Welcome!

Microsoft Cloud Authors: Pat Romanski, Elizabeth White, Liz McMillan, Mihai Corbuleac, David Bermingham

News Feed Item

First Point Minerals Announces Substantial Increases in Nickel Resources at Decar Project

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/06/13 -- First Point Minerals Corp. (TSX:FPX) ("First Point" or the "Company") is pleased to report an updated independent National Instrument 43-101 compliant mineral resource estimate for the Decar nickel-iron alloy project in central British Columbia. The updated resource estimate will be incorporated into the Preliminary Economic Assessment ("PEA") currently being completed for the Decar project, which is managed and operated by Cliffs Natural Resources Exploration Canada Inc., an affiliate of Cliffs Natural Resources Inc. (NYSE:CLF)(Paris:CLF) ("Cliffs").

Updated Baptiste Deposit Mineral Resource Estimate(i) (Caracle Creek International Consulting Inc., January 23, 2013):


Category             Tonnes   Davis Tube Recoverable Nickel Content     
                           ---------------------------------------------
                                    (% Ni)       (Tonnes)       (Pounds)
                                                                        
Indicated     1,159,510,000          0.124      1,437,800  3,169,700,000
                                                                        
Inferred        870,400,000          0.125      1,088,000  2,398,600,000

(i) Note: Reported at a cut-off grade of 0.06% DTR nickel. Mineral resources
are not mineral reserves and do not have demonstrated economic viability.   
Tonnes have been rounded to the nearest 10,000. Grade has been rounded to   
three significant digits .The mineral resources are constrained by a GEMCOM 
Whittle pit, based on the reported cut-off grade.                           

The resource definition drilling and expansion program undertaken on the Baptiste deposit in 2012 has yielded substantially more tonnes and higher average grades, resulting in 1.159 billion tonnes being classified as an indicated resource at an improved grade of 0.124% Davis Tube magnetically-recovered ("DTR") nickel. Inferred resources now total 870 million tonnes grading 0.125% DTR nickel. This updated resource estimation compares very favourably to the initial inferred resource estimate reported in First Point's April 16, 2012 news release, which is shown below.

Initial Mineral Resource Estimate(i) (Caracle Creek, April 16, 2012):


Category             Tonnes    Davis Tube Recoverable Nickel Content    
                           ---------------------------------------------
                                    (% Ni)       (Tonnes)       (Pounds)
                                                                        
Inferred      1,197,000,000          0.113      1,352,610  2,981,900,000

(i) Note: Reported at a cut-off grade of 0.06% DTR nickel. Mineral resources
are not mineral reserves and do not have demonstrated economic viability.   
Tonnes have been rounded to the nearest 10,000. Grade has been rounded to   
three significant digits.                                                   

"We are very pleased with the significant year-on-year growth of nickel resources at Decar," said First Point President and CEO Jim Gilbert. "The impressive increases reported in both overall tonnage and contained metal inventories, together with a material improvement in magnetically recoverable nickel grades, will enable Cliffs to incorporate an upgraded and enlarged resource in the PEA, which is due to be completed in March 2013."

The updated National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate was prepared by Caracle Creek International Consulting Inc. ("Caracle Creek"), which also prepared the April 2012 initial resource estimate. Caracle Creek supervised and managed the 2012 and 2011 drilling programs at Decar on behalf of Cliffs. The updated resource estimate adds an additional 32 core holes (16,347 metres) completed during the summer of 2012 to the initial resource estimate, bringing the total number of core holes in the data base to 74, representing 28,917 metres of drilling.

The average drill hole spacing in the Baptiste deposit is 200 metres. A total of 7,852 drill samples of core were used for the resource estimation.

Resource Estimate Details

The block model tonnage and grade for each of the indicated and inferred resource categories were calculated at various cut-off grades as shown in Table 1 and 2:


Table 1: IndicatedBlock Model tonnage and grades reported at
 various cut-off grades.(i)                                 
                                                            
------------------------------------------------------------
                                                  Davis Tube
Cut-off                                          Recoverable
Grade (%)                         Tonnes    Nickel Grade (%)
------------------------------------------------------------
0.02                       1,170,510,000               0.124
------------------------------------------------------------
0.04                       1,169,130,000               0.124
------------------------------------------------------------
0.06                       1,159,510,000               0.124
------------------------------------------------------------
0.08                       1,121,810,000               0.126
------------------------------------------------------------
0.10                         999,440,000               0.130
------------------------------------------------------------
0.12                         691,870,000               0.139
------------------------------------------------------------

(i) Note: Tonnes have been rounded to the nearest 10,000. Grade has been    
rounded to three significant digits. The base-case mineral resource was     
estimated at a cut-off of 0.06 % DTR nickel. These figures are not to be    
misconstrued as mineral resources as they are intended for the sole purpose 
of demonstrating the sensitivity of the resource estimate with respect to   
reporting cut-off grade. The mineral resources were also constrained with a 
Whittle pit.                                                                
                                                                            
