Full Metal Options Mount Andrew IOCG Property to Mosam Capitaladmin
Full Metal Minerals Ltd. and Mosam Capital Corp. have entered into a Binding Letter of Intent whereby Mosam can earn a 60% interest in Full Metal’s Mount Andrew Property, subject to acceptance from the TSX Venture Exchange.
Mosam has the option to earn a 60% interest in the Property by incurring exploration expenditures totaling $3,000,000 over four years ($200,000 first year). Additionally, Mosam must make cash payments to Full Metal totaling $125,000 ($50,000 first year) and issue 1,000,000 shares (250,000 first year) over the four year option term.
Mineralization at Mount Andrew occurs within a 14 kilometer long trend of historic copper mines, located adjacent to tidewater on the Kasaan Peninsula. 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 by the U.S. 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 minimum 350 meter (north-south) by 300 meter (east-west) area of IOCG mineralization, with a copper-dominant northern zone and an iron dominant southern zone (see FMM NR 2007 #24, dated October 4, 2007). Multiple zones of mineralization occur in the Mount Andrew area, the majority of which have not been drill tested.
The style of mineralization and alteration encountered at Mount Andrew suggests an IOCG (iron-oxide copper-gold) system. Copper mineralization occurs within semi-massive to massive magnetite bodies within andesitic volcanic rocks and associated intermediate intrusive rocks, cross-cut by later post-mineralization dykes. Andesitic rocks commonly exhibit tactite-style alteration, coupled with strong sodic and potassic alteration.
Robert McLeod, P.Geo., VP Exploration for Full Metal Minerals and a Qualified Person as defined by NI 43-101, prepared and approved the information contained in this release. Additional information on the Mount Andrew Property can be reviewed at www.fullmetalminerals.com.
Chignik and Port Moller Properties
Full Metal has been informed by New Gold Inc. (formerly Metallica Resources Inc.) that they are terminating the Option Agreements on the Port Moller and Chignik Properties, located in southwest Alaska. Full Metal appreciates the quality technical work completed by New Gold, and will be seeking a new Partner to explore these prospective properties.
Full Metal is a generative exploration company with multiple precious and base metal projects in Alaska and the Yukon. Full Metal is completing a bulk sample to confirm the continuity of high-grade gold mineralization within the Lucky Shot Shear. The Company has Joint Venture Agreements with Kinross Gold, Freeport McMoRan, BHP Billiton, Mosam Capital, Triex Minerals, Altair Ventures, Highbury Projects, and Ashburton Ventures Inc.