Re: News Release - Wednesday, September 22, 2010
Title: First Point Releases First Assay Results from Baptiste Target, Decar Nickel-Iron Alloy Property
Vancouver, September 22, 2010 - First Point Minerals Corp. (FPX-TSX.V) ("First Point" or the "Company") is pleased to announce assay results for diamond drill Holes 1 and 2 at the Baptiste target at the Decar Nickel-Iron Alloy property, located northwest of Fort St. James, British Columbia, Canada.
Averaged Nickel Assay Results in Holes 1 & 2
||Ni in Alloy
||3.1 to 321.5 m (EOH)
||6.5 to 305.5 m (EOH)
DDH - Diamond drill hole
EOH - End of hole
As shown in the table above, analyses of nickel present in the form of nickel-iron alloy ("nickel in alloy" or "alloy nickel") for the first two diamond drill holes from the Decar drill program average 0.14% nickel in alloy over 318.4 metres in Hole 1, and 0.11% nickel in alloy over 299.0 metres in Hole 2, except for minor non-mineralized dykes. Three narrow dykes in Hole 1 and a 10.7 metre wide dyke in Hole 2 are not included in the averages noted above. Both holes ended while still in the nickel-iron alloy mineralization.
Nickel in alloy values in Hole 1 range from 0.09% to 0.17%, with only one sample below 0.10%. This indicates a very even distribution of alloy nickel grade, which correlates directly with visually estimated nickel alloy grain sizes that range from 50 up to 300 microns (refer to news release dated August 9, 2010).
Nickel in alloy values in Hole 2 range from 0.035% to 0.17%. Of the fifty-six (56) samples analyzed, thirty-six (36) samples contained over 0.10% alloy nickel. These results also correlate with the visually estimated grain sizes, which range from less than 50 up to 200 microns (news release dated August 9, 2010).
"The higher alloy nickel grade and coarser grained nature of the alloy in core from Hole 1 could provide excellent material for the mechanical mineral process test work that will be carried out to determine the potential recovery of the nickel alloy," said Dr. Ron Britten, VP Exploration for First Point.
"We regard these values as potentially economic. With nickel alloy mineralization starting near surface and widely disseminated over a large area, Decar represents an ideal target for a bulk tonnage open pit deposit similar in size and mining method to a large-scale porphyry copper deposit. As nickel is historically three times the price of copper, the alloy nickel grade at Decar compares most favourably with copper equivalent grades (which include any associated gold or molybdenum) at porphyry copper mines, either currently in production or under construction, in British Columbia. A further advantage of this nickel alloy mineralization is that it contains no sulphur and, as such, a concentrate of the nickel-iron alloy may be sold directly to a steel mill without smelting and its inherent costs. The absence of sulphides also has significant benefits regarding potential environmental impacts and associated mitigating costs of mining such a property," said Dr. Peter Bradshaw, President of First Point.
Samples from Holes 1 and 2 were collected by cutting a one metre (1.0 m) interval of drill core in half within each five metre (5.0 m) interval down each drill hole. The remaining core has been retained for future mechanical process testing. The samples were sent to Acme Analytical Laboratories Ltd. in Vancouver ("Acme," an ISO Certified laboratory) for total and alloy nickel analysis.
Total nickel was assayed by Acme using a four acid digestion, which determines the total nickel present, in both nickel-iron alloy and silicate form in the case of samples from the Decar property. This method would also include nickel in sulphide and other forms of nickel, if they were present; however, to date, mineralogical studies on samples from Decar have not indicated the presence of nickel mineralization other than as nickel-iron alloy and within rock-forming silicate minerals.
Alloy nickel was analyzed by Acme using an alloy-selective 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 analytical method has been certified by Dr. Barry Smee of Smee & Associates Consulting Ltd. Dr. Smee is a consulting geologist/geochemist who works internationally. His work includes: evaluating the performance of assay laboratories; recommending to companies effective assay quality control procedures; and certifying laboratory standards. As part of the quality control program implemented by the Company, these standards, plus blanks and duplicates, were assayed for total nickel and nickel present as nickel-iron alloy.
This commercially certified alloy-selective analytical method has been developed for the exclusive use of, and is proprietary to, First Point Minerals.
Once data are available from the remaining drill holes, core samples will be selected for mechanical mineral processing test work to be carried out by Cliffs Natural Resources Exploration Canada ("Cliffs"), a wholly-owned subsidiary of Cliffs Natural Resources Inc., an international mining and natural resources company headquartered in the United States.
Dr. Barry Smee, P.Geo., principle of Smee & Associates Consulting, Ltd. and an independent Qualified Person under NI43-101, has reviewed and approved the contents of this news release relating to the alloy-selective analytical method. Dr. Ron Britten, P. Eng., First Point's Qualified Person under NI43-101, 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. The Company's flagship Decar property hosts naturally formed nickel-iron alloy mineralization. For more information, please view the Company's website at www.firstpointminerals.com or phone Brian Soregaroli, Vice-President of Corporate Development, or Peter Bradshaw, President and CEO, at (604) 681-8600.
On behalf of First Point Minerals Corp.
Peter Bradshaw, Ph.D., P.Eng., President & CEO
Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of the British Columbia Securities Act, the Alberta Securities Act and the Ontario Securities Act. 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.
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