Vancouver, October 4, 2012 – First Point Minerals Corp. (FPX-TSX.V) (“First Point” or the “Company”) is pleased to report that it has intersected a zone of nickel-iron alloy mineralization carrying encouraging grades in a first round of wide-spaced drilling at the 100%-owned Klow property in central British Columbia.
Five holes totalling 1,579 metres tested a 530-metre-long portion of the main target area where surface rock sampling had returned nickel-in-alloy values averaging 0.06% and ranging as high as 0.13% in individual samples.
The drilling suggests the nickel-iron alloy mineralization is increasing in grade proceeding to the north. The northernmost hole, DH-4, is the best of the five holes, intersecting 316 metres averaging 0.1% nickel-in-alloy from beneath 10 metres of overburden to 326 metres down-hole, ending in mineralization. Hole 4 was aimed to the northeast along a 060 degree azimuth at a minus 50 degree angle.
Hole DH-3 was drilled from the same pad as hole 4 but oriented in the opposite direction to the southwest. It intersected 290 metres grading 0.06% nickel-in-alloy, including 140 metres of 0.08% at the top of the hole. Together, these two holes indicate that the mineralized zone is carrying grades of at least 0.08% nickel-in-alloy or better, is at least 320 metres wide at this location, and is open to the north and to the west.
The northern end of the mineralized zone remains open for another 650 metres to the boundary of the claim group and roughly 300 metres to the west before encountering a meta-volcanic contact, providing future exploration potential for a modest sized target. The northern extension area is covered by overburden. A drill hole location map can be viewed at www.firstpointminerals.com.
A summary of the 2012 Klow drill results is presented below in Table 1. The first four holes were drilled from three pads spaced from 218 to 312 metres apart along the mineralized system’s projected northwest-southeast strike, while hole 5 tested the zone’s western extension, stepping out 650 metres from hole 2.
Table 1: Klow Drill Results
|Intersections (m)||Nickel Alloy
The reported nickel alloy grades are based on a threshold of 0.06%. Intercepts of non-mineralized dykes greater than 1 metre wide are reported as zero grade.
Hole DH-1 was collared about 312 metres south of hole 4 and hit 376 metres averaging 0.05% nickel-in-alloy, including 24 metres at the very top of the hole grading 0.08% and 92 metres grading 0.07% from 216 to 308 metres down-hole. Hole DH-2 stepped out a further 218 metres to the south and encountered 257 metres averaging 0.04% nickel alloy. Holes 1 and 2 were inclined at minus 50 degrees towards the southwest along a 240-degree azimuth.
Hole DH-5 was aimed towards the northeast at minus 50 degrees and positioned 650 metres west of hole 2. It intersected 179 metres of 0.07% nickel-in-alloy. Hole 1, 2 and 5 were drilled in an area covered by glacial fluvial overburden. The holes pushed through 31 to 66 metres of down-hole overburden.
The Klow property is located 120 kilometres northwest of Fort St. James and 55 kilometres north of the Decar nickel project. An all-season public road runs along the eastern margin of the property, linking the town of Fort St. James to the village of Takla Landing. A CN rail line is located about 12 kilometres west of the Klow property.
During preliminary regional exploration work in 2009 and 2010, mineralized showings of nickel-iron alloy were discovered on the Klow property at the lower reaches of the main ridge where bedrock exposure is limited due to overburden cover. Early in the field season in 2012, a ground magnetic geophysical survey was completed prior to the drill program and the results used to assist in locating holes.
The drill core was sawn in half and sampled at 3-metre-long intervals and delivered to Acme Analytical Laboratories Ltd (“Acme”) preparation lab in Smithers, B.C. The sample pulps were then sent to Acme’s ISO Certified Laboratory facility in Vancouver for nickel-in-alloy and total nickel analysis. Nickel-in-alloy was analyzed using a partial extraction analytical method that selectively dissolves nickel present as nickel-iron alloy and does not extract the nickel present within rock forming silicate minerals. Following independent studies, including the development of certified standards to monitor accuracy, this partial extraction analytical method was commercially certified by Dr. Barry Smee of Smee & Associates Consulting Ltd. for the exclusive use of First Point. Total nickel was assayed by Acme using a four acid digestion and an ICP-MS finish, which determines the total nickel present, in both nickel-iron alloy and silicate form, as well as iron and chromium.
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
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.
responsibility for the adequacy or accuracy of this release.