Pyramid

Pyramid Deposit

The Pyramid porphyry copper-molybdenum deposit is a quartz diorite porphyry and hornfelsed sediment hosted system, likely of calc-alkaline affinity. This deposit hosts 125 million tons of near-surface copper mineralization grading 0.403% copper and 0.025% molybdenum. More recent exploration by Battle Mountain Gold in the late 1980s identified associated gold values that have greatly improved the potential at Pyramid. Additional surface sampling in 2005 and 2006 by Metallica Resources reinforced the presence of gold mineralization over the heart of the project. This resource, completed prior to NI-43-101, has not been independently audited and should therefore not be relied upon.

Target

Full Metal is exploring prospective Native-owned lands in the Alaska Peninsula. This region represents a classic island-arc volcanic setting that has received limited modern exploration which is prospective for both epithermal gold, and porphyry copper-gold mineralizing systems.

Epithermal and porphyry-type deposits are found near oceanic plate subduction zones. The Aleutian Islands and the Alaska Peninsula represent an island arc formed by the Pacific Ocean plate diving under the North American plate.

• This is the only island arc environment in the Pacific “Ring of Fire” without a major mine in production (due to lack of exploration)
• A number of historic deposits and mines in the area prove the existence of epithermal and porphyry-style mineralization
• These deposits provide a geological template for new discoveries as well as the potential for expansion

Exploration Status

2011

During the 2011 season, twelve holes were completed totaling 2,576 meters. The drill holes, with most less than 300 meters in length, shallow for a Porphyry system, were designed to test for grade. Drilling spanned an area measuring approximately 1,100 meters east-west and 900 meters north-south, is open for expansion in all areas and at depth.

Of significance was drill hole PY11-016 which intersected 155.94 meters averaging 0.71% Cu, 0.179 g/t Au and 0.018% Mo, or 0.97% Cu equivalent underneath a 94.0 meter thick leach cap. The intercept includes several higher grade zones, including 20.0 meters averaging 0.99% Cu, 0.151 g/t Au and 0.012% Mo, or 1.19% Cu equivalent. This hole was shut down in strong mineralization, with the final 7.94 meters averaging 0.78% Cu, 0.124 g/t Au and 0.03% Mo. This hole was completed at the extreme of southeastern area of drilling to-date, suggesting a grade and hydrothermal vector in this direction.

Drill hole PY11-017 was a 60 meter northeast step-out from hole PY10-05, which encountered 72.0 meters averaging 0.75% Cu, 0.162 g/t Au and 0.017% Mo (0.957% Cu. Equiv). This hole intersected 117.54 meters averaging 0.60% Cu, 0.081 g/t Au and 0.024% Mo, or 0.81% Cu equiv. Mineralization remains open to expansion to the north.

2010

Full Metal and Antofagasta recently completed a five hole, 1,668 meter drill program (Table 1). The 2010 program successfully tested multiple targets within the Pyramid porphyry system. Through careful examination of historic data, the 2010 drill holes were designed to test lateral and vertical extensions of known copper-moly mineralization in addition to recently identified surface alteration/mineralization/geochemical anomalism.