A total of 336 rock samples returned values ranging from 32 to 1,363 parts per million ('ppm") (or less than 0.01 to 0.136%) nickel-in-alloy for an average of 414 ppm (0.041%), plus 4.98% iron and 0.13% chromium. Using a 600 ppm (0.06%) cut-off, 50 samples average 794 ppm (0.079%) nickel-in-alloy, with five samples exceeding 0.1%. The samples with better grades have erratic distribution or are in close proximity to a major thrust fault and do not have size potential.
In light of the initial results and the cost of maintaining this large property, the Company has reduced its holdings at Fera and now controls a 100% interest in 70 square kilometres in seven licenses. Regional exploration work is planned for Fera in 2013 to investigate several other ultramafic bodies located along the belt.
A first pass of regional mapping and sampling at the second property in Norway, called Leka, located 195 kilometres north of the city of Trondheim, turned up weakly anomalous nickel-in-alloy mineralization. No further work is planned and the property has been dropped.
Based on the results of early-stage surface sampling in 2011, First Point acquired a license to the Light property covering the northern 24.5-kilometre strike portion of the Coolac ultramafic complex in New South Wales, Australia. Preliminary surface rock sampling returned anomalous nickel-in-alloy values of 200 to 400 ppm (0.02 to 0.04%), with visible disseminated grains of nickel-iron alloy ranging from less than 50 to 200 microns in size.
Follow-up mapping and sampling was done in 2012, which outlined a new anomaly measuring 600 metres long and 100 to 200 metres wide based on five rock samples averaging 626 ppm (0.063%) nickel-in-alloy. The anomalous target is located in the southern part of the Coolac ultramafic system. First Point has dropped the northern license and applied for a second license to cover the southern 13.5-kilometre extent of the ultramafic system.
Several known ultramafic belts in New South Wales were also investigated and sampled as part of a regional exploration program, including the Serpentine belt, but assays are too low to warrant any follow-up work.
First Point's ongoing global search for awaruite continues to generate and assess new targets in different parts of the world. "We are exploring for large-scale, coarse-grained nickel-iron alloy targets containing 0.08 to 0.1% nickel-in-alloy," said Dr. Ron Britten, First Point's Vice-President of Exploration.
As part of the 2012 exploration program, which totalled $3.3 million, First Point completed five drill holes testing the 100%-owned Klow property in central B.C. (as disclosed in First Point's October 4, 2012 news release). The best hole returned 316 metres averaging 0.1% nickel-in-alloy.
The Company also encountered promising nickel grades from a first pass of drilling at the wholly-owned Wale property in the Dease Lake area of northern B.C. (as disclosed in First Point's December 17, 2012 news release). The 2012 drilling tested a 3.6-kilometre strike length of the Eagle target with 10 widely spaced holes that encountered extensive, widespread nickel-iron alloy mineralization.
Drill results included 162 metres of 0.137% nickel-in-alloy in hole 1 and 261 metres of 0.126% nickel-in-alloy in hole 6, which was collared in the northwest margin of the newly defined Garth's Knob target. These drill results, coupled with surface rock sampling results from the adjoining Orca property (as disclosed in First Point's October 11, 2012 news release) and Garth's Knob in the southeastern portion of the Wale property, indicate a semi-continuous zone of mineralization that extends over a 14.5-kilometre strike length. First Point believes there is excellent potential along this camp-scale trend to build on and expand the 0.1% nickel-in-alloy mineralization during 2013.
Additional information concerning the 2013 exploration work plan and budget will be released once finalized.
Sampling and Analytical Method
Samples were delivered to Acme Analytical Laboratories Ltd ("Acme", an ISO Certified Laboratory) in Vancouver for nickel-in-alloy and total nickel analysis. Nickel-in-alloy was analyzed 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.
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 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
(604) 681-8799 (FAX)
Most Popular Stories
- Updates on Everglades' Stranded Pilot Whales
- NSA Tracks 5 Billion Cellphone Records a Day
- Hezbollah Chief's Assassination Claimed by Sunni Group
- Stolen Cobalt-60 Recovered in Mexico
- Wind Power and Wildlife Can Coexist
- Ford Mustang Still Packs Power
- Allstate Seeks to Invest in Minority Firms
- Sarmiento to Handle Greeley Latin Ops
- First-time Jobless Claims Drop Below 300,000
- White House Pushes to Extend Unemployment Benefits