VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 21, 2013) - Full Metal Minerals Ltd. (News - Market indicators) ("Full Metal") is pleased to announce that the Company has received and filed on SEDAR the independent NI 43-101 Technical Report (the "Report") regarding the Mineral Resource Estimate for Pyramid Copper-Gold-Molybdenum Porphyry Project in Alaska, as described in the Company's news release dated May 9, 2013.
The Report, dated June 21, 2013, was prepared according to NI 43-101 guidelines and in accordance with CIM Standards on Mineral Resources and Reserves, under the supervision of independent qualified persons, The report was compiled by Dr. Gilles Arseneau, P.Geo., and Darrell Farrow, M.Sc., Pr.Sci.Nat., both Associates with SRK Consulting (Canada) Inc.
At a 0.21% copper equivalent cut-off, total contained copper in the Inferred resource category is estimated to be 1,338,000,000 pounds of copper, 74,000,000 pounds of molybdenum and 488,000 ounces of gold. Both near-surface supergene enriched mineralization as well as hypogene copper mineralization were modeled and interpolated. The mineral resource estimate shows that the hypogene mineral resource remains open to depth and along strike in most areas, and the higher grade supergene enriched mineralization is also open for expansion in several areas.
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. From 2010 to 2012, drilling has spanned an area measuring approximately 1,800 meters east-west and 1,050 meters north-south.
The inferred resource for the Pyramid deposit reported at Cu Eq. grade of 0.21 percent is presented in Table 1.
Table 1: Mineral resource statement, Pyramid Deposit, SRK Consulting (Canada) Inc., May 09, 2013
| Deposit |
Class |
Tonnes |
Au g/t |
Au oz |
Cu % |
Cu lb |
Mo % |
Mo lb |
| Pyramid |
Inferred |
173,000,000 |
0.088 |
488,000 |
0.35 |
1,338,000,000 |
0.02 |
74,000,000 |
| |
| Note:All numbers have been rounded to reflect the relative accuracy of the estimates. |
| Mineral resources are reported in relation to a conceptual pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability. The contained copper represents estimated contained metal in the ground and has not been adjusted for metallurgical recoveries. |
A proposed 4,000m of additional drilling is recommended to increase the resource size and confidence. In addition to further surface exploration work. The total budget for the suggested programs is $3.7 million.
A copy of the report will also be made available on the Company's website, www.fullmetalminerals.com.
Qualified Persons:
The resource estimate and associated information in this news release was prepared under the supervision of, and approved by, independent consultants to the Company, Dr. Gilles Arseneau, P.Geo., and Darrell Farrow, M.Sc., Pr.Sci.Nat., with assistance from Michael Tedeschi of FMM. The information contained in this report was provided by FMM. Dr. Arseneau carried out a visit to the Pyramid Project on March 19 and 20, 2013 to examine drill core, core logging and sampling procedures, and visit the drill sites. Mineral resources were estimated by Darrell Farrow, Pr.Sci.Nat, under the supervision of Dr. Arseneau. The contents of the news release have been reviewed and approved by Robert McLeod, P.Geo., VP Exploration of Full Metal Minerals. Dr. Arseneau, Ms. Farrow and Mr. McLeod are Qualified Persons as defined in National Instrument 43-101.
Full Metal is a generative exploration company focus on discovery in Alaska. The Company has completed 18 joint ventures and multiple base and precious metal discoveries since foundation in 2003.
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.
