First Point Minerals Corp.
TSX VENTURE : FPX

First Point Minerals Corp.

September 20, 2010 14:30 ET

First Point Completes Three Drill Holes on a Second Target at the Decar Nickel-Iron Alloy Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2010) - First Point Minerals Corp. (TSX VENTURE:FPX) ("First Point" or the "Company") is pleased to announce that the three final diamond drill holes for the 2010 field season have been completed on the Sidney target at the Decar Nickel-Iron Alloy property northwest of Fort St. James, British Columbia. Holes 9 and 10 intersected 237 and 289 metre long zones, respectively, containing disseminated nickel-iron alloy mineralization that ranges from less than 50 microns to more than 400 microns in grain size. This drilling has expanded the northwest-southeast trending mineralization of the Sidney target to a depth of more than 345 metres.

The Sidney target occurs on a flat-topped ridge three kilometres north-northwest and 600 metres higher in elevation than the Baptiste target, which was the location of the first seven holes announced previously. Details concerning the seven earlier holes are presented in news releases dated August 9 and 30, 2010, and their locations are presented on a map of the Decar property targets and drill hole locations that is available on First Point's corporate website at www.firstpointminerals.com. The mineralized zone at the Sidney target, based on previous mapping of surface outcrops, measures 370 metres by 320 metres.

Holes 9 and 10 were collared 327 metres apart and were inclined at -60 degrees towards the southwest and drilled to intersect northwest trending mineralization. Hole 8, collared at the same location as Hole 9, was inclined -50 degrees in the same direction, but was abandoned at 102 metres due to poor drilling conditions. Hole 9 was inclined at -60 degrees to avoid the same problem.

Holes 8 and 9 are located northeast of a sub-vertical, northwest trending contact between a mixed volcanic-sedimentary rock package and ultramafics. Sediments were intersected to 29 metres in Hole 8 and to 44 metres in Hole 9. In Hole 8, ultramafic rocks containing disseminated, fine-grained nickel-iron alloy were present from 29 metres to 102 metres, where the hole was abandoned. In Hole 9, discontinuous fine-grained nickel-iron alloy, ranging in size from less than 50 to 200 microns, was noted in ultramafics from 44 to 109 metres. The next 237 metres, to the end of the hole at 346 metres (with the exception of a 4 metre wide altered dyke at a depth of 220 metres), contained disseminated coarse-grained nickel-iron alloy ranging in size from less than 50 to 400 microns.

Hole 9 has outlined mineralization indicating a vertical depth of 300 metres and horizontal width of 118 metres of coarse-grained nickel-iron alloy mineralization. This mineralization is constrained to the northeast, but remains open to the south, east and west, and at depth.

Hole 10, located 327 metres southeast of Hole 9, was collared at the northeast margin of the known mineralization of the Sidney target. A mixed package of rocks containing volcanics, altered dykes and iron carbonate altered ultramafics extend to a depth of 79 metres. This rock package terminates in an extensive fault zone that extends to a depth 109 metres. Starting near the lower boundary of the fault zone, at a depth of 103 metres, to the end of the hole at 398 metres, nickel-iron alloy grains ranged from less than 50 to 500 microns in size. One interval, from 237 to 316 metres, contained the largest nickel-iron alloy grains encountered during the ten-hole drill program, with grains in excess of 500 microns.

Nickel-iron alloy mineralization in Hole 10 has a vertical depth of 345 metres and horizontal width of 147 metres and is open in all directions and at depth, except to the northeast.

Disseminated, coarse-grained nickel-iron alloy mineralization intersected in Holes 9 and 10 confirm the surface expression of the Sidney Target's mineralization and expanded the northwest trending mineralization to measure more than 450 metres long and up to 345 metres deep. Coupled with the initial seven drill holes within the Baptiste target at the Decar property, all ten drill holes contained nickel-iron alloy, and many contained coarse-grained nickel-iron alloy that may be used for mechanical mineral processing test work. 

Samples from all of these holes were sent to Acme Analytical Laboratories Ltd. in Vancouver for nickel analysis. Core samples will be selected for mineral processing test work once assay results for all ten drill holes are available.

The fieldwork is being undertaken by First Point under a services agreement with Cliffs Natural Resources Exploration Canada Inc. ("Cliffs"). Cliffs can earn an initial 51% interest in a joint venture on the Decar property by spending US$4.5million on the property in four years, of which US$1million is a firm commitment in this first year. For further details of the agreement, please refer to First Point news releases dated November 13, 2009, and December 2, 2009.

Dr. Ron Britten, P. Eng., First Point's Qualified Person under NI43-101, has reviewed and approved the technical content of this news release. First Point emphasizes that interpretations presented in this release are based purely on visual inspection of the core, and an understanding of economic potential will not be possible before assay results for samples from the current drilling program are available.

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 that is the subject of an exploration program being financed by Cliffs Natural Resources Exploration Canada Inc., a wholly-owned subsidiary of Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF), an international mining and natural resources company. For more information, please view the Company's website at www.firstpointminerals.com.

On behalf of First Point Minerals Corp.

Peter Bradshaw, Ph.D., P.Eng., President & CEO

Forward-Looking Statements

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.

Contact Information