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Mining Explorers 2013: First Point Minerals Corp.

 

Last updated 11/3/2013 at Noon



FPX: TSX

President and CEO: James S. Gilbert

Vice President Exploration: Ron M. Britten

Chief Financial Officer: Martin Turenne

First Point Minerals Corp. is focused on exploration and development of properties containing awaruite, a nickel-iron alloy typically containing about 75 percent nickel.

It is widely disseminated and represents a bulk tonnage target that would potentially be mineable by open pit methods should a mineral reserve be delineated.

First Point holds a 100 percent interest in eight awaruite properties: five properties in British Columbia, and one property in each of Yukon Territory, Norway and Australia.

During the first half of 2013, the company expended about C$331,000 in exploring nickel properties in Canada, C$50,000 in exploring properties in Australia and Norway, and C$343,000 in reconnaissance exploration in Canada and internationally seeking additional awaruite deposits.

The company's overall 2013 exploration program is budgeted at C$1 million.

Highlights of 2013 activities include securing a six-metric-ton bulk sample for metallurgical testing and production of a nickel-iron-chromite concentrate from First Point's flagship, 40 percent-owned Decar Project in central British Columbia.

Results of the limited market test are pending.

At the Orca and Wale properties located 45 kilometers (28 miles) east of Dease Lake, B.C., and together covering 157 square kilometers (60.6 square miles) in the Stikine Ranges of northern British Columbia, First Point continued to explore a large northwest-southeast trending zone of awaruite mineralization first discovered at Wale in 2011 during regional exploration, and mapped in greater detail early in 2012.

At Wale and the adjoining Orca property, staked in November 2011, First Point has identified three main targets, Orca, Eagle and Garth's Knob - the latter two occur on the Wale property.

Exploration in 2013 will include detailed magnetic geophysical surveys, follow-up mapping and sampling of the coarser-grained areas of the Eagle and Garth's Knob in search of targets for future drill programs.

Results from a similarly focused 2013 campaign on the neighboring Orca property are pending.

In Yukon, geological mapping and rock sampling to date have defined a two-kilometer- (1.24 miles) long northwest-southeast trending zone on the Mich property some 50 kilometers (31miles) southeast of Whitehorse marked by a number of strong rock anomalies grading better than 0.08 percent nickel-in-alloy.

The 11.5 square-kilometer (4.44 square miles) property lies 15 kilometers (nine miles) off the Alaska Highway.

The Mich claims cover 1,932 hectares (4,774 acres) and are underlain by serpentinized ultramafic rocks of the Cache Creek Terrane, the same belt of rocks that host the awaruite mineralization at the Orca, Wale and Decar properties in B.C. Work on the Mich property in 2013 included detailed geological mapping and sampling in the target area, including channel sampling to better define potential drill hole locations.

A ground-based magnetic survey was extended to the southeast to further define and test covered areas.

A 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 magnetically recoverable nickel results.

Cash and short-term deposits: C$3.2 million (June 30, 2013)

Working capital: C$3.2 million (June 30, 2013)

Market capitalization: C$20.6 million (Sept. 27, 2013)

200 - 1155 West Pender St.

Vancouver, BC

Canada V6E 2P4

Tel: 604-681-8600

Fax: 604-681-8799

http://www.firstpointminerals.com

 

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