The Pyramid Rises

Full Metal Minerals (FMM-V) and Antofagasta Minerals (ANTO-L) say they have a new copper-gold-molybdenum porphyry discovery on there hands and one that is wide open for expansion.

The discovery is at their Pyramid Porphyry project in southwest Alaska where final assay results came in from this years drill program and were highlighted by an intercept of 155.9 Metres averaging 0.71% copper, 0.018% molybdenum and 0.179 grams gold or 0.97% copper equivalent in hole PY11-016.

Other highlights from the 2011 drilling program include:

PY11-07: 104.0 metres grading 0.72% copper equivalent
PY11-010: 310.29 metres grading 0.53% copper equivalent
PY11-012: 208.00 metres grading 0.54% copper equivalent
PY11-014: 100.00 metres grading 0.76% copper equivalent
PY11-017: 117.54 metres grading 0.81% copper equivalent

Those results come out of a total of 12 holes drilled over the course of the year for 2,576 meters.

Hole PY11-016 was shut down in strong mineralization, with the final 7.94 meters averaging 0.78% copper 0.124 grams gold and 0.03% molybdenum. The hole was drilled at the most southeastern area of the zone.

Beyond the good width and grades the relatively shallow depth of mineralization is also encouraging for the companies as most drilling went down to a depth of just 300 metres.

Full Metal says multiple hydrothermal centers have been identified at the project and that there is an oval-shaped 2,300 metre by 1,400 metre phyllic and potassic alteration zone. The drilling program covered an area of 1,100 metres by 900 metres.

The core of the zone hosts classic vein styles which host mineralization. Copper mineralization, with variable molybdenum, occurs within multiple phases of porphyritic intrusive rocks as well as hornfelsed sediments.

Mineralization is typically comprised of chalcocite, covellite, chalcopyrite and molybdenite with supergene enrichment at depths ranging from 120 to over 250 metres below surface the company says.

The Pyramid property covers 372.96 sq km of the southern margin of the Alaska Peninsula, roughly eight kilometers from tidewater.

The exploration program was funded by Antofagasta Minerals who are earning a 51% interest in the property.

In Toronto on Oct. 5 Full Metal shares were up 11¢ or 47% to 34¢ on roughly 600,000 shares traded. In London, Antofagasta shares were up 3% to 930.36 pence.