In the latest batch of results, the 2012 drilling on the northwest end of the Baptiste deposit has added 580 metres to the mineralized system's strike length, which narrows to 150 metres wide at the very northwest end where the mineralization remains open. The drilling has intersected significant grades ranging from 0.116% to 0.152% DTR nickel over lengths of 220 to 492 metres. The northwesternmost drilling to date, hole 12BAP-60, intersected 240 metres averaging 0.152% DTR nickel, starting from 160 metres down-hole. The results compare favourably to the overall average inferred resource grade of 0.113% based on a 0.06% cut-off. Like other areas of the deposit, the deeper 2012 holes confirm the nickel-iron alloy mineralization extends to at least 460 metres depth to the bottom of the holes in the northwest extension, except hole 12Bap-61 where mineralization weakens below a vertical depth of 360 metres, ending in 0.061% DTR nickel at the bottom of the hole.
Hydrological hole HG-09, vertically drilled to 75 metres depth, has extended the northeast boundary of Baptiste by intersecting 64.8 metres of 0.121% DTR nickel to the bottom of the hole. HG-09 was collared 240 metres north of 2011 hole BAP24, which cut a previously reported 114.4 metres of 0.116%, followed further down-hole by 36 metres of 0.121% and 64 metres of 0.131% DTR nickel.
Sampling and Analytical Method
The 2012 drill NQ core was sawn in half and sampled every four metres down-hole unless there was a change in rock type. Larger diameter HQ core was quartered for sampling in the same fashion. Davis Tube magnetically-recovered ("DTR") nickel is the nickel content recovered by magnetic separation using a Davis Tube followed by standard assaying procedures to determine the nickel assay of the concentrate; in effect a mini-scale metallurgical test. Cliffs employs large scale magnetic separation methods in several of its operating iron ore mines, and the Davis Tube method is used to provide a more accurate measure of variability in recoverable nickel. The Davis Tube method is the global, industry standard geometallurgical test for magnetic recovery operations and exploration projects. Final recoveries of nickel using both magnetic and gravity separation processes are subject to confirmation in the PEA currently underway.
Drill core samples were shipped in batches to Activation Laboratories for analysis. The laboratory protocol involves a grinding/pulverizing stage (95% of crushed material to pass a 75 micron sieve), following which a 30-gram split of the sample is passed through a Davis Tube magnetic separator in slurry form to produce a magnetic fraction. This magnetic fraction is dried, weighed and analyzed by standard fusion X-Ray Fluorescence ("XRF") that generates high quality multi-element data, including nickel analysis. The Davis Tube recoverable nickel is calculated by multiplying the fusion XRF nickel value by the weight of the magnetic fraction, divided by total recorded weight. Standards, blanks and duplicates are inserted in the batches to provide quality control.
Cliffs is advancing the Decar nickel project under an option/ joint venture agreement with First Point that was signed in November 2009. Under the original agreement, Cliffs could earn an initial 51% interest in Decar by spending US$4.5 million over a period of four years. In September 2011, Cliffs was deemed to have earned a 51% stake, more than two years ahead of schedule. Cliffs has the right to increase its ownership (i) to 60% by completing a NI 43-101 compliant PEA by March 2013, (ii) to 65% by completing a NI 43-101 prefeasibility study, and (iii) ultimately to 75% by completing a bankable feasibility study. Should Cliffs earn a 75% interest in Decar, First Point would hold a 25% participating interest, plus a 1% net smelter return royalty interest.
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. Qualified analytical data was supplied by Cliffs. Caracle Creek International Consulting Inc. supervised and managed the 2012 drilling program at Decar on behalf of Cliffs. QA/QC is under the direct supervision of Dr. Elisabeth Ronacher, P. Geo., a Qualified Person under NI 43-101.
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)
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