8-14-13 7:30 AM EDT | Email Article
http://at.marketwire.com/accesstracking/AccessTrackingLogServlet?docid=0892187001&sourceType=1 http://www.ccnmatthews.com/logos/20100920-fpx.jpg

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 targets.

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 properties elsewhere.

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 prior years.

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 release.

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

Forward-Looking Statements

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.

Contacts:
First Point Minerals Corp.
Jim Gilbert
President and CEO
(604) 681-8600

First Point Minerals Corp.
Rob Robertson
VP Corporate Development
(604) 681-8600
info@firstpointminerals.com
www.firstpointminerals.com

Add a Comment

News   More...

Start Premium Trial Register For Free

P F Fund Financial Data (13,000+ funds)
P F Stock Financial Data (7,000+ stocks)
P F Stock and Fund Screeners (basic)
P F Investing Articles and Market Commentary
P F Articles Archive (>30 days)
P F Discuss (dozens of stock, fund, bond, and general bulletin boards)
P F Portfolio Manager (basic)
P F Morningstar Investment Classroom
P F Access Your Portfolio Anytime, Anywhere via Your Mobile Device
P   Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)
P   Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)
P   Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)
P   Portfolio Monitor (monthly and on-demand personalized portfolio statements)
P   Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)
P   Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters
P   Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)
P   Discounts on Morningstar newsletters, books, seminars, and more

Sign-up to Morningstar


Basic Access

Articles and Videos
Morningstar video reports, articles, data, and tools. Dig into our lineup of e-newsletters and investing classroom courses outlining sensible strategies for maximizing your investments.
Morningstar Discuss
Follow the buzz on individual stocks or fund families. Plus, read the latest posts from Morningstar members and analysts.
Portfolio Manager
Track your investments and watch lists with our Portfolio Manager. Customize your view with our comprehensive stock, fund, and ETF data.

Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.

Unlimited Access

Analyst Research
Gather in-depth, actionable insight on over 3,700 stock and mutual funds covered by Morningstar analysts. View our mutual fund Analyst Reports favored by professionals, savvy experienced investors, and new investors researching options for retirement savings, college plans, or other investment needs.
Portfolio X-Ray®
Ensure your portfolio is positioned exactly how you want with Morningstar's X-Ray Interpreter and Stock Intersection tools. A Barron's "Best of the Web" award winner for five years running, X-Ray Interpreter goes under the hood of your portfolio to provide a useful allocation, sector, and geographic analysis. And you can discover how much of a stock you really own, individually and through mutual funds, with Stock Intersection.
Investment Picks
Find new 5-star stocks (greatly undervalued companies) to consider daily. Our 5-star stock rating is a proven winner, consistently beating benchmarks like the S&P 500. Plus, browse our Fund Analyst Picks and Stewardship Grades to find shareholder-friendly mutual funds that are poised for outperformance.
Portfolio Monitor
Get a clear view of your investments with personalized reports about your portfolio. Receive monthly statements and generate reports on-demand to help you stay on track to meet your investment goals.

Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.

Content Partners
Morningstar - 2013/8/14 - First Point Minerals Provides Exploration and Metallurgical Testing Update
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Author |  Collection |  Interest |  Popularity

Previous: First Point Minerals and Cliffs Extend Option Agreement Deadline by 30 Days  |  Next: First Potomac Acquires Third Office Building At Redland Corporate Center For $30 Million