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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/24/13 -- First Point Minerals Corp. (TSX: FPX) ("First Point" or the "Company") is pleased to announce the final batch of results for the remaining eight holes of the 27 resource definition holes completed during the 2012 drilling campaign at the Decar nickel-iron alloy project in central British Columbia. The Decar project is in the Preliminary Economic Assessment ("PEA") phase, and is managed and operated by Cliffs Natural Resources Exploration Canada Inc., an affiliate of Cliffs Natural Resources Inc. (NYSE: CLF)(Paris: CLF) ("Cliffs").
The drill results from this third and final batch of results have extended the Baptiste deposit by 580 metres along strike to the northwest. Highlights, as reported in Davis Tube magnetically-recovered ("DTR") nickel, include:
-- Northwest Extension -- 12BAP-51 220m of 0.121% DTR nickel -- 12BAP-54 419m of 0.143% DTR nickel -- 12BAP-57 492m of 0.116% DTR nickel -- 12BAP-59 375m of 0.148% DTR nickel -- 12BAP-60 240m of 0.152% DTR nickel -- 12BAP-61 152m of 0.125% DTR nickel-- Northwestern Infill -- 12BAP-56 512m of 0.142% DTR nickel
The final batch of results are for seven holes that stepped out on the northwest end of the Baptiste deposit, which remains open, one infill hole in the northwestern area and two hydrological holes. A drill hole location map can be viewed at www.firstpointminerals.com.
The 2012 drill results, presented in the table below (Table 1), together with the 2010 and 2011 drill results, are being used to calculate a new mineral resource estimate, which will be incorporated into the PEA due in March 2013. More importantly, the 2012 drilling has defined and expanded a number of near-surface, higher-grade zones in the northwestern infill, northwest extension and south-central areas, which could represent potential starter pits.
As reported in First Point's April 16, 2012 news release, the Baptiste zone at Decar is estimated to contain an inferred mineral resource of 1.197 billion tonnes of DTR nickel grading 0.113%, equivalent to 2.982 billion pounds nickel using a 0.06% cut-off grade. The mineral resource estimate was based on a large, curved geological model measuring 2.3 kilometres long, 350 to 600 metres wide and up to 350 metres deep. The 2012 drilling shows the Baptiste deposit is now at least 2.9 kilometres long, 150 to 980 metres wide and 460 metres deep.
The Baptiste deposit continues to remain open in several directions, including along strike in both directions, to the southeast in the central area and at depth over the entire system. It is covered by an average of 12 metres of overburden. Many of the holes contain 2 to 33-metre long intervals of non-mineralized dykes as noted in Table 1.
During the 2012 drill program at Decar, the Baptiste zone was tested with 27 resource definition core holes totalling 15,205 metres. In addition, eight holes comprising 1,473 metres of core were completed as part of a hydrological drilling program. Four of the hydrological holes were drilled in the mineralized zone and were tested for DTR nickel.
Table 1.2012 Baptiste Drill Hole Results----------------------------------------------------------------------------Northwest Extension---------------------------------------------------------------------------- Intersections (m) ----------------------Hole # From To Intercept DTR Nickel (%) Comments----------------------------------------------------------------------------12BAP-51 116.3 374.0 220.5 0.121 Excludes 29.4m & 4.9m dykes + less than 0.1% DTR Ni intervals----------------------------------------------------------------------------12BAP-54 169.2 600.0 418.6 0.143 Excludes 12.2m dyke----------------------------------------------------------------------------12BAP-57 20.0 542.0 491.8 0.116 Excludes 16.2m & 14m dykes + less than 0.1% DTR Ni intervals----------------------------------------------------------------------------12BAP-59 3.7 383.0 375.2 0.148----------------------------------------------------------------------------12BAP-60 160.0 400.0 240.0 0.152----------------------------------------------------------------------------12BAP-61 335.5 488.0 152.5 0.129----------------------------------------------------------------------------12BAP-62 No significant results Drilled beyond the south margin----------------------------------------------------------------------------Northwestern Infill----------------------------------------------------------------------------12BAP-56 77.9 600.0 512.5 0.142 Excludes 3.7m & 5.9m dykes----------------------------------------------------------------------------Hydrological Holes----------------------------------------------------------------------------HG-04 48.0 501.0 357.0 0.134 Excludes 9.9m dyke & 136.5m less than 0.1% DTR Ni intervals----------------------------------------------------------------------------HG-09 10.2 75.0 64.8 0.121----------------------------------------------------------------------------For the sake of completeness, the results for the following 21 holes(previously reported in the Company's News Release dated November 27, 2012)are included in this table.----------------------------------------------------------------------------South-Central Area----------------------------------------------------------------------------12BAP-36 31.1 600.1 563.0 0.156 Excludes 5.7m dyke----------------------------------------------------------------------------12BAP-37 64.0 600.0 494.9 0.147 Excludes 8.2m & 33m dyke sequence----------------------------------------------------------------------------12BAP-39 38.2 594.1 552.7 0.153 Excludes 3.1m dyke----------------------------------------------------------------------------12BAP-40 33.0 588.0 549.9 0.153 Excludes 5.1m dyke----------------------------------------------------------------------------12BAP-42 154.0 234.0 80.0 0.120 Abandoned at 301m, rods stuck----------------------------------------------------------------------------12BAP-43 33.2 600.0 508.1 0.151 Excludes 22.3m, 9m, 14.2m, 3.2m & 9.9m dykes + minor wall rock----------------------------------------------------------------------------12BAP-44 240.0 579.0 319.9 0.153 Excludes 3.4m & 15.7m dykes + minor wall rock----------------------------------------------------------------------------12BAP-46 28.6 600.1 487.4 0.150 Excludes 20m, 20m, 8m, 13.6m, 12m & 10.6m dykes + less than 0.1% DTR Ni intervals----------------------------------------------------------------------------12BAP-50 34.5 229.0 194.5 0.147----------------------------------------------------------------------------12BAP-52 283.0 600.1 317.1 0.156----------------------------------------------------------------------------12BAP-55 106.0 569.7 456.2 0.158 Excludes 7.4m dyke----------------------------------------------------------------------------12BAP-58 484.0 600.1 116.1 0.163----------------------------------------------------------------------------Northwestern Area - Infill----------------------------------------------------------------------------12BAP-41 10.0 551.3 533.6 0.140 Excludes 6m & 1.7m dykes----------------------------------------------------------------------------12BAP-45 6.0 487.0 465.8 0.143 Excludes 4m & 10.3m dykes + less than 0.1% DTR Ni intervals----------------------------------------------------------------------------12BAP-47 150.0 600.0 442.0 0.145 Excludes 8m dyke + minor wall rock----------------------------------------------------------------------------12HG-02 20.0 300.0 280.0 0.131 Hydrological hole----------------------------------------------------------------------------12HG-03 5.3 287.0 281.7 0.134 Hydrological hole----------------------------------------------------------------------------North Boundary & High Wall----------------------------------------------------------------------------12BAP-38 6.0 114.0 108.0 0.114----------------------------------------------------------------------------12BAP-48 4.0 91.3 87.3 0.099----------------------------------------------------------------------------12BAP-49 482.0 600.0 118.0 0.119----------------------------------------------------------------------------12BAP-53 486.0 600.0 114.0 0.115----------------------------------------------------------------------------The reported nickel grades are weighted averages of significant interceptsgreater than or equal to 0.1% DTR nickel. Intercepts of non-mineralizeddykes less than 1 metre wide are included in the averaged mineralizedintercepts.
