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Full Metal Announces Option to Earn 60% Interest in Olivine Mountain Project
Vancouver, British Columbia--(Newsfile Corp. - February 26, 2020) -   Full Metal Minerals...
About this update from Full Metal Minerals Ltd. Class A
[{"type":"text","content":"Full Metal Announces Option to Earn 60% Interest in Olivine Mountain ProjectVancouver, British Columbia--(Newsfile Corp. - February 26, 2020) -  Full Metal Minerals Ltd. (TSXV: FMM) (\"Full Metal\" or the \"Company\") and GSP Resource Corp. (GSPR-TSX:V) (\"GSPR\") have entered into an agreement (the \"Agreement\") pursuant to which Full Metal has the option (the \"Option\") to earn a 60% interest in GSPR's Olivine Mountain property in the Similkameen Mining Division, British Columbia.The Option may be exercised by (i) incurring exploration expenditures of $500,000 including a minimum $75,000 within 12 months following the date (the \"Acceptance Date\") upon which the Agreement is accepted by the TSX Venture Exchange; (ii) making cash payments totaling $500,000 ($75,000 within 12 months of the Acceptance Date); and (iii) issuing 250,000 common shares of Full Metal (70,000 within 12 months of the Acceptance Date), over the four-year Option term.GSPR will be the operator for exploration programs determined by Full Metal. The 10% operator fee will count towards the required exploration expenditures. Following the exercise of the Option, Full Metal and GSPR will continue under a joint venture with Full Metal holding a 60% interest and GSPR holding a 40% interest. The Agreement is subject to acceptance by the TSX Venture Exchange. About Olivine MountainThe 3,021.87-hectare Olivine Mountain Property (the \"Property\") is located approximately 25km northwest of Princeton, British Columbia. The Property is underlain by rocks of the Tulameen Mafic/Ultramafic Complex which hosts two adjacent magnetite deposits, Lodestone Mountain and Tanglewood Hill, both less than a kilometre outside of the Property boundary, and hosted within same geological formations found within the Property. Potential target metals include but aren't limited to copper, nickel, platinum-group metals, cobalt, and gold.In 2019 GSPR completed roughly 1200 metres of reconnaissance exploration drilling consisting of seven (7) drill holes. Five (5) of the seven (7) holes encountered multiple intersections of copper-mineralization, the results of this drill program can be found in a GSPR news release dated January 15th, 2020. To date this is the only exploration drilling known to have been completed within the Property Boundary.In 2018 GSPR completed an airborne ma...