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Re: News Releases - Wednesday, March 26, 2008
First Point Expands Ground Position and Updates Work on the
Corralitos Property, Mexico
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First Point Minerals Corp. has applied for an additional 8,500 hectare
claim at the gold, silver, zinc Corralitos Project, Chihuahua State,
Mexico, which will almost triple its original 2,975 hectare claim.
Exploration has identified seventy-five old workings which consist of
shafts, open stopes and adits on the Corralitos property to date.
These define a total of 17 kilometers of strike length of veins and
mineralized structures. Significant historic gold and silver
production in the last century came from many of these workings on
vein, chimney and skarn deposits. Historic records of production are
non-existent but mine grades are thought to range between 1 to 4
grams/tonne (g/t) gold and 100 to 500 g/t silver as well as zinc, lead
and copper.
Zones of silicified limestones host significant gold in the Noria
target and silver-gold mineralization occurs in a swarm of vein or
structurally controlled zones in the Candelaria area, including the
Gloria vein.
At the Noria target several silicified-altered zones range from 50 to
200 meters strike length and the southwest extensions of the zones are
covered by overburden. Trenching has exposed zones that range from 1.5
to 9.2 meters wide and 3.7 to 17.0 g/t gold as shown in the table
below. Limestone has been intensely silicified, iron oxide stained and
correlates with strong multi-element anomalies including arsenic,
antimony and mercury and, most important, significant gold values.
These characteristics indicate a strong "Carlin" type setting for the
gold mineralization.
* previously released
In the Candelaria area fourteen vein structures typically trend
northeast, contain gold and silver and occur in an area measuring 1.6
by 2.2 kilometers. These veins range from 200 meters to 1.5 kilometers
in strike length; 1 to 10 meters wide and based on old workings extend
25 to 100 meters deep. In the northern-most vein channel sample
results in old workings at surface contain 8.0 g/t gold and 43 g/t
silver over 2 meters true width and 3.3 g/t gold and 183 g/t silver
over 2 meters wide where float grab samples range up to 572 g/t silver
over 360 meters strike length.
The Gloria Vein, located in the southern portion of the Candelaria area
has been mined in 4 open stopes or slots measuring 20 or 30 meters deep
and 150 meters long. To the northeast historical shallow pits were
probably excavated to expose hard quartz veins but were never been
mined. Grab samples from dump or float material carried up to 3 g/t
gold and 390 g/t silver. Recent channel samples over the wider section
of the quartz vein carried 0.44 g/t gold over 8 meters but no
significant silver.
Other veins or structures in the Candelaria area contain sporadic
significant gold (less than 0.5 to 8.0 g/t) and silver (15 to 250 g/t)
associated with minor copper, lead and zinc. Further underground
sampling and mapping on some of these veins will be completed depending
on access and safety issues.
Carbonate-hosted (mainly limestone) deposits in North America are one
of the largest producers of silver-zinc-lead in the world (eg. Santa
Eulalia, Mexico with past production of at least 400 million oz. silver
and 3 million tonnes of both zinc and lead). The Corralitos Property
contains several carbonate hosted targets including this exceptional
gold target in the Noria area which is partly covered by Tertiary
volcanics and overburden.
First Point is expanding its exploration including mapping and sampling
of surface outcrops and old workings to define a series of drill
targets in the Noria gold target, the gold-silver targets in the
Candelaria area and any other targets that are defined by the current
work on the Corralitos Property.
First Point holds the Corralitos Property under option from Teck
Cominco Limited's Mexican subsidiary, Minera Teck Cominco, S.A. de C.V.
"MTC". Under the terms of the agreement First Point, can earn a 100%
interest in the property by spending US$2 million on exploration over
the next 5 years and issuing MTC 500,000 First Point shares and
following, MTC will have a one time right to back-in to the Corralitos
Property.
First Point also continues its exploration program in Central America.
At the high sulphidation gold/silver Mesas de Cuapa property in
Nicaragua the company is applying to expand its exploration concession.
In Honduras the company is waiting for the Honduran government to
publish its revised mining law before proceeding with further work on
the high grade gold/silver Camporo property and the intrusive hosted
gold/copper Tule property.
Surface exploration work at the Corralitos Property was supervised by
Ron Britten, P.Eng. All samples were submitted to Acme preparation lab
in Guadalajara, Mexico and ICP-MS analytical work was completed at Acme
Laboratory in Vancouver, BC.
First Point is a Canadian precious and base metal exploration company
focused on the Americas. For more information, please view:
www.firstpointminerals.com or phone Peter M.D. Bradshaw, President and
CEO, or Ron Britten, Vice-President of Exploration, at (604) 681-8600.
FIRST POINT MINERALS CORP.
"Peter M.D. Bradshaw"
Peter M.D. Bradshaw, President
The TSX Venture Exchange has not reviewed, nor accepts responsibility
for the adequacy or accuracy of this news release.
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Copyright (c) 2008 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 Wed Mar 26, 2008 at 9:32:42 AM Pacific Time
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