Vancouver, October 20, 2014 — First Point Minerals Corp. (FPX-TSX) (“First Point” or the “Company”) is pleased to announce the completion of its first diamond drilling campaign at the 100%-owned Mich nickel-iron alloy (“awaruite”) property, located 50 kilometres southeast of Whitehorse in the southern Yukon Territory. The previously announced program (see First Point’s September 4, 2014 News Release) tested the central portion of the key target area with two angled holes drilled at minus 50 degrees in opposite directions from the same set-up, for a total of 873 metres of drilling.
Based on a visual inspection of the core, the drilling intersected a disseminated nickel-iron alloy mineralized zone hosted in ultramafic rocks. The zone measures 345 metres vertically from surface, is an estimated 463 metres wide on the drill section and remains open to the northeast, beyond the end of the second drill hole. Assay results are pending.
First Point cautions that until assay results have been received, it is not possible to quantify the nickel-iron alloy grades.
The key target is located on the southeastern end of a low ridge and measures 540 metres long and 290 to 570 metres wide. It remains open to the southeast towards the valley floor where overburden covers the bedrock. Davis Tube magnetically-recovered (“DTR”) nickel values for 75 rock samples collected in 2012 and 2013 from the key target area range from 0.046% to 0.143%. The revised horizontal dimension of 463 metres compares favourably to the earlier estimate of 290 metres. The earlier estimate was based upon surface rock sampling along the drill section.
The Mich property lies just 20 kilometres off the Alaska Highway and 200 kilometres by road from the port of Skagway, Alaska. It is accessible by an all terrain vehicle trail.
Drill core samples were shipped to Activation Laboratories in Kamloops, British Columbia, for analysis, including assaying for DTR nickel. The Davis Tube method is used to provide a more accurate measure of variability in recoverable nickel by magnetic separation and is the global, industry standard geometallurgical test for magnetic recovery operations and exploration projects.
Dr. Ron Britten, P. Eng., a First Point 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 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
Suite 200 — 1155 West Pender Street
Vancouver, BC Canada V6E 2P4
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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