Full Metal and Antofagasta Announce Maiden Inferred Resource Estimate for Pyramid Deposit, Alaska

Full Metal and Antofagasta Announce Maiden Inferred Resource Estimate for 
Pyramid Deposit, Alaska 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/09/13 -- Full
Metal Minerals Ltd. (TSX VENTURE:FMM) ("Full Metal") is pleased to
announce that the Company and Antofagasta Minerals S.A.
("Antofagasta") have received the initial Inferred Mineral Resource
Estimate at the Pyramid Copper-Gold-Molybdenum Porphyry Project,
located near tidewater in southwest Alaska. 
At a 0.21% copper equivalent cut-off, total contained copper in the
Inferred resource category is estimated to be 1,338,000,000 pounds of
copper, 74,000,000 pounds of molybdenum and 488,000 ounces of gold.
Both near-surface supergene enriched mineralization as well as
hypogene copper mineralization were modeled and interpolated. The
mineral resource estimate shows that the hypogene mineral resource
remains open to depth and along strike in most areas, and the higher
grade supergene enriched mineralization is also open for expansion in
several areas. 
This 2013 initial resource estimate is based on 30 drill holes
totaling 7,486 meters completed by Full Metal and Antofagasta during
2010 to 2012. Additionally, 19 shallow historic holes totaling 1,921
meters completed by Quintana-Duval during the mid-1970's were
included in the estimate. 
Pyramid is located on lands under option from The Aleut Corporation,
an Alaska Regional Native Corporation. The deposit is located less
than eight kilometers from deep tidewater. Coupled with work from
2010 and 2011, drilling has spanned an area measuring approximately
1,800 meters east-west and 1,050 meters north-south.  
The inferred resource for the Pyramid deposit reported at Cu Eq.
grade of 0.21 percent is presented in Table 1. 


 
Table 1: Mineral resource statement, Pyramid Deposit, SRK Consulting
(Canada) Inc., May 01, 2013
 
------------------------------------------------------------
Deposit            Class         Tonnes   Au g/t       Au oz
------------------------------------------------------------
Pyramid         Inferred    173,000,000    0.088     488,000
------------------------------------------------------------
 
------------------------------------------------------------
Deposit             Cu %          Cu lb     Mo %       Mo lb
------------------------------------------------------------
Pyramid             0.35  1,338,000,000     0.02  74,000,000
------------------------------------------------------------

 
Note: All numbers have been rounded to reflect the relative accuracy
of the estimates. 
Mineral resources are reported in relation to a conceptual pit shell.
Mineral resources are not mineral reserves and do not have
demonstrated economic viability. The contained copper represents
estimated contained metal in the ground and has not been adjusted for
metallurgical recoveries. 
Supergene Resources 
Under zero to 90 meters of leach cap, the Pyramid deposit hosts a
supergene enrichment blanket, dominated by chalcocite and local
covellite mineralization. The supergene blanket has a variable depth,
extending to below 250 meters surface in some areas.  
At a 0.21% Cu Equiv. cutoff, this near surface supergene enrichment
zone hosts 93.7 million tonnes averaging 0.40% Cu, 0.019% Mo and
0.092 g/t Au, or 0.55% Cu equivalent. This equates to 823,000,000 lb.
Cu, 40,000,000 lb. Mo and 277,000 oz Au. Several areas have been
identified to date with near-surface high-grade mineralization within
the supergene zone, particularly in the south-central area of the
inferred resource. These areas include drill hole PY11-016, which,
intersected 155.90 meters averaging 0.71% Cu, 0.179 g/t Au and 0.018%
Mo or 0.91% Cu equivalent. 250 meters southwest of PY11-016, drill
hole PY12-019 encountered a high-grade zone of supergene enrichment
averaging 1.01% Cu, 0.165 g/t Au and 0.009% Mo or 1.16% Cu equivalent
over 42.0 meters, occurring near surface at 24.0 meters down-hole.   
Hypogene Resources 
Underlying the supergene zone in most areas, the hypogene zone hosts
79.1 million tonnes averaging 0.26% Cu, 0.020% Mo 0.083 g/t Au, or
0.45% Cu equivalent at a 0.21% Cu Eq. cutoff. This equates to
514,000,000 lb. Cu, 35,000,000 lb. Mo and 212,000 oz Au. The hypogene
zone is open for expansion to depth in most areas, as most holes
completed to-date at Pyramid are 250 meters long or less. Only two
drill holes have been completed to depth of 500 meters.  
Complete Inferred resources at various cutoff values for the
Supergene and Hypogene Resources are as follows:  


