Full Metal Options OG Zinc-Lead-Silver Property to Ashburton Ventures
June 17 2008 - 9:00AM
Marketwired
VANCOUVER, BRITISH COLUMBIA and Ashburton Ventures Inc. (TSX
VENTURE: ABR.P) have entered into an Option Agreement whereby
Ashburton can earn a 60% interest in Full Metal's OG
Zinc-Lead-Silver property, subject to acceptance from the TSX
Venture Exchange. The Companies are planning a 2,000 meter drilling
program to commence in August 2008. A ground-based gravity survey
is currently underway.
Ashburton has the option to earn a 60% interest in the Property
by incurring exploration expenditures of $6,000,000 over four years
including a minimum $500,000 during 2008. Ashburton must also make
cash payments totaling $325,000 ($100,000 first year) and issue
1,250,000 shares (500,000 first year) over the four year option
term.
Upon Ashburton successfully exercising the Option to acquire 60%
of Full Metal's rights, title and interest in the Property, Full
Metal will have the right within 90 days to reacquire 1/3 of
Ashburton's interest by reimbursing Ashburton's $6,000,000 in
Expenditures. Should Full Metal exercise the Back-In Right the
Joint Venture will be 60% Full Metal Minerals/40% Ashburton
Ventures.
The OG Property is located 40 km north of Dawson City, Yukon
Territory. The 5,426 hectare land package covers several sediment
hosted and carbonate replacement zinc-silver-lead prospects and
includes extensive multi-element soil geochemical anomalies.
Work completed during 2007 by Full Metal outlined the Raider
Zone, a significant new 1.0 square kilometer multi-element soil
anomaly (greater than 500 ppm Pb, greater than 1000 ppm Zn, greater
than 2 g/t Ag). The Raider Zone is located 750 meters north of the
Yankee Zone, which was expanded from 1.4 to 1.7 square kilometers
(greater than 500 ppm Pb, greater than 1000 ppm Zn, greater than 2
g/t Ag). Sample spacing ranges from 50 meters by 50 meters to 50
meters by 200 meters at both Zones. The Yankee and Raider anomalies
are open for expansion to the east. Multiple other anomalous areas
were identified north of the Raider Zone. From July through
September 2007, 1,380 samples were collected at the OG Property;
soil samples range from 6.8 to 39,200 ppm Pb, average 327 ppm Pb;
27 to 11,100 ppm Zn, average 560 ppm Zn, and 0.2 to 154 g/t Ag,
average 0.9 g/t Ag.
Additionally, a ground-based gravity geophysical survey was
completed over only the western third of the Yankee Zone soil
anomaly. The survey outlined a 1.1 to 1.6 mGal anomaly, measuring
approximately 600 by 600 meters. Gravity geophysical surveys
identify denser rock, with the intent of identifying massive
sulphide mineralization.
The OG Property was drill tested by 12 core holes in 1975 and 76
by Hudson's Bay Mining. Assay results are known for only six holes,
which were filed under mandatory Yukon Territory assessment report
requirements. Limited exploration work was performed on the
Property prior to the 2007 Exploration Program.
Surface mapping identified CRD style mineralization consisting
of coarse grained pyrite, sphalerite and galena with local
chalcopyrite within a sequence of platformal Proterozoic
limestones, commonly altered to dolomite. Mineralization occurs
within the footwall to a regional thrust fault, with capping fine
grained siliciclastic overlying the mineralization. The Raider and
Yankee zones are separated by a window of the upper plate
sediments.
Full Metal's 2007 exploration program was supervised by Robert
McLeod, P.Geo., Vice President Exploration, for Full Metal Minerals
Ltd., a Qualified Person as defined by NI 43-101, who has prepared
and approved the information contained in this release. Soil
samples were collected by experienced technicians, and placed in
sealed bags for shipment to the ALS-Chemex Labs facility in
Vancouver, B.C. for analysis. A sample quality control/quality
assurance program was implemented.
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, Moore Creek gold project and underground
development at the Lucky Shot 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 Vice President,
Investor Relations (604) 484-7855 (604) 484-7155 (FAX) Email
info@fullmetalminerals.com Website: www.fullmetalminerals.com
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