Vancouver — Stepout drilling from last year’s discovery hole at Full Metal Minerals’ (FMM-V, FLMTF-O) LWM prospect, on its 40 Mile project in eastern Alaska, sparked a surge in trading following news it intersected two massive sulphide intervals.
Hole 07-04, collared 50 metres south of 06-01, intersected 12.3 metres (from 14.1 metres down-hole) that averaged 8.1% zinc, 3.7% lead, 0.13% copper and 68.6 grams silver per tonne. The hole also cut 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 section ran 19.7% zinc, 9.4% lead, 0.37% copper and 159.4 grams silver, with over-limit lead assays (over 25% lead) from several samples within the interval pending.
Mineralization within the upper 50 metres of hole 07-04 is partially oxidized.
A subsequent hole, 07-07, also cut high-grade massive sulphides including 11.1 metres of 26.3% zinc, 10.9% lead and 170 grams silver in three closely spaced intervals of massive, coarse-grained sphalerite and galena.
Full Metal reports four of its six holes drilled this year have intersected significant intervals of massive sulphides consisting 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 interpreted as a carbonate replacement-type zinc-lead-silver system.
The company can earn 100% of the mineral rights for the 40 Mile land package, consisting of more than 3,280-sq.-km, from the Alaskan Native Regional group Doyon for cash payments of US$325,000, annual scholarship donations of US$10,000 and total exploration spending 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 on the assay news, reaching a high of $3.05 on strong trading volume. 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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