 
Table 2. Inferred Mineral Resources, Pyramid Deposit, SRK Consulting
(Canada) Inc., May 01, 2013
 
--------------------------------------------------------------
                                           Au       Au      Cu
Zone        Cutoff            Tonnes     (g/t)     (oz)     (%)
--------------------------------------------------------------
Supergene   greater than                                     
            0.4%          69,528,515     0.11  239,133    0.46
            --------------------------------------------------
            greater than                                     
            0.35%         78,978,212     0.10  257,135    0.44
            --------------------------------------------------
            greater than                                     
            0.3%          86,079,432     0.10  267,853    0.42
            --------------------------------------------------
            greater than                                     
            0.25%         91,314,699     0.09  274,669    0.40
            --------------------------------------------------
            greater than                                     
            0.21%         93,696,332     0.09  276,665    0.40
            --------------------------------------------------
            greater than                                     
            0.15%         94,628,683     0.09  277,601    0.40
            --------------------------------------------------
            greater than                                     
            0.1%          94,810,052     0.09  277,633    0.40
            --------------------------------------------------
            Total         94,810,052     0.09  277,633    0.40
--------------------------------------------------------------
Hypogene    greater than                                     
            0.4%          52,957,717     0.09  149,525    0.34
            --------------------------------------------------
            greater than                                     
            0.35%         68,474,140     0.09  188,107    0.31
            --------------------------------------------------
            greater than                                     
            0.3%          75,802,999     0.08  205,195    0.30
            --------------------------------------------------
            greater than                                     
            0.25%         78,235,466     0.08  210,213    0.30
            --------------------------------------------------
            greater than                                     
            0.21%         79,128,480     0.08  211,806    0.30
            --------------------------------------------------
            greater than                                     
            0.15%         79,411,773     0.08  212,208    0.29
            --------------------------------------------------
            greater than                                     
            0.1%          79,411,773     0.
08  212,208    0.29
            --------------------------------------------------
            Total         79,411,773     0.08  212,208    0.29
--------------------------------------------------------------
Total                    174,221,826     0.09  489,840    0.35
--------------------------------------------------------------
 
