Full Metal Minerals likes what it sees in Alaska

Drill results from its 2009 exploration season at the Russian Mountain project in Alaska demonstrated significant grades 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 (NG-T) in the Kuskokwim gold belt, which is also home to Freegold Venture‘s (ITF-T, FGOVF-O) Vinasale property.

Highlights from the 1,308-meter drill program included significant grades from the deposit’s Owhat structure. Intercepts included 8.59 grams gold per tonne, 185.6 grams silver per tonne and 6.03% copper over 1.01 metres true width in hole M-01 and 5.35 grams gold, 150 grams silver and 9.97% copper over 0.94 metres true width in hole M-02. Hole M-09 returned 8.59 grams gold, 680 grams silver and 10.35% copper over 0.52 metres true width.

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-meter strike length with widths of 1.5 meters to 8 meters. 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 and holes M-01 and M-02 were associated with chalcopyrite and arsenopyrite. Holes M-03, M-04, M-08 and M-09 were drilled on 100-meter and 75- meter step-outs 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 0.52 meters true width in hole M-09.

Drill holes M-12 and M-13 tested the projection of the Owhat structure, associated with a magnetic anomaly 250 meters southeast of RM-01 and 02, but did not return significant values.

In 2008, Full Metal inked a strategic alliance with Kinross Gold (K-T) 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 44,500-hectare Russian and Horn Mountain projects from Calista Corporation 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 Gold, Freeport McMoRan Copper & Gold (FCX-N), Harmony Gold (HMY-N), Mosam Capital (MOS-V), and Triex Minerals (TXM-V), among others.

At presstime Full Metal was trading at 21¢ per share; over the last year has traded in a 16¢-34¢ per share range. The junior has 71.9 million shares outstanding.