Full Metal Minerals Ltd.
TSX VENTURE : FMM

Full Metal Minerals Ltd.

February 08, 2012 09:30 ET

Retransmission: Full Metal Minerals Engages SRK Consulting to Complete Initial Resource Estimate for Pyramid Porphyry Project, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2012) - Full Metal Minerals Ltd. (TSX VENTURE:FMM) ("Full Metal") is pleased is pleased to announce that it has engaged SRK Consulting (Canada) Inc. ("SRK") to prepare an initial mineral resource estimate for the Pyramid copper-gold-molybdenum Porphyry Project and a new technical report to support its disclosure. The Company is targeting to release the mineral resource statement during Q2 2012.

The specific deliverables within the technical services contract include the following:

  • Geological modeling and conceptual geostatistical studies on the Pyramid Property (this stage is currently in progress); and if the studies are sufficient,
  • Prepare an initial mineral resource statement after the completion of the current drilling program, and a technical report following Canadian Securities Administrators' National Instrument 43-101 and Form 43-101 guidelines.

The SRK Group comprises over 1,000 professionals, offering expertise in a wide range of resource engineering disciplines. The SRK Group's independence is ensured by the fact that it holds no equity in any project and that its ownership rests solely with its staff. This permits SRK to provide its clients with conflict-free and objective recommendations on crucial judgment issues. SRK has a demonstrated track record in undertaking independent assessments of Mineral Resources and Mineral Reserves, project evaluations and audits, technical reports and independent feasibility evaluations to bankable standards on behalf of exploration and mining companies and financial institutions worldwide.

About the Pyramid Project

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, is open for expansion in all areas and at depth.

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; 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.

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.

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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