VANCOUVER, BRITISH COLUMBIA, Jun. 29, 2010 (Marketwire) -- Full Metal Minerals Ltd. (TSX VENTURE:FMM) is pleased to announce that the Company has acquired through staking, nine claim groups in the Fortymile mining district in eastern Alaska near the Yukon border, targeting the lode source to significant placer gold producing areas. This new gold exploration program is called the Rolling Thunder Project. This area totals over 34,000 hectares spanning a trend over 100 km in length.
Full Metal's management and geologic team were shared with Underworld Resources, which made a significant discovery at the White Gold Project in the Yukon. Underworld was acquired by Kinross Gold in the spring of 2010. The technical team utilized this experience and understanding of geologic controls, geochemistry and exploration targeting methods which was successful at White Gold to stake these new claims.
The Fortymile district in Alaska occurs within a mineral belt of Cretaceous age deposits, prospects, and placer gold mines trending from the Minto mine at the southeast end, and includes porphyry copper and epigenetic gold deposits and prospects such as Freegold Mountain (Northern Freegold), Casino (Western Copper), White Gold (Kinross) and Coffee (Kaminak). This mineral belt strikes to the northeast from the Yukon into Alaska, and includes Full Metal's Rolling Thunder claims, the Fortymile placer district, and Full Metal's high-grade Zn-Ag-Pb-Cu carbonate replacement deposits (see News Release FMM 2010 - NR #5, June 3rd 2010). Over 30 companies are actively exploring along this trend in the Yukon, with an ongoing staking rush up to the Yukon-Alaska border. Full Metal Minerals is the only company currently active in the Alaska section of this belt.
Exploration crews are currently completing reconnaissance soil sampling and mapping on the Properties, and have already identified multiple areas of strong alteration and quartz veining. At the 20X prospect, grab samples from oxidized quartz veins returned 5.5 and 4.0 g/t Au, with anomalous molybdenum and other pathfinder elements similar to the White Gold Property. Nine samples were collected at 20X, ranging from 0.014 to 5.5 g/t Au, averaging 1.53 g/t Au. At the Tweeden prospect, a grab sample from a one meter wide quartz vein trending onto Full Metal claims returned 52.2 g/t Au. Secondary structures splaying off of main structure assayed 1 to 2 g/t Au within sheeted quartz veins. Follow-up work has commenced on these new target areas.
Placer gold mining has been ongoing in the Fortymile district since discovery in 1886 with over 535,000 ounces of placer gold produced (from Szumigala et al, Alaska DGGS Report 2000). The area is underlain by the same host rocks, a similar tectonic history and intrusive rocks to the White Gold District.
Full Metal and BHP completed an extensive reconnaissance program in the southern portion of the target area during 2008, exploring four porphyry targets. In 2009, Full Metal regained a 100% ownership of these claim groups, after BHP completed extensive geochemical surveys and a large airborne magnetic survey. In addition to a proprietary geochemical data set owned by Full Metal from historic operators, the Company utilized this data in targeting several of the new claim groups.
Full Metal's 2010 exploration program at Rolling Thunder is managed by Robert McLeod, P.Geo, Vice-President Exploration for Full Metal Minerals and a Qualified Persons as defined by NI 43-101. Rock and soil samples are collected by experienced geologists, placed in sealed bags and delivered by Company employees to ALS-Chemex Labs facility in Fairbanks, Alaska. A sample quality control/quality assurance program using standards and blanks will be implemented. Mr. McLeod prepared and approved the information contained in this release.
Full Metal is a generative exploration company with multiple precious and base metal projects in Alaska and the Yukon. Drilling is underway at the high-grade Fortymile Zn-Ag-Pb-Cu project. Joint Venture partner Harmony Gold intends to begin underground development at the Lucky Shot Property. Full Metal will also drill test the 100% owned Grizzly Butte copper gold property. Work and drilling programs are also expected at several of Full Metal's Properties funded by Joint Venture Partners.
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.