VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/26/13 -- First Point Minerals Corp. (TSX: FPX) ("First Point" or the "Company") is pleased to announce that field exploration has begun at its 100%-owned Mich nickel-iron alloy property in the Yukon. The Company's overall 2013 exploration program is budgeted at $1 million and will also include exploration work at the 100%-held Orca and Wale properties in northern British Columbia, as well as continued reconnaissance exploration globally for new nickel-iron alloy targets.
"Using our flagship Decar project as an exploration model, this year's exploration campaign on the Mich, Orca and Wale properties will include detailed mapping and sampling of coarser-grained, higher-grade areas based on Davis Tube magnetic separation recoverable nickel results and ground-based magnetic geophysical surveys," said Ron Britten, First Point's Vice-President of Exploration. "Our primary objective is to better define potential drill targets and to delineate possible bulk tonnage surface sample sites for metallurgical testing. With this information we can better prioritize our properties for further advancement, including the potential introduction of joint venture partners."
First Point's exploration efforts are exclusively focused on the nickel-iron alloy mineral, awaruite. With the chemical formula of Ni3Fe, awaruite is composed of 75% nickel and 25% iron, and contains no sulphur or any other deleterious elements, aside from trace copper. In its serpentinized ultramafic setting, awaruite is often associated with magnetite, an iron ore bearing mineral, and ferrichromite. Two of the most significant properties of awaruite are its high specific gravity and strong magnetic susceptibility, lending the mineral to conventional, off-the-shelf, low-risk, physical processing recovery methods using magnetic separation and gravity concentration.
The Mich property is located 50 kilometres southeast of Whitehorse in the Yukon Territory. It lies 15 kilometres off the Alaska Highway and is accessible by an all-terrain vehicle trail. The Mich property was staked after discovery of a large anomalous zone of disseminated awaruite mineralization, based on a first pass of wide-spaced reconnaissance sampling during the summer 2011 regional exploration program.
The Mich claims cover 1,932 hectares and are underlain by serpentinized ultramafic rocks of the Cache Creek Terrane, the same belt of rocks that host the awaruite mineralization at the Orca and Wale properties in northern B.C. and at First Point's 40%-owned flagship Decar project in central B.C.
Geological mapping and rock sampling to date at Mich have defined a 2-kilometre-long northwest-southeast trending zone marked by a number of strong rock anomalies grading better than 0.08% nickel-in-alloy. The southernmost key target is the largest, measuring 540 metres long and 290 to 570 metres wide, and remains open to the southeast where overburden masks the bedrock. Rock samples from this area were assayed using partial extraction analytical methods and returned 0.09% to 0.13% nickel-in-alloy. Preliminary metallurgical testing on selected samples confirms the nickel-in-alloy is magnetically recoverable, as is the magnetite and ferrichromite. Davis Tube magnetically-recovered ("DTR") nickel values for samples collected from the anomalous target range from 0.1% to 0.14%.
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