VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 20, 2012) - First Point Minerals Corp. (TSX VENTURE:FPX) ("First Point" or the "Company") is pleased to announce that exploration drilling has started at the 100%-owned Wale nickel-iron alloy prospect in northern British Columbia.
A proposed drill program of up to 8 widely-spaced holes totalling about 2,800 metres will test a 3-kilometre-long target area of the Wale property. The holes are being positioned based on last year's surface sampling results, along with visual estimates of grain size and abundance of the mineral awaruite - a naturally occurring nickel-iron alloy - from this year's recent detailed rock sampling and mapping work.
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. The southern portion of the property can be accessed from a rough mining road and by trails.
A large zone of nickel-iron alloy mineralization was discovered during a preliminary regional exploration program in the summer of 2011 in which about 50% of the property was explored. This northwest-trending zone measures roughly 3.1 kilometres in length and 670 to 1,060 metres wide. It is defined by 113 bedrock samples that average a grade of 945 parts per million ("ppm") (or 0.09%) nickel-in-alloy, based on a cut-off of 500 ppm (0.05%).
Five holes totalling 1,579 metres were completed during a first pass of drilling at the Klow nickel-iron alloy property, located 120 kilometres northwest of Fort St. James and 55 kilometres north of the Decar nickel project in central B.C. The widely-spaced drill holes tested a 600-metre long portion of the target area. The mineralized sections of the holes have been sampled and shipped to Acme Analytical Laboratories Ltd. in Vancouver for nickel-in-alloy analysis. Results are expected in September.
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.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here