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:
From To Interval Au
Hole ID (m) (m) (m) Cu% (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
(i) 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.
Contacts: Full Metal Minerals Ltd. Kevin Stewart Manager,
Investor Relations 604-484-7855 604-484-7155
(FAX)info@fullmetalminerals.comwww.fullmetalminerals.com
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