Vancouver, August 20, 2012 — First Point Minerals Corp. (FPX-TSX.V) (“First Point” or the “Company”) is pleased to announce that exploration drilling has started at the 100%-owned Wale nickel-iron alloy prospect in northern British Columbia.
A proposed drill program of up to 8 widely-spaced holes totalling about 2,800 metres will test a 3-kilometre-long target area of the Wale property. The holes are being positioned based on last year’s surface sampling results, along with visual estimates of grain size and abundance of the mineral awaruite — a naturally occurring nickel-iron alloy — from this year’s recent detailed rock sampling and mapping work.
The Wale property is located 45 kilometres east of Dease Lake (a town on the Stewart-Cassiar Highway 37) and covers 119 square kilometres in the Stikine Ranges of northern B.C. The southern portion of the property can be accessed from a rough mining road and by trails.
A large zone of nickel-iron alloy mineralization was discovered during a preliminary regional exploration program in the summer of 2011 in which about 50% of the property was explored. This northwest-trending zone measures roughly 3.1 kilometres in length and 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 cut-off of 500 ppm (0.05%).
Five holes totalling 1,579 metres were completed during a first pass of drilling at the Klow nickel-iron alloy property, located 120 kilometres northwest of Fort St. James and 55 kilometres north of the Decar nickel project in central B.C. The widely-spaced drill holes tested a 600-metre long portion of the target area. The mineralized sections of the holes have been sampled and shipped to Acme Analytical Laboratories Ltd. in Vancouver for nickel-in-alloy analysis. Results are expected in September.
Dr. Ron Britten, P. Eng., First Point’s Qualified Person under NI 43-101, has reviewed and approved the technical content of this news release.
About First Point
First Point Minerals Corp. is a Canadian base and precious metal exploration company operating worldwide. For more information, please view the Company’s website at www.firstpointminerals.com or contact Jim Gilbert, President and CEO, or Rob Robertson, VP Corporate Development, at (604) 681-8600.
On behalf of First Point Minerals Corp.
Jim Gilbert, President and 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.
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