Stepping out a further 660 metres along the mineralized trend to the northwest at a 1,770-metre elevation, Hole DH-7 cut 106.2 metres of 0.083% nickel-in-alloy before being abandoned due to poor ground conditions.
Holes DH-8 and DH-9, the north westernmost holes, were drilled from the same pad a further 460 metres northwest of hole 7 at an elevation of 1,560 metres. Oriented in a southwesterly direction, hole 8 intersected 27 metres of 0.099% nickel-in-alloy at the very top of the hole before encountering a wide zone of weakly mineralized iron-carbonate alteration to the bottom of the hole, which ended at 179 metres depth. Hole 9, aimed in the opposite direction to the northeast, cut 264.6 metres averaging 0.083% nickel-in-alloy, including a 54-metre-long interval grading 0.142% nickel-in-alloy in the centre of the hole.
The nearby 100%-owned Orca target (as disclosed in First Point's October 11, 2012 news release) is located 6.8 kilometres northwest of Wale holes DH-8 and DH-9, along the projected mineralized trend. The target at Orca measures 1,400 by 750 metres as defined by 118 rock samples averaging 0.113% nickel-in-alloy. The immediate area between Orca and these two Wale drill holes offers significant exploration potential, but has not been effectively explored to date due to limited bedrock exposure. The Orca-Wale-Garth's Knob trend measures a total 14.5 kilometres in length.
A comprehensive mapping and sampling program will target the Orca-Wale-Garth's Knob district in 2013, followed by a later phase of exploration drilling.
Pursuant to a property option agreement, First Point has the exclusive and irrevocable option ("Option") to acquire a 100% beneficial interest in certain mineral claims totalling 438 hectares that adjoin the Company's Wale property, excluding the minerals jadeite and nephrite. In order to exercise the Option, First Point must incur annual exploration expenditures over a five-year period of not less than $100,000 on the optioned mineral claims, to an aggregate of $500,000 of such expenditures. The optioner has retained a royalty interest equal to 0.1% of the net value of all mineral products produced from the optioned mineral claims. In addition, if First Point's Board of Directors announces that the financing to place the Wale project into commercial production has been arranged, First Point shall make a one-time payment of $1 million to the optioner.
The Wale property is located 45 kilometres east of Dease Lake, a town on the Stewart-Cassiar Highway 37, and covers 119 square kilometres in the Stikine Ranges of northern B.C. Access to the property is by helicopter, directly from Dease Lake, and by a rough mining road and trails using all-wheel drive, heavy duty utility vehicles, which service the nearby jade and placer gold mining operations active in the area.
Sampling and Analytical Method
The 2012 HQ-sized drill core was sawn in half and sampled at 3-metre-long intervals and delivered to Acme Analytical Laboratories Ltd. ("Acme") preparation lab in Smithers, B.C. The sample pulps were then sent to Acme's ISO Certified Laboratory facility in Vancouver for nickel-in-alloy and total nickel analysis. Nickel-in-alloy was analysed using a partial extraction analytical method that selectively dissolves nickel present as nickel-iron alloy and does not extract the nickel present within rock forming silicate minerals. Following independent studies, including the development of certified standards to monitor accuracy, this partial extraction analytical method was commercially certified by Dr. Barry Smee of Smee & Associates Consulting Ltd. for the exclusive use of First Point. Total nickel was assayed by Acme using a four acid digestion and an ICP-MS finish, which determines the total nickel present, in both nickel-iron alloy and silicate form, as well as iron and chromium. Standards, blanks and duplicates are inserted in the batches to provide quality control.
Dr. Ron Britten, P. Eng., First Point's Qualified Person under NI 43-101, has reviewed and approved the technical content of this news release.
About First Point
First Point Minerals Corp. is a Canadian base and precious metal exploration company operating worldwide. For more information, please view the Company's website at www.firstpointminerals.com.
On behalf of First Point Minerals Corp.
Jim Gilbert, President and CEO
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.
First Point Minerals Corp
President and CEO
First Point Minerals Corp
VP Corporate Development
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