Vancouver, January 19, 2012 — First Point Minerals Corp. (FPX-TSX.V) (“First Point” or the “Company”) is pleased to announce that it has discovered widespread nickel-iron alloy mineralization while exploring the 100%-owned Wale property in northern British Columbia.
The mineralized footprint at Wale includes a 10-kilometer-long stretch of anomalous grade, disseminated nickel-iron alloy mineralization. “Wale is one of the best properties we have found to date, and is comparable to Decar in both scale and stage of exploration at the time Decar was optioned to Cliffs Natural Resources in November 2009,” said Dr. Ron Britten, First Point’s Vice-President of Exploration.
This northwest-southeast trending zone of nickel-iron alloy mineralization measures roughly 3.1 kilometres long and from 670 to 1,060 metres wide. It is defined by 113 bedrock samples that average a grade of 945 parts per million (“ppm”), or 0.09% nickel-in-alloy, based on a threshold of 500 ppm. Within this main major zone, First Point has defined two highly prospective drill targets: Head and Eagle — based on elevated nickel-in-alloy results and coarser nickel-iron alloy grain sizes.
The Head target, measuring 780 metres in length and up to 460 metres wide, is located on the crest of a north-trending ridge. It is defined by 12 rock sample sites that returned grades in the range of 460 to 1,590 ppm (0.05% to 0.16%), for an average of 1,065 ppm (0.11%) nickel-in-alloy. All of these samples contain coarse grains of nickel-iron alloy with a maximum size of between 200 and 500 microns (or 0.2 and 0.5 mm). First Point believes that surface sample assay results of greater than 500 ppm nickel-in-alloy and coarse alloy grain sizes of more than 100 microns (0.1 mm) are significant parameters to evaluate early-stage exploration prospects.
The Eagle target is located on the flank of a northwest-trending ridge and measures 2.3 kilometres long and varies from 120 to 470 metres wide. It remains open to the west and northwest. Twenty-nine rock samples averaged a grade of 946 ppm (0.09%) nickel-in-alloy within a range of 504 and 1,484 ppm (0.05% to 0.15%). All of these samples contain coarse nickel-iron alloy maximum grains that reach from 200 to 600 microns (0.2 to 0.6 mm) in size.
The Wale property is located 50 kilometres east of Dease Lake (a town on the Stewart-Cassiar Highway 37) and covers an area of 119 square kilometres. The nickel-iron alloy mineralization is hosted in a moderately serpentinized, fine-grained ultramafic that is bounded by the major Nahlin and Eaglehead faults. It is accessible by helicopter, while a rough road provides access to the southern margin of the claims.
About 50% of the property was explored in 2011, which involved mapping and the collection of 464 rock samples, of which 219 samples contain higher than 500 ppm nickel-in-alloy and average 5.2% iron, occurring primarily as magnetite, and 1,610 ppm (0.16%) chromium. Additional analyses, petrographic work and preliminary Davis Tube magnetic separation testing are anticipated over the winter months.
First Point will continue to explore the remainder of the Wale property in 2012 and follow-up with detailed mapping and sampling on the known targets in preparation of a proposed 2,000-metre drilling program later this summer.
Orca and Letain Properties
The Company also recently staked the Orca property, which covers 64 square kilometres west of Wale, based on a mapped large ultramafic body and geochemical sample results. Orca is located about 35 kilometres east of Dease Lake and 16 kilometres northwest of Wale, and will be the focus of an aggressive exploration program in 2012.
During the 2011 field season, First Point has further defined a nickel-iron alloy target at the Letain property through mapping and rock sampling. The 100%-owned Letain property is 39 square kilometres in size and covers part of the same ultramafic belt as Wale and Orca. It is situated about 77 kilometres east of Dease Lake and 34 kilometres southeast of Wale.
The main target at Letain measures approximately 820 metres in length as defined by eight rock sample sites containing disseminated nickel-iron alloy mineralization. It is located along a narrow east-trending ridge. The width of the target is obscured by talus cover that flanks both sides of the ridge.
The samples range in value from 791 to 1,964 ppm (0.08% to 0.20%), averaging 1,420 ppm (0.14%) nickel-in-alloy. Fine to coarse grains of nickel-iron alloy reach up to 50 to 200 microns (0.05 to 0.2 mm) in size. The samples will be reanalysed using Davis Tube magnetic separation to confirm whether the fine-grained nickel-iron alloy can be easily recovered magnetically. Additional field work planned for Letain in 2012 will depend on the magnetic recovery results.
Rock samples, each averaging about 1 kilogram, were taken on 200- to 300-metre spaced sites where outcrop was available along traverses. These samples were delivered to Acme Analytical Laboratories Ltd. in Vancouver (“Acme,” an ISO Certified Laboratory) for nickel-in-alloy and total nickel analysis, using the analytical procedures discussed in the Company’s November 7, 2011 news release.
In summary, First Point currently holds a 100% interest in eight different properties in British Columbia, Yukon and Australia, including drill defined targets on the Wale, Mich and Klow properties. First Point has dropped the Wheat and Bodine properties in British Columbia and the Joe property in Oregon, based on disappointing exploration results from the 2011 regional field program.
Dr. Ron Britten, P. Eng., First Point’s Qualified Person under NI 43-101, has reviewed and approved the analytical content of this news release.
About First Point
First Point Minerals Corp. is a Canadian base and precious metal exploration company. For more information, please view the Company’s website at www.firstpointminerals.com or contact Peter Bradshaw, President and CEO, or Rob Robertson, VP Corporate Development, at (604) 681-8600.
On behalf of First Point Minerals Corp.
Peter Bradshaw, Ph.D., P. Eng., President & CEO – TSX Venture Exchange: FPX
Suite 906 — 1112 West Pender Street
Vancouver, BC Canada V6E 2S1
Tel: 604.681.8600 Fax: 604.681.8799
Certain of the statements made and information contained herein is considered “forward-looking information” within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company’s periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.