Vancouver – Step-out drilling to last year’s discovery hole at Full Metal Minerals‘ (FMM-V, FLMTF-O) LWM prospect, on its 40 Mile project in eastern Alaska, has cut into significant massive sulphides.
Hole LWM07-04, collared 50-metres south of LWM06-01, sparked a surge in trading following news it intersected two massive sulphide intervals. A 12.3-metre near-surface section (from 14.1 metres down hole) averaged 8.1% zinc, 3.7% lead, 0.13% copper and 68.6 grams silver per tonne followed by a deeper 44.6-metre interval (from 74.2 metres) grading 15.9% zinc, 4.5% lead, 0.19% copper and 76.6 grams silver.
The lower 20.1-metres of the deeper 44.6-metre section ran 19.7% zinc, 9.4% lead, 0.37% copper and 159.4 grams silver with the company waiting for over-limit lead assays (over 25% lead) from several samples within the interval.
Mineralization within the upper 50 metres of LWM07-04 is partially oxidized.
Full Metal reports four of the six holes drilled this year have intersected significant intervals of massive sulphides comprised of massive to brecciated coarse-grained sphalerite and galena with local chalcopyrite.
Mineralization at LWM is hosted within carbonates and a fine-grained dolomite altered intrusive. It is looked at as a carbonate replacement type zinc-lead-silver system.
The company can earn 100% mineral rights interest in the large 40 Mile land package, comprising more than 3,280-sq.-kms, from the Alaskan Native Regional group Doyon for cash payments of US$325,000, annual scholarship donations of US$10,000 and undertaking total exploration expenditures of US$3.85 million over six years. The Native Corporation also retains a royalty on any future metals production from the property.
Shares of Full Metal rallied into the June 21st assay news, reaching a high of $3.05 on strong volumes. Based on its 36-million shares outstanding the company posts a $105-million market capitalization and has a 52-week trading range of $1.95-$3.18.
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