=======================================================================
Re: News Releases - Monday, March 21, 2011
First Point Announces a Drill Program on the Decar Nickel-Iron
Alloy Property, British Columbia
=======================================================================
Vancouver, March 21, 2011 -- First Point Minerals Corp. (FPX-TSX.V)
("First Point" or the "Company") is pleased to announce that based on
positive results from preliminary metallurgical test work, Cliffs
Natural Resources Exploration Inc., an affiliate of Cliffs Natural
Resources Inc. (NYSE: CLF) (Paris: CLF) ("Cliffs"), has approved a
minimum 4,000 metre drill program for the Decar nickel project in
central British Columbia.
While details of the 2011 drilling program are still being finalized,
the purpose is two-fold. First, drilling will begin to evaluate the
bulk-tonnage size potential of the outcropping Baptiste and Sidney
nickel-iron alloy targets, where nine widely-spaced drill holes
completed in 2010 intersected naturally occurring "stainless steel"
nickel mineralization over a distance of 1,600 metres. The 2010
drilling demonstrated consistent, uniformly disseminated nickel
mineralization, extending from surface to depths of at least 300 metres
down the hole. The grade in mineralized zones in all nine holes
averaged 0.126% nickel in alloy. Each of the nine holes ended while
still in mineralization.
Second, drilling at Decar will also test several new highly prospective
nickel in alloy targets defined by rock sampling and geophysical
surveys conducted in close proximity to the Baptiste and Sidney zones.
These targets may include Van, NW Sidney and SE Sidney.
Situated 3.3 kilometres north of the Sidney zone, the Van target
measures approximately 1,150 metres long by at least 200 metres wide.
It is defined by five rock samples that carry 0.11 to 0.14% nickel in
alloy. While roughly 70% of the target area is covered by overburden, a
well defined high total magnetic signature extends to several hundred
metres depth based on inverted magnetic airborne data. A system of
logging roads on the Van target is expected to provide good access for
drilling.
The NW Sidney target is 1.3 kilometres north of the Sidney zone and
measures over 1,000 metres long by 200 to 600 metres wide in a
west-northwest orientation. Eight rock samples returned values of 0.10
to 0.14% nickel in alloy. This target coincides with the shoulder of a
high magnetic pattern that extends to a depth of at least 500 metres.
More than 50% of the target area is covered by overburden.
The SE Sidney target is roughly 1.4 kilometres south of the Sydney
zone. It trends east-west over a distance of approximately 700 metres
and is open to the north towards the Sidney ridge where overburden
masks the target. Three samples containing nickel-iron alloy coincide
with a broad magnetic signature and northwest striking magnetic
lineament features that may in part control mineralization.
The 2011 drilling program is expected to commence as soon as weather
conditions allow.
The Decar project represents a bulk-tonnage, open-pittable target, with
the potential to be developed on a scale equivalent to that used at
many successful porphyry copper mines in British Columbia. First Point
believes: surface samples greater than 0.1% nickel in alloy; coarse
nickel alloy grains; and extensions of geophysical magnetic signatures
away from known mineralization, are all useful and positive yardsticks
to identify both extensions of known mineralization and new targets.
As announced earlier (news release of Nov. 1, 2010), Cliffs committed
US$500,000 to investigate the mineral processing methods for the
recovery of the nickel-iron alloy using the drill core from the
Baptiste and Sidney targets obtained in 2010 at Decar. The material
being tested carries from 0.10 to 0.15% nickel in alloy, with alloy
grain sizes ranging from less than 50 to over 400 microns in size. This
work is ongoing and results of this metallurgical work are expected
later this spring or early summer. Additional drilling will be guided
by the results of these tests and today's announced drilling campaign.
As announced earlier (news release of Nov. 13, 2009), Cliffs can earn
an initial 51% interest in the Decar project from First Point by
incurring US$4.5 in expenditures over a four-year period.
Dr. Ron Britten, P. Eng., First Point's Qualified Person under
NI43-101, 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. 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"
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
e-mail: info@firstpointminerals.com
Forward-Looking Statements
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider
accepts
responsibility for the adequacy or accuracy of this release.
=======================================================================
Copyright (c) 2011 FIRST POINT MINERALS CORP. (FPX) All rights
reserved. For more information visit our website at
http://www.firstpointminerals.com/ or send
mailto:info@firstpointminerals.com
Message sent on Mon Mar 21, 2011 at 6:05:14 AM Pacific Time
=======================================================================
.
|
VanEck Vectors Global Alternative Energy ETF
|
|
EXPLORATEUR |
CODE : FPX.T |
ISIN : CA3359371083 |
CUSIP : 335937108 |
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
First Point Min. est une société d’exploration minière d'or et d'argent basée au Canada. First Point Min. détient divers projets d'exploration au Honduras. Ses principaux projets en exploration sont CORRALITOS au Mexique, DECAR et JOE au Canada et TULE et CAMPORO au Honduras. |