Drill results from its 2009 exploration season at the Russian Mountain project in Alaska demonstrated multiple gold-silver- copper-bearing structures for Full Metal Minerals (FMM-V).
The Russian Mountain project is about 450 km west of Anchorage and about 40 km southwest of the Donlin Creek deposit of Barrick Gold (ABX-T, ABX-N) and Novagold Resources (NG-T, NG-X) in the Kuskokwim gold belt, which is also home to Freegold Ventures’ (ITF-T) Vinasale property.
Highlights from the 1,308-metre drill program included significant grades from the deposit’s Owhat structure. Intercepts (all true width) included 1 metre of 8.59 grams gold per tonne, 185.6 grams silver and 6.03% copper in hole RM-01, and 0.9 metre of 5.35 grams gold, 150 grams silver and 9.97% copper in hole 2. Hole 9 returned 0.5 metre of 8.59 grams gold, 680 grams silver and 10.35% copper.
The Russian Mountains contain several intrusive-hosted zones of polymetallic gold-silver-copper mineralization, two of which were historically mined in the early 1900s. The mineralization there also contains antimony, tin, zinc, bismuth, lead, tungsten, uranium and copper.
Full Metal’s Owhat target consists of multiple prospect pits exposing gold-silver-copper mineralization with associated quartz-tourmaline alteration over a 215- metre strike length with widths of 1.5 metre to 8 metres. Mineralized quartz-tourmaline float can be traced for up to 200 metres to the northwest and southeast.
Gold-silver-copper-arsenic mineralization was encountered in all holes, associated with quartz-tourmaline veining at the Owhat target. Mineralization in holes 1 and 2 were associated with chalcopyrite and arsenopyrite.
Holes 3, 4, 8 and 9 were drilled on 100-metre and 75-metere stepouts to the northwest and southeast, respectively.
Anomalous gold-silver mineralization was returned within the Owhat structure, including 8.59 grams gold, 680 grams silver and 10.35% copper over 0.5 metre true width in hole 9.
Drill holes 12 and 13 tested the projection of the Owhat structure, associated with a magnetic anomaly 250 metres southeast of 1 and 2, but did not return significant values.
In 2008, Full Metal inked a strategic alliance with Kinross Gold (K-T, KGC-N) to explore for gold in the Kuskokwim region of southwestern Alaska. Kinross holds 60% of the strategic partnership with Full Metal retaining the remainder. The two companies have an option to earn a 100% interest in mineral rights for the 445-sq.-km Russian and Horn Mountain projects from Calista Corp. and Alaska Regional Native Corp.
The junior exploration company has precious and base metal projects in Alaska and the Yukon and has joint-venture agreements with Kinross, Freeport-Mc-MoRan Copper & Gold (FCX-N), Harmony Gold (HMY-N), Pan Global Resources (PGZ-V), (formerly Mosam Capital) and Triex Minerals — now part of Canterra Minerals (CTM-V), among others. At presstime, Full Metal traded at 21¢ per share in a 52-week range of 16-34¢. The junior has 71.9 million shares outstanding.
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