---------------------------------------------------------------------------
                                     Cu      Mo          Mo     NSR    CuEq
Zone        Cutoff                  (lb)     (%)        (lb)     ($)     (%)
---------------------------------------------------------------------------
Supergene   greater than                                                  
            0.4%            702,535,609   0.021  32,398,237   49.35   0.632
            ---------------------------------------------------------------
            greater than                                                  
            0.35%           757,589,748   0.020  35,404,545   46.95   0.602
            ---------------------------------------------------------------
            greater than                                                  
            0.3%            792,844,809   0.020  37,646,536   45.18   0.579
            ---------------------------------------------------------------
            greater than                                                  
            0.25%           814,626,519   0.019  39,121,880   43.84   0.562
            ---------------------------------------------------------------
            greater than                                                  
            0.21%           822,878,710   0.019  39,722,759   43.19   0.553
            ---------------------------------------------------------------
            greater than                                                  
            0.15%           825,683,995   0.019  39,869,480   42.91   0.550
            ---------------------------------------------------------------
            greater than                                                  
            0.1%            826,061,951   0.019  39,896,455   42.85   0.549
            ---------------------------------------------------------------
            Total           826,061,951   0.019  39,896,455   42.85   0.549
---------------------------------------------------------------------------
Hypogene    greater than                                                  
            0.4%            393,205,903   0.021  24,307,227   38.83   0.498
            ---------------------------------------------------------------
            greater than                                                  
            0.35%           473,123,835   0.020  30,685,813   36.69   0.470
            ---------------------------------------------------------------
            greater than                                                  
            0.3%            503,046,447   0.020  33,740,607   35.61   0.456
            ---------------------------------------------------------------
            greater than                                                  
            0.25%           512,085,506   0.020  34,467,021   35.18   0.451
            ---------------------------------------------------------------
            greater than                                                  
            0.21%           514,736,418   0.020  34,707,556   34.98   0.448
            ---------------------------------------------------------------
            greater than                                                  
            0.15%           515,554,993   0.020  34,755,283   34.91   0.447
            ---------------------------------------------------------------
            greater than                                                  
            0.1%            515,554,993   0.020  34,755,283   34.91   0.447
            ---------------------------------------------------------------
            Total           515,554,993   0.020  34,755,283   34.91   0.447
---------------------------------------------------------------------------
Total                     1,341,616,944   0.019  74,651,738   39.23   0.503
---------------------------------------------------------------------------
 
 
--------------------------------------------------------------
                                           Au       Au      Cu
Zone        Cutoff            Tonnes     (g/t)     (oz)     (%)
--------------------------------------------------------------
Combined    greater than                                     
            0.4%         122,486,231     0.10  388,658    0.41
            --------------------------------------------------
            greater than                                     
            0.35%        147,452,352     0.09  445,242    0.38
            --------------------------------------------------
            greater than                                     
            0.3%         161,882,430     0.09  473,048    0.36
            --------------------------------------------------
            greater than                                     
            0.25%        169,550,164     0.09  484,882    0.35
            --------------------------------------------------
            greater than                                     
            0.21%        172,824,812     0.09  488,471    0.35
            --------------------------------------------------
            greater than                                     
            0.15%        174,040,456     0.09  489,809    0.35
            --------------------------------------------------
            greater than                                     
            0.1%         174,221,826     0.09  489,840    0.35
            --------------------------------------------------
            Total        174,221,826     0.09  489,840    0.35
--------------------------------------------------------------
 
---------------------------------------------------------------------------
                                     Cu      Mo          Mo     NSR    CuEq
Zone        Cutoff                  (lb)     (%)        (lb)     ($)     (%)
---------------------------------------------------------------------------
Combined    greater than                                                  
            0.4%          1,095,741,511   0.021  56,705,464   44.80   0.574
            ---------------------------------------------------------------
            greater than                                                  
            0.35%         1,230,713,583   0.020  66,090,358   42.18   0.541
            ---------------------------------------------------------------
            greater than                                                  
            0.3%          1,295,891,256   0.020  71,387,143   40.70   0.522
            ---------------------------------------------------------------
            greater than                                                  
            0.25%         1,326,712,025   0.020  73,588,901   39.84   0.511
            ---------------------------------------------------------------
            greater than                                                  
            0.21%         1,337,615,128   0.020  74,430,316   39.43   0.505
            ---------------------------------------------------------------
 
            greater than                                                  
            0.15%         1,341,238,988   0.019  74,624,763   39.26   0.503
            ---------------------------------------------------------------
            greater than                                                  
            0.1%          1,341,616,944   0.019  74,651,738   39.23   0.503
            ---------------------------------------------------------------
            Total         1,341,616,944   0.019  74,651,738   39.23   0.503
---------------------------------------------------------------------------

