First Point Minerals Provides Exploration and Metallurgical Testing Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/14/13 -- First
Point Minerals Corp. (TSX:FPX) ("First Point" or the "Company") is
pleased to provide an update on its ongoing exploration program
underway on several of its nickel-iron alloy properties in British
Columbia ("B.C.") and the Yukon. One of the objectives of the
Company's 2013 exploration campaign budgeted at $1 million is to
delineate potential drill targets on First Point's 100%-owned
properties - Wale and Orca in BC, and Mich in the Yukon - and to
collect large greater than 300 kilogram surface samples from these
First Point has secured a six-tonne bulk sample from the Company's
flagship 40%-owned Decar project in central B.C. The sample was
shipped to ALS Metallurgy in Kamloops, B.C. for metallurgical testing
and production of a nickel-iron-chromite concentrate. First Point
plans to conduct a limited market test with the concentrate to assess
technical performance of the material in various types of downstream
smelting facilities, and to investigate indicative payability of
nickel and by-products.
The Decar Project, 60%-owned and operated by Cliffs Natural Resources
Exploration Canada Inc., an affiliate of Cliffs Natural Resources
Inc. (NYSE:CLF)(PARIS:CLF) ("Cliffs"), is a greenfield discovery of
nickel mineralization in the form of a naturally occurring
nickel-iron alloy called awaruite. Decar represents a promising
target for bulk-tonnage, open-pit mining. The deposit's negligible
content of sulphides means there is little or no capacity for any
part of the operation to generate acid mine drainage during
exploitation. Metallurgical test work to date on Decar material
demonstrates the nickel-iron alloy is recoverable using conventional
two-stage grinding, magnetic separation and gravity concentration.
The resulting concentrate also contains iron, in the form of
magnetite, and minor chrome, which together with nickel are primary
constituents of stainless steel.
First Point's exploration efforts are currently exclusively focused
on awaruite deposits, at Decar and on the Company's 100%-owned
100%-Owned Ni-Fe Alloy Properties
2013 exploration work on First Point's Mich property in the Yukon has
further defined a key target area with a ground magnetic geophysical
survey and detailed rock sampling. A approx. 450-kilogram surface
large sample was collected from the central part of the main target,
where surface sampling identified coarse-grained awaruite
mineralization and where prior years' samples returned strong Davis
Tube ("DT") magnetically recoverable nickel results.
At the Company's Wale property, in the Dease Lake area of northern
B.C., the metallurgical processing of a several tonne drill core
sample was put on hold, pending the results of this year's
exploration campaign. The 2013 field program at Wale is targeting the
coarser-grained areas of the Eagle and Garth's Knob targets with
detailed mapping, sampling and ground-based magnetic surveys, to
better define drill targets and to identify sites for potential bulk
sampling. The focus of these efforts is on areas where
coarser-grained awaruite and higher DT magnetically recoverable
nickel results have been achieved from rock and core samples from
Results from a similarly focused 2013 campaign on the neighbouring
Orca property are also pending.
Decar Option/Joint Venture Agreement
Cliffs earned a 60% interest in the Decar project by delivering a
Preliminary Economic Assessment report in April 2013. Cliffs has
until September 5, 2013, to elect to earn an additional 5% interest
in Decar by self-funding the completion of a NI 43-101 compliant
Prefeasibility study by August 6, 2015, and maintain its right to
earn a further 10% interest by self-funding a bankable feasibility
study. Absent Cliffs' election to earn such additional interest, a
joint venture will be formed, with Cliffs and First Point having
initial participating interests of 60% and 40%, respectively.
Dr. Ron Britten, P. Eng., a First Point Qualified Person under NI
43-101, has reviewed and approved the technical content of this news
About First Point
First Point Minerals Corp. is a Canadian base metal exploration
company operating worldwide. For more information, please view the
Company's website at www.firstpointminerals.com or contact Jim
Gilbert, President and CEO, or Rob Robertson, VP Corporate
Development, at (604) 681-8600.
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
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