Full Metal Acquires Granite Creek Gold Property, Alaska
May 15 2008 - 9:00AM
Marketwired
VANCOUVER, BRITISH COLUMBIA ("Full Metal") is pleased to
announce that the Company has entered into an Exploration Agreement
with an Option to Purchase a 100% interest in the Granite Creek
Gold Property, located in western Alaska.
The 1,470 hectare Property hosts an active placer mine in the
Kuskokwim Region of Alaska, approximately 20km south of the Moore
Creek Property currently being drilled by Full Metal Minerals and
Highbury Projects. Exploration for the bedrock source of placer
gold at the nearby Moore Creek Property resulted in a discovery
through trenching in 2007 (see FMM 2007 NR# -29, November 6,
2007).
The Property is surrounded on all sides by claims staked by
Barrick Gold Corp, co-owner with Novagold of the Donlin Creek gold
deposit (M+I: 29.38M oz; Inf: 17.1M oz; NovaGold News Release Feb
7, 2008) located 90 km to the southwest of the Property.
The Property is underlain by multiple altered felsic dykes and
stocks, intruding sedimentary rocks. Streams draining from and
across the monzonite stocks, rhyolite dikes, and quartz-sulphide
veins all contain pristine placer gold. Typical heavy mineral
concentrates from the placer include cinnabar, stibnite, garnet,
pyrite, and cassiterite.
Multiple styles of mineralization have been identified at
Granite Creek, including: intrusive stocks and associated hornfels
with sheeted quartz-tourmaline veins, swarms of altered rhyolite
dikes and sills with disseminated sulphides, and auriferous
stibnite-pyrite veins associated with NE trending faults. Two
samples quartz-stibnite veins collected by Placer Dome in the mid
1990's averaged 17.5 g/t and 10.5 g/t Au respectively. Four channel
samples from an antimony rich shear zone ranged from 343 to 686 ppb
Au. These results are historical in nature and have not been
verified by Full Metal Minerals.
Battle Mountain Gold Exploration Co. completed two drill holes
in the late 1980's. The results of the drilling are unknown. Placer
Dome also conducted geophysical surveys on the property in
1996-1997. These programs revealed several areas of anomalous gold
mineralization, with limited follow-up exploration.
Full Metal is planning an exploration program consisting of
mapping, geochemical sampling and mechanical trenching to identify
drill targets.
Full Metal can earn a 100% interest in the Granite Creek
Property from a Third-Party Alaska resident, by paying $375,000 in
cash payments ($50,000 first year), and incurring $3.25 million in
exploration expenditures ($200,000 first year). Following exercise
of the option, Full Metal will make annual $150,000 advance royalty
payments until commencement of Commercial Production. Upon
commencement of Commercial Production, Full Metal will pay a 2% NSR
royalty, of which one half (1%) can be purchased at any time for $4
million.
Contents of this release were prepared by and approved for
release by Robert McLeod, P.Geo., Vice-President Exploration of
Full Metal Minerals and a Qualified Person as defined by NI
43-101.
Full Metal is a generative exploration company with multiple
precious and base metal projects in Alaska and the Yukon. Drill
programs are currently underway at the high grade 40 Mile
zinc-silver lead project, and Moore Creek gold project. The Company
has Joint Venture Agreements with Kinross Gold, Freeport McMoRan,
BHP Billiton, Metallica Resources, Triex Minerals, Altair Ventures,
and Highbury Projects.
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. Jeff Sundar Vice President,
Investor Relations (604) 484-7855 (604) 484-7155 (FAX) Email:
info@fullmetalminerals.com Website: www.fullmetalminerals.com
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