 
Most drill holes at Pyramid are widely spaced, with collars generally
from 75 to 250 meters apart. Drill hole collar location maps, photos,
tables, isometric views and cross-sections are available at
www.fullmetalminerals.com. A complete 43-101 Report on the Pyramid
Deposit Inferred Mineral Resources authored by SRK Consulting
(Canada) Inc. will be filed soon on www.sedar.com.  
Mineral resources were prepared by SRK Consulting (Canada) Inc. under
the supervision of Dr. Gilles Arseneau, P.Geo. using 3D Gemcom block
modeling software. Resources were estimated in multiple passes in 25
by 25 by 10 m blocks by ordinary kriging. Grade estimates were based
on capped two meter composited assay data. Copper capping levels were
set at 1.3% Cu for the supergene zone and 0.83% Cu for the hypogene
zone. Molybdenum was capped at 0.1% and 0.08% Mo for the supergene
and hypogene respectively. Gold grades were capped at 4.2 g/t Au for
the supergene and 0.215 g/t for the hypogene. In calculating the
CuEq, SRK Consulting (Canada) Inc. utilized the long term metal
prices provided by Energy and Metals Consensus Forecast (Cu US$
3.54/lb, Mo US$ 18.23/lb, Au US$ 1,480/oz). The contained copper
represents estimated contained metal in the ground and has not been
adjusted for metallurgical recoveries.  
Additional ground magnetic and geological mapping surveys were
completed on the property during 2012. Multiple hydrothermal centers
have been identified at Pyramid, within an oval-shaped 2,300 meter by
1,400 meter mapped extent of phyllic and potassic alteration zones.
Classic vein styles are identified in the core with early halo veins,
A, B, and D veins hosting mineralization. Copper mineralization with
variable molybdenum occurs within multiple phases of porphyritic
intrusive rocks as well as hornfelsed sedimentary rocks. Quartz
diorite porphyry and quartz feldspar porphyry intrusive rocks make up
the bulk of the igneous rock types and hosts. Mineralization at
Pyramid is typically comprised of chalcocite, covellite, chalcopyrite
and molybdenite, with supergene enrichment present within 10 to over
250 meters below surface. 
The 37,296 hectare Pyramid Porphyry Project lies along the southern
margin of the Alaska Peninsula approximately eight kilometers from
tidewater. The 2012 exploration program at Pyramid was funded by
Antofagasta, who have recently earned a 51% interest in the property.
Full Metal has an exploration agreement with Option to Lease a 100%
interest in mineral rights from the Aleut Corporation, an Alaska
Native Regional Corporation, and has been granted the surface rights
from Shumagin and TDX Corporations, Alaska Native Village
Corporations (see FMM News Release #12, August 10, 2010). 
The 2012 exploration program at Pyramid was performed under the
supervision of Robert McLeod, P.Geo., Vice-President Exploration of
Full Metal Minerals and a Qualified Person as defined by NI 43-101.
Drill cores were cut in half using a diamond saw, with one half
placed in sealed bags, and delivered to ALS-Chemex facilities in
Anchorage, Alaska. A sample quality control/quality assurance program
utilizing standards and blanks, as well as third-party check labs is
in place. Contents of this release were prepared by and approved for
release by Mr. McLeod. 
Full Metal is a generative exploration company focus on discovery in
Alaska. The Company has completed 18 joint ventures and multiple base
and precious metal discoveries since foundation in 2003.  
Antofagasta Minerals S.A. is the wholly owned mining division of
Antofagasta plc. Antofagasta plc is listed on the London Stock
Exchange and a constituent of the FTSE-100 Index, with interests also
in transport and water distribution. Currently, Antofagasta plc
activities are primarily concentrated in Chile where it owns and
operates four copper mines: Los Pelambres, Esperanza, El Tesoro and
Michilla. Total production in 2012 was 709,600 tonnes of copper,
12,200 tonnes of molybdenum and 299,900 ounces of gold. Antofagasta
plc has a fifth mine, Antucoya, under development in Chile, and it
also has exploration, evaluation and/or feasibility programs in North
America, Latin America, Europe, Asia, Australia and Africa. 
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.
Doug Ramshaw
Corporate Development
604-484-7855
dramshaw@fullmetalminerals.com
www.fullmetalminerals.com
 
 
Press spacebar to pause and continue. Press esc to stop.