First Point Minerals Corp.
TSX : FPX

First Point Minerals Corp.

May 15, 2013 07:30 ET

First Point Minerals Provides Metallurgical Update for Wale Property in Northern British Columbia

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 15, 2013) - First Point Minerals Corp. (TSX:FPX) ("First Point" or the "Company") is pleased to provide an update on metallurgical testing of material from its 100%-owned Wale nickel-iron alloy property in northern British Columbia.

The Wale property is located 45 km east of Dease Lake (a town on BC Highway 37 between Stewart and Cassiar) and covers an area of 119 square kilometres in the Stikine Ranges of northern B.C. Access to the property is by helicopter, directly from Dease Lake, and by a rough mining road and trails using all-wheel drive, heavy duty utility vehicles, which service the nearby jade and placer gold mining operations active in the area.

A large northwest-southeast trending zone of awaruite mineralization, a naturally occurring metallic nickel-iron alloy, was first discovered at Wale in 2011 during a regional exploration program, and mapped in greater detail early in the 2012 field season. The "Eagle" target measures roughly 4.1 kilometres long and from 300 to 1,060 metres wide, as defined by 532 surface rock samples. It is characterized by disseminated nickel-iron alloy grains measuring from less than 50 to over 300 microns in size. A total of 196 rock samples from the Eagle target yielded values greater than 0.1% nickel-in-alloy.

During 2012, a helicopter-supported drill program tested the Eagle target with 10 core holes totalling 2,764 metres. The objective of this initial drill campaign was to identify the potential for large zones of nickel-in-alloy mineralization on the property. The holes were drilled from six sections spaced 460 to 1,220 metres apart.

The drill results indicate the underlying ultramafic package of rocks hosts widespread, disseminated, fine to coarse grained nickel-iron alloy carrying grades better than 0.05% nickel-in-alloy. The tops of hole DH-1 and DH-2, and portions of holes DH-4, DH-5, DH-6, DH-9 and DH-10, encountered promising nickel-in-alloy grades exceeding 0.1%, and as high as 0.142%, over lengths ranging from 31 to 262 metres. For a summary of the drill results, see First Point's news release dated December 17, 2012.

The drill results from Wale, coupled with surface rock sampling results from the adjoining Orca property and the newly defined Garth's Knob target in the southeastern portion of the Wale property, indicate a semi-continuous zone of nickel-iron alloy mineralization that extends over a 14.5-kilometre strike length.

During the 2012 exploration program at Wale, a five-tonne bulk sample of mineralized host rock was collected from the surface, near the site of hole 1 where surface sampling returned values from 0.150 to 0.164% nickel-in alloy. Initial magnetic separation material from the bulk sample was not representative of the Wale mineralization overall, having a lower grade and fine grained awaruite texture compared to the drill results from the 2012 program.

Subsequently, a second bulk sample, weighing several tonnes, was collected from selected drill core material in eight of the 10 Wale 2012 drill holes. The composite drill core samples were selected based on geographic locations within the property, nickel-in-alloy analysis and Davis Tube ("DT") magnetic separation recoverable nickel results and, the combination designed to be more representative of the target mineralization on the property as a whole. DT results are driven predominantly by awaruite grain size.

This second sample was shipped to ALS Metallurgy in Kamloops for further metallurgical test work, including the production of a gravity concentrate. This test work is ongoing.

Using these Wale concentrate products, the Company plans to conduct a market study to assess the likely payable nickel content of the concentrate, as well as the potential for revenue credits from iron and chromite by-products.

A work program of detailed ground based geophysics, geological mapping and sampling of the Orca-Wale-Garth's Knob trend is scheduled to begin in June 2013.

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 metal exploration company operating worldwide.

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.

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