• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Full Metal Acquires Zinc-Lead-Silver Prospects in the Yukon

Posted on: Tuesday, 29 May 2007, 09:00 CDT

Full Metal Minerals Ltd. (TSX VENTURE: FMM) is pleased to announce that the Company has acquired three zinc-lead-silver prospects located north of Dawson City, Yukon Territory.

The 11,200 acre OG, UG and OD claim groups covers several sediment hosted and carbonate replacement zinc-silver-lead prospects and includes extensive multi-element soil geochemical anomalies. The OG Prospect is the most advanced target in the group and was drill tested by 12 core holes in 1975/76 by Hudson Bay Exploration Ltd. Significant intercepts of massive sulphide were encountered, including 17.53 meters averaging 7.28% Zn, 1.94% Pb, and 16.5 g/t Ag. Assay results are known for six of twenty-four holes, which were filed under mandatory Yukon Territory assessment report requirements. Partial drill results are as follows:

                From       To   Length     Ag Hole-ID          (m)      (m)      (m)  (g/t)  Zn %   Pb % OG-1          14.57    16.76     2.19   43.2   5.96   1.49               24.48    25.94     1.46    5.4   6.02   1.01 including     43.34    44.74      1.4   54.6  20.38  11.02 OG-4          27.74    38.74       11   10.6   5.20   0.33 including     27.74    31.58     3.84   21.6  10.79   0.39 and           29.14    31.21     2.07   21.3  15.76   0.22               51.54    69.07    17.53   16.5   7.28   1.94 including     62.36    67.67      5.3   29.1  13.08   1.35 OG-6          27.13     29.2     2.07   47.2   4.34   9.91 OG-8          No significant intercepts OG-10         63.86    70.41  6.55      41.7   4.61   2.83 including     67.42    68.98  1.55     108.3  11.20   6.05 OG-12         No significant intercepts 

Results for the other eighteen drill holes are not known and the entire core has been destroyed. True thicknesses are unknown.

The OG prospect is centered on a very strong 1.4 square kilometer multi-element soil anomaly (greater than 1000 ppm Pb, 750 ppm Zn, 2 ppm Ag) that has been sampled on 50 meter by 50 meter stations and is open for expansion in three directions. Several soil samples returned over 1% Zn and Pb, and 32 g/t Ag. Numerous showings of massive sphalerite galena and chalcopyrite occur on surface.

The prospects occur along the flanks and margins of the Wernecke breccias, and may be structurally related to their emplacement. Coarse grained pyrite, sphalerite and galena with local chalcopyrite occur within a sedimentary sequence of Proterozoic dolostones, limestone and siliciclastic rocks.

The Company can earn a 100% interest in the three properties from a Third-Party Yukon Resident by completing annual exploration programs totaling $3.4 million ($200,000 first year), paying $725,000 in cash ($50,000 first year) and issuing 700,000 (150,000 first year) Full Metal shares. Following the exercise of the option, and upon completion of a positive Bankable Feasibility Study, Full Metal will issue an additional 300,000 common shares. The Company will contract the Third Party for project support and logistics for the first two years of the option at cost plus 10%.

Commencing October 1, 2010, Full Metal will issue $100,000 annual Advance Royalty Payments in cash or equivalent Full Metal shares, until the commencement of Commercial Production. A 2.0% Net Smelter Return Royalty is payable, where Full Metal can purchase one-half (1%) of the Royalty for $4,000,000 at any time.

Full Metal is planning an extensive program of mapping and sampling, and extending the soil geochemistry grid to fully define the extent of the multi-element anomaly. A ground-based gravity geophysical survey will also be performed, and possibly be followed by diamond drilling late in the 2007 season.

Robert McLeod, P.Geo., Vice President Exploration, for Full Metal Minerals Ltd., and a qualified person as defined by NI 43-101 prepared and approved the information contained in this release. Full Metal has twelve active Projects in Alaska and the Yukon. Drilling has commenced on the Lucky Shot Gold Project and at the 40 Mile Zinc-Silver-Lead Project. Drilling is also planned on an additional four Properties during 2007. Full Metal has Joint Venture agreements with Metallica Resources, Andover Ventures, Triex Minerals and First Factor Development Inc.

ON BEHALF OF THE BOARD OF DIRECTORS

Michael Williams, President and Director

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

 Contacts: Full Metal Minerals Ltd. Jeff Sundar Manager, Investor Relations (604) 484-7855 (604) 484-7155 (FAX) Email: info@fullmetalminerals.com Website: www.fullmetalminerals.com

SOURCE: Full Metal Minerals Ltd.

Source: MARKET WIRE

More News in this Category