VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/14/13 -- First Point Minerals Corp. (TSX: FPX) ("First Point" or the "Company") is pleased to provide a review of its 2012 regional exploration activities in Canada, Norway and Australia as part of the Company's ongoing global search for awaruite, a unique style of naturally occurring nickel-iron alloy mineralization.
The Mich property, owned 100% by First Point and totalling 11.5 square kilometres in size, is located 52 kilometres east of Whitehorse in the Yukon Territory. It lies 16 kilometres off the Alaska Highway and is accessible by an all terrain vehicle trail. The Mich property was staked after discovering a large anomalous zone of disseminated nickel-iron alloy mineralization based on a first pass of wide-spaced sampling during the 2011 summer's regional exploration program.
A ground magnetic geophysical survey and detailed surface sampling and mapping were completed in 2012 to further define potential drill targets. Samples were taken at 50-metre spaced intervals where outcrop is accessible. An irregular anomalous zone of nickel-iron alloy mineralization extends over a distance of at least 2.5 kilometres and is defined by 164 rock samples averaging 0.063% nickel-in-alloy, 4.93% iron and 0.12% chromium. The anomalous zone roughly coincides with a northwest trending ridge.
The samples range in value from trace to 0.148% nickel-in-alloy and contain weak-to-abundant, fine-to-coarse grains of disseminated nickel-iron alloy spanning from less than 50 to 500 microns (0.05 to 0.5 mm) in size.
A potential drill target in the far southeast end of the 2.5-kilometre long trend is identified by 10 samples averaging 0.097% nickel-in-alloy, 5.12% iron and 0.13% chromium. The target measures 650 metres wide and from 300 to 400 metres long. Bedrock exposure beyond the southeast boundary is masked by overburden. Ground magnetic geophysical results suggest the permissive host rock extends at least 600 metres to the northeast and southeast beyond the target area before being truncated by faults.
A second area of interest has been identified 650 metres along trend to the northwest. An area measuring 500 by 250 metres is defined by 18 samples sites averaging 0.101% nickel-in-alloy, 5.43% iron and 0.12% chromium. It is not a potential drill target at this point.
Preliminary petrographic work indicates mixed awaruite and sulphide composite grains in many of the samples collected from the Mich property. Davis Tube magnetic recovery tests are planned on selected surface rock samples to quantify the sulphur content and nature of magnetically recovered material.
First Point announced in July 2012 that it had acquired two properties in Norway - Fera and Leka - after identifying anomalous nickel-iron alloy occurrences. The Fera property is located 300 kilometres north of Oslo in the historic mining district of Roros. The property hosts several ultramafic bodies of variable size forming an 18-kilometre-long, east-trending belt that correlates with a well-defined airborne geophysical magnetic high.
A systematic 200-metre spaced grid sampling program of surface outcrop was completed during the summer across the largest ultramafic body, which measures about 5 by 6 kilometres in size and hosts anomalous nickel-iron alloy mineralization. More detailed 50-metre spaced follow-up rock sampling was carried out in the southern half of the ultramafic body based on positive visual assessments of the grain size and increasing concentration of the nickel-iron alloy mineralization.
Most Popular Stories
- American Airlines, US Airways Complete Merger
- ACA Delay Stresses Small Businesses
- Unemployed Wait as Lawmakers Debate
- Questions Remain in Jenni Rivera's Death
- General Dynamics Plans 200 New Jobs in N.M.
- Dell Offers Undisclosed Number of Employee Buyouts
- Saab Gets Back into the Game; U.S. Auto Sales Soar
- Harley Issues Motorcycle Recall
- Auto Dealer Builds Big Solar Project
- Authorities Close to Deal with JPMorgan Chase over Madoff Response