Full Metal cuts more bonanza-grade gold at Lucky Shot

Vancouver — With its initial 7-hole drill program complete, Full Metal Minerals (FMM-V) has tied into continued high-grade gold at its Lucky Shot project located about 50 km north of Anchorage, Alaska.

Best results came from hole 12 where a 4-metre true width intercept (from 133 metres down hole depth) averaged 219.1 grams gold per tonne, including a 0.7 metre interval grading 1,267.5 grams gold; assay values are uncut. The hole is a 50-metre westerly step-out from previously released hole 9, which intersected 3.1 metres of 62.2 grams gold. Both high-grade intercepts are situated about 200 metres up-dip from past underground workings.

All current and past drilling has successfully intersected the Lucky Shot shear structure, which shows strong chlorite-sericite-carbonate alteration along with brecciation and silicified components. The shear zone has been outlined 250 metres up-dip from past development and 250 metres along strike. The shear remains open to the west and south, and to the north, down-dip beneath historic workings.

Lucky Shot gold mineralization occurs in a series of stacked, sub-horizontal high-grade quartz veins within Late Cretaceous granites-tonalites. Mineralized veins, averaging one metre in width, are associated with faulting and shearing structures with notable thickening adjacent to faults. Recent exploration has identified vein mineralization in some of the wider shear structures with thicknesses of 3-5 metres, representing possible feeder zones. Gold occurs along with telluride mineralization and minor sulphides.

The Lucky Shot mine was the richest historic gold producer in the Willow Creek mining district. From 1921 to 1940, a reported 250,000 oz. of gold was recovered from ore averaging almost 1.5 oz. gold per ton (50.7 grams gold).