Full Metal Options Boulder Creek Uranium Property to Triex.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Full Metal Minerals Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:FMM FMM Federation of Malaysian Manufacturers FMM Fast Multipole Method FMM Franciscan Missionaries of Mary (religious order) FMM Fast Marching Method (computer graphics) FMM Financial Management Manual ) ("Full Metal") and Triex Minerals Corporation (TSX VENTURE:TXM TXM Thixomolding TXM Transaction Management TXM Technology Transition Model ) ("Triex") are pleased to announce that they have entered into an option agreement (the "Option Agreement") under which Triex has the right to earn an initial 65% interest in Full Metal's Boulder Creek Boulder Creek may be:
The 2,500 hectare Boulder Creek property is located in the southeastern Seward Peninsula Seward Peninsula, W Alaska, projecting c.200 mi (320 km) into the Bering Sea between Norton Sound and Kotzebue Sound, just below the Arctic Circle. The region is mostly bleak tundra, with long, cold winters. , Alaska, 160 km northeast of Nome, and 16 km north of the coastal village of Elim. The Boulder Creek deposit is hosted within Tertiary-aged sandstone peripheral to a Late Cretaceous Late Cretaceous (100mya - 65mya) refers to the second half of the Cretaceous Period, named after the famous white chalk cliffs of southern England, which date from this time. Rocks deposited during the Late Cretaceous Period are referred to as the Upper Cretaceous Series. alkalic quartz monzonite Quartz monzonite is an intrusive igneous rock that has an approximately equal proportion of orthoclase and plagioclase feldspars. The plagioclase is typically intermediate to sodic in composition, andesine to oligoclase. Quartz is present in significant amounts. intrusion; it is the largest known uranium deposit in the state. Originally discovered by Houston Oil and Gas (later Tenneco Mineral Company), drilling between 1979 and 1981 outlined a historic resource of 1,000,000 pounds of U308 for the Boulder Creek deposit. The deposit is not fully defined and is open along strike and at depth. The average grade of the resource was reported to be 0.27% U308 and average thickness is 3 metres within a deposit area of approximately 1,000 metres long by 100 metres wide. Depths of mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. range from surface to 120 metres (Economic Geology, Volume 82, 1987 pp. 1558-1574). The foregoing is an historical estimate. Triex and Full Metal have not done the work necessary to certify the classification of the resource and are not treating the historical estimate as a NI 43-101 defined resource. The historical estimate should not be relied upon. Under the terms of the Option Agreement, Triex can earn an initial 65% interest in the property by an initial cash payment to Full Metal of US$75,000, completing US$1,500,000 in exploration expenditures over four years (ending April 1, 2009), and the issuance of 50,000 shares to Full Metal during each year of the Option Agreement to a maximum of 200,000 shares. Triex will have the right to acquire an additional 15% interest in the property by issuing an additional 300,000 shares to Full Metal and incurring an additional US$1,000,000 in expenditures on or before April 1, 2010. Upon completion of the earn-in requirements, an 80:20 joint venture agreement will be formed with Triex as the operator. This transaction is subject to acceptance by the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. and board approval of Full Metal. Triex and Full Metal will jointly manage and conduct exploration in order to most effectively advance the Boulder Creek Deposit. An extensive program of mapping, prospecting, grid-based soil sampling and biogeochemistry bi·o·ge·o·chem·is·try n. The study of the relationship between the geochemistry of a region and the animal and plant life in that region. bi commenced on August 17th, 2005. Work is scheduled to be completed in the last week of September 2005. The objective of this program is to define drill targets for the 2006 program which will focus on resource expansion via in-fill drilling to further delineate the deposit, as well as drilling along-strike to test for deposit extensions and new zones. Exploration is under the direction of Mr. Robert McLeod P.Geo., Vice President Exploration of Full Metal, a qualified person as defined by NI43-101 and Dr. Michael Gunning, Ph.D., P.Geo., Vice President Exploration of Triex, a qualified person as defined by NI43-101. Full Metal and Garnet Point Resources have mutually agreed to not proceed with the terms outlined in the Boulder Creek Binding Letter of Intent dated April 1, 2005. Garnet Point has acknowledged the termination of the Letter Agreement. Full Metal recently made a new high grade gold discovery at its 100% owned Lucky Shot Property and is awaiting assays on the Ganes Creek gold property funded by Joint Venture Partner, Fury Explorations Ltd. The Company is exploring the Aleutian Island land package with partner Metallica Resources and is advancing the Pebble South Copper/Gold property. ON BEHALF OF THE BOARD OF DIRECTORS Michael Williams, President and Director The TSX Venture Exchange does not accept responsibility for the ad equacy or accuracy of this release. Full Metal Minerals Ltd. (TSX VENTURE:FMM) |
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