Full Metal Commences Underground Exploration and Bulk Sampling Program at Lucky Shot
June 06 2008 - 9:00AM
Marketwired
VANCOUVER, BRITISH COLUMBIA is pleased to announce that
underground rehabilitation work has commenced at the Lucky Shot
Property. The purpose of the 2008 program is to complete
underground drifting, drilling and complete a bulk sample to
confirm the continuity of high-grade gold mineralization within the
Lucky Shot shear.
Drilling since 2005 has identified continuous gold
mineralization over 2,400 meters along strike, and to 700 meters
down dip at the historically producing Lucky Shot mine. The 2008
work will focus on The Coleman Zone, located near surface at the
known western limit of the shear and the westernmost of four
north-stepping fault blocks (Coleman, Lucky Shot, War Baby and
Murphy Zones). The highest grade gold has been encountered within a
southwest plunging shoot within the Coleman Zone. Intercepts
to-date include:
- C05-09: 62.2 g/t Au over 3.1 meters true thickness
- C05-12: 219.1 g/t Au over 4.0 meters true thickness
- C06-16: 51.5 g/t Au over 4.6 meters true thickness
- C06-21: 60.3 g/t Au over 2.5 meters true thickness
- C06-23: 32.8 g/t au over 3.5 meters true thickness
For complete drill results and a plan map of hole locations,
visit Full Metal's website at www.fullmetalminerals.com.
Permits for mining have been received, and work has commenced on
rehabilitation of a historic adit to facilitate approximately 120
meters of underground development to access the shear zone. Test
stoping is planned to extract over 5,000 tonnes of mineralized
material, upon receipt of the water extraction and tailings pond
permits. Full Metal recently purchased a used 150 tonne per day
mill, expandable to 200 tonnes per day. A pre-existing building to
house the mill, and an existing tailings facility will minimize
capital expenditures for the bulk sample. The plant and
infrastructure would be used and expanded upon commencement of
commercial operations.
Gold recovery would be achieved using gravity separation only,
utilizing a Falcon or Knelson Concentrator. Three composite samples
were analyzed by Knelson Labs of Langley, B.C. where Enhanced
Gravity Recovery Gold (EGRG) tests were performed on 3 composite
samples. The EGRG test determines the gold available in the sample
recoverable by gravity methods and the size of grind necessary for
liberation. This test employs progressive size reduction with
recovery of gold as liberated while minimizing over-grinding and
smearing of gold particles. Sample grades were 4.7 g/t Au, 4.7 g/t
Au and 7.8 g/t Au. Total recoveries were 68.2, 68.5 and 78.3%
respectively at a grind of P80 equals 62-96 micrometers. Based on
this data and historic mine records, it is anticipated that gold
recovery should improve with higher grades. One of the objectives
of the 2008 bulk sample is to confirm this model. Subject to gold
recovery, gold grade, continuity of mineralization and mining
rates, the gold recovered from the bulk sample could offset the
associated costs.
Additionally, a surface program of infill and exploration
diamond drilling is expected to commence in mid-June.
The Lucky Shot Project is located in the historic Willow Creek
Mining District. Past-producing mines in the District are
considered to be among the highest grade in the Northern
Cordillera, with documented production from company records and The
Alaska Department of Mines listed at over 620,000 ounces Au from
multiple veins and shears, at an average grade of approximately 1.0
oz/ton Au; Full Metal has not audited these historic production
figures, and they should not be relied upon. Prior to Full Metal's
2005 exploration program, limited modern exploration has been
performed in the District since the mine closures. Property
infrastructure is excellent, with road access from Anchorage and
close proximity to both rail and power. Camp and maintenance
facilities are operated year-round.
Full Metal's 2008 exploration program is supervised by Robert
McLeod, P.Geo., Vice President Exploration, for Full Metal Minerals
Ltd., and a qualified person as defined by NI 43-101, who has
prepared and approved the information contained in this release.
Drill holes are sampled at approximately one to five foot sample
intervals. Core is sawn in half with a diamond saw. Samples are
delivered in sealed bags to the Alaska Assay Labs facility in
Fairbanks, for sample preparation and analysis (50 gram-tonne gold
fire assay with gravimetric finish plus multi-element ICP), with
high-grade results analyzed by metallic screening method. A sample
quality control/quality assurance program is in place.
An extended Mining Lease was executed with Alaska Hardrock Inc.,
and signed in early May. The renewed Lease commenced on January
1st, 2008 and continues until January 1, 2011. The Lease can be
extended if Full Metal makes a Positive Construction Decision on a
minimum 120 ton per day operation, and may be extended a further
three years following termination of Commercial Production. Full
Metal will pay Alaska Hardrock an annual Claim Rental Payment of
US$100,000 per year, with US$25,000 payable, and the balance of
US$75,000 in common shares of Full Metal. Alaska Hardrock shall be
paid a 2% Net Smelter Returns Royalty on Ore smelted from patented
claims, and 2.5% Net Smelter Returns Royalty on Ore smelted from
State Claims. Alaska Hardrock has the exclusive right to provide
mining and construction services for the Property at Cost plus 12%
for all exploration, development and production work or
services.
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
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
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