mountains, in the McCarthy Marsh area. Approximately 1,841 line-kilometres of airborne radiometrics were completed in three different blocks.

In the northern block, 13 airborne anomalies were selected for ground follow-up and examined on the ground. Some 202 rock and biogeochemical samples were collected. Three areas have been identified for detailed follow-up in 2007 based on overlapping uranium and molybdenum anomalies, but not all data have been received to-date.

In the central block, 29 anomalies were identified and selected for ground follow-up form 1,099 line-kilometres of airborne radiometric surveying. Some 68 rock, soil and biogeochemical samples were collected. At least two areas have been identified for follow-up based on anomalous uranium, but not all data have been received.

In the southern block, 11 anomalies were identified and selected for ground follow-up from approximately 558 line-kilometres of airborne radiometrics. Some 30 rock and biogeochemical samples were collected. The Company is still waiting for data before potential targets can be identified for detailed follow-up and possible drill-testing in 2007.

Triex's total 2006 budget for uranium exploration in Alaska was approximately C$1.5 million. Information on the Joint Venture agreement between Triex and Full Metal is provided in the September 28, 2005 news release. Triex operates the Joint Venture under a joint Management Committee with Full Metal.

Additionally, the Companies have a strategic alliance to pursue uranium opportunities throughout Alaska. The 2006 Alaska uranium exploration program is managed by David Pawliuk, P.Geo., a Qualified Person as defined by NI 43-101, and a member of the 2005 exploration team at Boulder Creek. Content of this release has been reviewed and approved by Robert McLeod, P.Geo., Vice President Exploration of Full Metal and Michael Gunning, Ph.D., P.Geo., President of Triex; both are Qualified Persons as defined by NI 43-101.

Triex is an aggressive Canadian junior exploration company focused on uranium opportunities in three separate districts in North America, with annual exploration budgets of approximately seven million dollars. Eight core projects span exploration stages from generative to target delineation to early stage target testing to advanced-stage resource delineation. Details are available at the Company's website at www.triexminerals.com.

Full Metal has thirteen active mineral projects in Alaska, including four joint ventures. Assays are currently pending for the drilling programs at the Lucky Shot Gold Project and Mount Andrew Copper-Gold Project. Details on Full Metal's extensive Alaska Portfolio are available at www.fullmetalminerals.com.


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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