Full Metal and Antofagasta Minerals Expand Pyramid Porphyry Project, Alaska; 250m Stepout Intercepts 70.0m Averaging 0.72% Cu, 0.008% Mo, 0.115 g/t Au (0.86% Cu Equivalent) Starting at 22m
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/04/12 -- Full Metal Minerals Ltd. (TSX VENTURE: FMM) ("Full Metal") is pleased to announce that assay results have been received for the first two drill holes completed from the 2012 program at the Pyramid Porphyry Project, located near tidewater in southwest Alaska. Drilling is continuing on the Property.
Over the past three field seasons, Full Metal and Antofagasta Minerals S.A. ("Antofagasta Minerals") have intersected near-surface copper, gold and molybdenum mineralization over a wide area.
Pyramid is located on lands under option from The Aleut Corporation, an Alaska Regional Native Corporation. The deposit is located less than eight kilometers from deep tidewater. Drilling at Pyramid is continuing, with assays pending for an additional 10 drill holes. Coupled with work from 2010 and 2011, drilling has spanned an area measuring approximately 1,800 meters east-west and 1,050 meters north-south.
Additional results will be released upon receipt of final assay results. Drill hole collar maps, photos and tables are available at www.fullmetalminerals.com.
Drill hole PY12-019 was collared approximately 250 meters southwest of PY11-016, which, intersected 155.90 meters averaging 0.71% Cu, 0.179 g/t Au and 0.018% Mo or 0.97% Cu equivalent. Drilled towards the south, PY12-019 encountered a high-grade zone of supergene enrichment averaging 1.01% Cu, 0.165g/t Au and 0.009% Mo or 1.20% Cu equivalent over 42.0 meters, occurring near surface at 24.0 meters down- hole. This interval occurs within a 70.0 meter thick averaging 0.72% Cu, 0.115 g/t Au and 0.008% Mo or 0.86% Cu equivalent.
Strong molybdenum mineralization was intersected within PY12-018, located in the potassic center of the Pyramid porphyry system. This hole encountered 344.0 meters averaging 0.036% Mo, with 0.11% Cu and 0.035 g/t Au at 154m depth, or 0.36% Cu equivalent, with a higher-grade interval of 56.0 meters, at 284m below surface, averaging 0.061% Mo, with 0.11% Cu and 0.027 g/t Au or 0.50% Cu equivalent.
Complete results received to date are as follows:
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From To Interval Cu Au Mo Cu.
Hole ID (m) (m) (m) % (ppm) % Eq%
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12PY018 154.00 498.00 344.00 0.110 0.035 0.036 0.36
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284.00 340.00 56.00 0.114 0.027 0.061 0.50
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12PY019 22.00 92.00 70.00 0.717 0.115 0.008 0.86
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24.00 66.00 42.00 1.008 0.165 0.009 1.20
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(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 sedimentary rocks. Quartz diorite porphyry and quartz feldspar porphyry intrusives make up the bulk of the igneous rock types and hosts.
Mineralization is typically comprised of chalcocite, covellite, chalcopyrite and molybdenite, with supergene enrichment present within 120 to over 250 meters below surface.
The 37,296 hectare Pyramid Porphyry Project lies along the southern margin of the Alaska Peninsula approximately eight kilometers from tidewater. The 2012 exploration program at Pyramid is funded by Antofagasta Minerals, who are currently earning a 51% interest in the Property. Antofagasta Minerals will meet the expenditure requirements for this initial interest during the 2012 exploration season. 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 #12, August 10, 2010).
The 2012 exploration program at Pyramid has been performed under the supervision of Robert McLeod, P.Geo., Vice-President Exploration of Full Metal Minerals and a Qualified Person as defined by NI 43-101. Drill cores are cut in half using a diamond saw, with one half placed in sealed bags, and delivered to ALS-Chemex facilities in Anchorage, Alaska. A sample quality control/quality assurance program utilizing standards and blanks, as well as third-party check labs is in place. Contents of this release were prepared by and approved for release by Mr. McLeod.
Full Metal is a generative exploration company with four existing joint ventures, and multiple precious and base metal projects in Alaska. Drilling programs are also planned for 2012 at the Company's Unga gold-silver, and Pebble South copper-gold Projects, funded by Joint Venture Partners.
Antofagasta Minerals S.A. is the mining division of Antofagasta plc. Antofagasta plc 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 plc 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 was 640,500 tonnes of copper, 9,900 tonnes of molybdenum and 196,800 ounces of gold. Antofagasta plc has a fifth mine, Antucoya, under development in Chile, and it also has exploration, evaluation and/or feasibility programs in North America, Latin America, Europe, Asia, Australia and Africa.
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.
Josh Serfass
Manager, Investor Relations
604-484-7855
jserfass@fullmetalminerals.com
www.fullmetalminerals.com