The 11,200 acre OG, UG and OD claim group covers several sediment hosted and carbonate replacement zinc-silver-lead prospects and includes extensive multi-element soil geochemical anomalies.
The OG prospect is centered on a very strong 1.4 square kilometer multi-element soil anomaly (>1000 ppm Pb, 750 ppm Zn, 2 ppm Ag) that has been sampled on 50 meter by 50 meter stations and is open for expansion in three directions. Several soil samples returned over 1% Zn and Pb, and 32 g/t Ag. Numerous showings of massive sphalerite galena and chalcopyrite occur on surface.
Location
The OG, UG and OD claims are located north of Dawson City, Yukon Territory.
Exploration Status
Full Metal will be performing an extensive program of mapping, sampling, and extending the soil geochemistry grid to fully define the extent of the multi-element anomaly. A ground-based gravity geophysical survey will also be performed.
Ownership
Ashburton has the option to earn a 60% interest in the Property by incurring exploration expenditures of $6,000,000 over four years including a minimum $500,000 during 2008. Ashburton must also make cash payments totaling $325,000 ($100,000 first year) and issue 1,250,000 shares (500,000 first year) over the four year option term.
Upon Ashburton successfully exercising the Option to acquire 60% of Full Metal's rights, title and interest in the Property, Full Metal will have the right within 90 days to reacquire 1/3 of Ashburton's interest by reimbursing Ashburton's $6,000,000 in Expenditures. Should Full Metal exercise the Back-In Right the Joint Venture will be 60% Full Metal Minerals/ 40% Ashburton Ventures.
History
The OG Prospect is the most advanced target in the group and was drill tested by 12 core holes in 1975/76 by Hudson Bay Exploration Ltd. Significant intercepts of massive sulphide were encountered, including 17.53 meters averaging 7.28% Zn, 1.94% Pb, and 16.5 g/t Ag. Assay results are known for six of twenty-four holes, which were filed under mandatory Yukon Territory assessment report requirements. Partial drill results are as follows:
Hole-ID
From (m)
To (m)
Length (m)
Ag (g/t)
Zn %
Pb %
OG-1
14.57
16.76
2.19
43.2
5.96
1.49
24.48
25.94
1.46
5.4
6.02
1.01
including
43.34
44.74
1.4
54.6
20.38
11.02
OG-4
27.74
38.74
11
10.6
5.20
0.33
including
27.74
31.58
3.84
21.6
10.79
0.39
and
29.14
31.21
2.07
21.3
15.76
0.22
51.54
69.07
17.53
16.5
7.28
1.94
including
62.36
67.67
5.3
29.1
13.08
1.35
OG-6
27.13
29.2
2.07
47.2
4.34
9.91
OG-8
No significant intercepts
OG-10
63.86
70.41
6.55
41.7
4.61
2.83
including
67.42
68.98
1.55
108.3
11.20
6.05
OG-12
No significant intercepts
Results for the other eighteen drill holes are not known and the entire core has been destroyed. True thicknesses are unknown.
Geology
The prospects occur along the flanks and margins of the Wernecke breccias, and may be structurally related to their emplacement. Coarse grained pyrite, sphalerite and galena with local chalcopyrite occur within a sedimentary sequence of Proterozoic dolostones, limestone and siliciclastic rocks.
