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News Release - Monday, August 22, 2011
First Point Announces Expanded Drilling Program to Define
Resource at the Decar Nickel-Iron Alloy Project
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Vancouver, August 22, 2011 -- First Point Minerals Corp. (FPX-TSX.V)
("First Point" or the "Company") is pleased to announce that Cliffs
Natural Resources Exploration Canada Inc., an affiliate of Cliffs
Natural Resources Inc. (NYSE: CLF) (Paris: CLF) ("Cliffs"), has
expanded the 2011 drilling program at the Decar nickel project in
central British Columbia.
Cliffs has recently added a second drill rig to Decar. The objective is
to drill off the Baptiste nickel-iron alloy zone to at least a NI43-101
inferred resource category.
Decar is a greenfield discovery of nickel mineralization in the form of
a naturally occurring nickel-iron alloy, with no associated sulphides.
The target at Decar is a bulk-tonnage, open-pittable nickel deposit on
a mining scale equivalent to that of the large open-pit copper porphyry
mines operating in British Columbia.
Under the supervision of Caracle Creek International Consulting (CCIC),
the 2011 drilling program is delineating the Baptiste zone over a
targeted 2,500-by-700-metre area at 200-metre centres and to a planned
depth of 300 metres downhole. A total of 47 holes have been proposed
for this year's delineation drilling campaign on Baptiste, which will
be weather dependent, with six holes completed to date. One or two of
the planned drill holes into the central part of Baptiste will test the
extent of mineralization to a depth of 600 metres.
Drilling at Decar will also test a number of highly prospective
nickel-iron alloy targets defined by surface rock sampling and
geophysical surveys. These targets include Target B, Sidney and Van.
One hole has already been completed into Target B, located 4.6 km
north-northwest from Baptiste and 2 km northwest from Sidney. Assay
results for this hole and the other six holes completed at Baptiste are
pending.
The Decar project was drilled for the first time in 2010 with nine
widely-spaced holes, including seven holes into the Baptiste target and
two holes into the Sidney target. Spaced over a distance of 1,600
metres at Baptiste, the drilling confirmed the outcropping nickel-iron
alloy mineralization extends to a depth of at least 300 metres and is
uniformly distributed from top to bottom of each hole. All nine holes
bottomed in mineralization. The grade of all nine holes averaged 0.13%
nickel-in-alloy for the mineralized zones
The Decar nickel-iron alloy project is being advanced under an
option/joint venture agreement with Cliffs that was signed in November
2009. By spending US$4.5 million on exploration and development over a
period of four years, Cliffs can earn an initial 51% interest in the
Decar project. Cliffs is in the second year of the option agreement and
has spent more than US$2 million to the end of June 2011.
Once Cliffs has earned its initial 51% interest, it will then have the
right to increase its property ownership (i) to 60% by completing a
preliminary economic analysis in the form of a scoping study, (ii) to
65% by completing a prefeasibility study, and (iii) ultimately to 75%
by completing a bankable feasibility study. Should Cliffs earn a 75%
interest in Decar, First Point would hold the remaining 25%
participating interest, plus a 1% net smelter return royalty interest.
Dr. Peter Bradshaw, P. Eng., First Point's Qualified Person under
NI43-101, has reviewed and approved the analytical 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
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.
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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
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VanEck Vectors Global Alternative Energy ETF
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EXPLORATEUR |
CODE : FPX.T |
ISIN : CA3359371083 |
CUSIP : 335937108 |
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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. |