Vancouver, October 2, 2012 — First Point Minerals Corp. (FPX-TSX.V) (“First Point” or the “Company”) is pleased to report that it has completed a first pass of widely-spaced exploration drilling at the 100%-owned Wale nickel alloy property in northern British Columbia, in addition to collecting a 5-tonne surface bulk-sample for metallurgical testing and market studies.
The helicopter-supported drill program tested the 3.6-kilometre-long Eagle Target with 10 core holes totalling 2,764 metres. The objective of this initial drill campaign at Wale is to identify the potential for large zones of nickel-in-alloy mineralization on the property. The holes were drilled from six pads spaced 470 to 1,200 metres apart. The location of some drill holes on ridge lines and talus covered slopes were driven by local, rugged topography, which reaches a maximum elevation of 2,000 metres. A drill hole location map can be viewed at www.firstpointminerals.com.
Based on visual assessments, and pending assay results, mineralized zones of awaruite, a naturally occurring nickel-iron alloy, were noted in all drill holes but in varying abundance and grain size. Holes 1, 2, 4, 5 and 10, spanning about 1,350 metres between three drill pads in the central portion of the Eagle target area, intersected long intervals ranging from152 to 405 metres of common-to-abundant, fine-to-coarse grained nickel-iron alloy measuring 50 to 200 microns (or 0.05 to 0.2 mm) in size. The nickel-iron alloy mineralization extends to the bottom in all of these holes.
The 10 holes were drilled either to the northeast at 010 degrees azimuth, or to the southwest at 190 degrees azimuth, at a minus 50-degree angle. The holes ranged from 109 to 409 metres in length. Drill core samples have been shipped to Acme Analytical Laboratories Ltd. in Vancouver for nickel-in-alloy analysis. Assay results are expected in about a month’s time.
During the 2012 exploration program at Wale, a 5-tonne bulk sample of mineralized host rock was collected from the surface, near the site of hole 1 where surface sampling returned values from 0.150 to 0.164% nickel-in alloy. The bulk sample has been shipped to G & T Metallurgical Services in Kamloops for test work. The objective of the metallurgical campaign is to evaluate flow sheet alternatives for the production of saleable nickel concentrates, with a view towards optimizing concentrate grade vs. nickel recovery characteristics. Using these Wale concentrate products, First Point plans to conduct a market study to assess likely payability of nickel in concentrate, as well as potential revenue credits from iron and chromite by-products.
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 is accessible by a rough mining road and by trails using all-wheel drive, heavy-duty utility vehicles, which can handle up to 10 tonnes of freight per trip.
A large zone of nickel-iron alloy mineralization was discovered at Wale in 2011 during a regional exploration program. Within this main zone, the Eagle and Head targets were initially defined by mapping and wide-spaced rock sampling, based on elevated nickel alloy results and coarser alloy grain sizes. The nickel-iron alloy mineralization is hosted in moderately to strongly serpentinized peridotite and lesser dunite. Minor felsic dykes, altered dykes and micro-gabbro dykes occur in all drill holes
The 2012 summer field program also included detailed rock sampling, mapping and ground magnetic geophysical surveys. Results indicate the Eagle and Head targets have merged into one target now known as the Eagle target zone as noted above. It is characterized by disseminated nickel-iron alloy grains ranging from less than 50 to over 300 microns in size. More than 190 surface rock samples from the Eagle zone carry grades better than 0.1% nickel-in-alloy.
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
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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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