Vancouver, BC -- August 24th 2009 -- Full Metal Minerals (FMM-TSX:V) and Mosam Capital Corp. (MOS.P-TSX:V) are pleased to announce that exploration work has commenced on the Mount Andrew iron-oxide copper-gold (IOCG) Project, located in Southeast Alaska.
The 2009 exploration program consists of a review of the geological mapping and sampling while conducting an IP/resistivity program over the prospect area, to test for a disseminated sulphide body under the historic mine workings at Mount Andrew. Previous shallow drilling campaigns had intersected high grade intervals of copper and gold and adjacent to the existing workings where several other historic mines and prospects are located. The program is estimated to cost $200,000 and will be funded by Mosam.
The Mount Andrew Property is located near tidewater. Historic production from Mount Andrew and adjacent operations totaled 5,729 tonnes copper, 1.74 tonnes silver and 216 kg gold. This production figure was compiled from historic literature including the Alaska Bureau of Mines, has not been independently verified and should not be relied upon. The Mount Andrew deposit was drilled for iron ore by Utah Construction (Utah International/BHP) in 1957 and 1960-1961 and by Kaiser Resources in 1970-1971. Drilling completed by Full Metal, coupled with historic drilling results has outlined a 300 meter by 300 meter area of IOCG mineralization, with a copper-dominant northern zone and an iron dominant southern zone. With the close proximity to existing roads and tidewater, the objective of exploration on the Kasaan Peninsula is outline sufficient iron and copper resources for a near-term mining operation, including direct export of mineralized material.
The style of mineralization and alteration encountered at Mount Andrew suggests an IOCG system. Copper mineralization occurs within semi-massive to massive magnetite bodies within andesitic volcanic rocks, and intermediate intrusive rocks, later cross-cut by post-mineralization dykes. Andestic rocks commonly exhibit tactite-style alteration, coupled with strong sodic and potassic alteration. A summary of the Mount Andrew Property including recent drill results are available on Full Metals website at
www.fullmetalminerals.com.
Mosam Capital Corp. has been granted an option by Full Metal Minerals to purchase a 60% interest in the Mt. Andrew Property located approximately 48 km west north-west of Ketchikan, Alaska. The terms of the option, over a four-year period, are as follows:
| |
Payments |
Shares |
Expenditures |
| First Year |
$50,000 upon approval |
250,000 shares upon approval |
$ 200,000 |
| Second Year |
$25,000 |
250,000 shares |
$ 400,000 |
| Third Year |
$25,000 |
250,000 shares |
$1,000,000 |
| Fourth Year |
$25,000 |
250,000 shares |
$1,400,000 |
Mosam Capital issued the first tranche of 250,000 shares and paid $50,000 subsequent to TSX approval of the Qualifying Transaction which was announced on May 14, 2009. Following the exercise of the option, Mosam and Full Metals will continue under a joint venture.
Full Metal and Mosam's 2009 exploration program at the Mount Andrew Property is being performed under the supervision of Robert McLeod, P.Geo, Vice-President Exploration for Full Metal Minerals, and a Qualified Person as defined by NI 43-101. Mr. McLeod prepared and approved the information contained in this release.
Full Metal is a generative exploration company with multiple precious and base metal projects in Alaska and the Yukon. The Company has several Joint Venture Agreements, including Kinross Gold, and Freeport McMoRan.
ON BEHALF OF THE BOARD OF DIRECTORS"Michael Williams"
Michael Williams
President and Director
Contact: Jeff Sundar
VP, Investor Relations
Suite 1500, 409 Granville Street, Vancouver, BC V6C 1T2
Telephone: 604-484-7855 Fax: 604-484-7155
Email
info@fullmetalminerals.com www.fullmetalminerals.comThe TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.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.
You can also view this News Release on our website at:
http://www.fullmetalminerals.com/s/NewsReleases.asp?ReportID=360901