First Point Minerals Corp.
TSX VENTURE : FPX

First Point Minerals Corp.

November 07, 2011 08:00 ET

First Point Minerals Discovers Nickel-Iron Alloy Mineralization in Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 7, 2011) - First Point Minerals Corp. (TSX VENTURE:FPX) ("First Point" or the "Company") is pleased to announce that it has staked the Mich property in the Yukon Territory of Canada after discovering a large zone of nickel-iron alloy mineralization during this summer's regional exploration field program.

The Mich property, owned 100% by First Point and totalling 1,150 hectares in size, is located 52 km east of Whitehorse. Surface sampling has defined a main zone of disseminated nickel-iron alloy mineralization that extends over a distance of 2,200 metres in length and coincides with a northwest trending ridge. The anomalous zone is 150 metres wide at the northwest end, expanding to 640 metres in width at the southeast end, where it is covered by overburden and remains open to the south.

Wide spaced sampling of sparse outcrops of bedrock within the zone returned values ranging from 590 to 1,160 parts per million (0.06 to 0.12%) nickel-in-alloy from 14 rock sample sites, for an average grade of 893 ppm (0.09%) nickel-in-alloy.

"Based on very promising results from a first pass of sampling, we have staked the Mich property in the Yukon as part of our $2 million budgeted worldwide search for new nickel-iron alloy targets in 2011," said Dr. Ron Britten, First Point's Vice-President of Exploration. "The Yukon discovery is the result of a very aggressive exploration campaign that is currently targeting eight different countries."

The newly defined zone at Mich exhibits disseminated coarse-grained nickel-iron alloy ranging up to 200 to 500 microns in size. First Point believes surface sample assay results that are greater than 500 ppm nickel-in-alloy, and coarse nickel-iron alloy grains that are larger than 200 microns in size, are both useful and positive tools to evaluate early-stage exploration prospects.

Rock samples from this area also assayed up to 5% iron, occurring primarily as magnetite, and 1,420 ppm (0.14%) chromium. Preliminary magnetic separation testing, and petrographic and scanning electron microscope work will be completed over the winter on available surface rock samples.

First Point plans to return to the Mich property in the spring of 2012 to conduct further detailed sampling and mapping, followed by a proposed 2,000-metre drilling program.

Rock samples were delivered to Acme Analytical Laboratories Ltd. in Vancouver ("Acme," an ISO Certified Laboratory) for nickel-in-alloy and total nickel analysis. Nickel-in-alloy was analyzed using a partial extraction 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 partial extraction analytical method was commercially certified by Dr. Barry Smee of Smee & Associates Consulting Ltd. for the exclusive use of First Point.

Total nickel was assayed by Acme using a four acid digestion and a ICP-MS finish, which determines the total nickel present, in both nickel-iron alloy and silicate form, as well as iron and chromium.

Dr. Ron Britten, P. Eng., First Point's Qualified Person under NI43-101, has reviewed and approved the analytical content of this news release.

About First Point

First Point Minerals Corp. is a Canadian base and precious metal exploration 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

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 Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contact Information