                                                            
Table 2: InferredBlock Model tonnage and grades reported at 
 various cut-off grades.(i)                                 
                                                            
------------------------------------------------------------
                                                  Davis Tube
Cut-off                                          Recoverable
Grade (%)                         Tonnes    Nickel Grade (%)
------------------------------------------------------------
0.02                         881,260,000               0.124
------------------------------------------------------------
0.04                         877,900,000               0.124
------------------------------------------------------------
0.06                         870,400,000               0.125
------------------------------------------------------------
0.08                         842,610,000               0.126
------------------------------------------------------------
0.10                         733,160,000               0.132
------------------------------------------------------------
0.12                         503,790,000               0.141
------------------------------------------------------------

(i) Note: Tonnes have been rounded to the nearest 10,000. Grade has been    
rounded to three significant digits. The base-case mineral resource was     
estimated at a cut-off of 0.06 % DTR nickel. These figures are not to be    
misconstrued as mineral resources as they are intended for the sole purpose 
of demonstrating the sensitivity of the resource estimate with respect to   
reporting cut-off grade. The mineral resources were also constrained with a 
Whittle pit.                                                                

The geological resource model was constructed by Caracle Creek using composited drill hole data, drill core logs and down-hole survey data. The mineral resource estimation was evaluated using geostatistical block modeling methods constrained by mineralized wireframe. The mineral resources have been estimated in conformity with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") "Estimation of Mineral Resources and Mineral Reserves Best Practises" guidelines and were classified according to the CIM Standard Definition for Mineral Resources and Mineral Reserves (November 2010) guidelines. The mineral resources are reported in accordance with the Canadian Securities Administrators NI 43-101.

The geological resource model consists of a large, curved volume, which is 3.0 kilometres long, 150 to more than 1,080 metres wide and extends up to 540 metres deep. The Baptiste deposit remains open along strike in both directions, to the southeast in the higher-grade central area and at depth over the entire system. It is covered by an average of 12 metres of overburden.

The mineralized serpentinized peridotite host rock at Baptiste is cut by several steeply-dipping, non-mineralized dykes, which in total comprise just approx. 4% of the rock mass in the mineralized domain. These dykes, mostly in the range of 2 to 5 metres thick, were incorporated by Caracle Creek in a zero grade domain. The dyke domain was subtracted from the mineralized domain in order to eliminate the zero grade assays from the mineralized domain.

Block models measuring 40 metres x 40 metres x 10 metres were interpolated for evenly distribution of 1,649 specific gravity ("SG") composites based on SG measurements on drill core pulp using the inverse distance method of interpolation.

The grade of the mineral resource was based on ordinary kriging using two passes, which was verified using the inverse distance squared method.

Davis Tube magnetically-recovered ("DTR") nickel is the nickel content recovered by magnetic separation using a Davis Tube, followed by standard assaying procedures to determine the nickel assay of the concentrate; in effect a mini-scale metallurgical test. Cliffs employs large scale magnetic separation methods in several of its operating iron ore mines, and the Davis Tube method is used to provide a more accurate measure of variability in recoverable nickel. The Davis Tube method is the global, industry standard geometallurgical test for magnetic recovery operations and exploration projects. Final recoveries of nickel using both magnetic and gravity separation processes are subject to confirmation in the PEA currently underway.

The mineral resource estimate for the Baptiste deposit was completed by Jason Baker, P. Eng., of Caracle Creek, an independent qualified person as defined by NI 43-101 Standards of Disclosure for Mineral Projects. An updated NI 43-101 Technical Report describing the details of the updated mineral resource estimate will be filed on SEDAR within 45 days of this news release.

Cliffs is advancing the Decar nickel project under an option/ joint venture agreement with First Point that was signed in November 2009. Under the original agreement, Cliffs could earn an initial 51% interest in Decar by spending US$4.5 million over a period of four years. In September 2011, Cliffs was deemed to have earned a 51% stake, more than two years ahead of schedule. Cliffs has the right to increase its ownership (i) to 60% by completing a NI 43-101 compliant PEA by March 2013, (ii) to 65% by completing a NI 43-101 prefeasibility study, and (iii) ultimately to 75% by completing a bankable feasibility study. Should Cliffs earn a 75% interest in Decar, First Point would hold a 25% participating interest, plus a 1% net smelter return royalty interest.

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. For more information, please view the Company's website at www.firstpointminerals.com.

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.

Cautionary Note to U.S. Readers

Information concerning the properties and operations discussed in this press release has been prepared in accordance with Canadian standards under applicable Canadian securities laws, and may not be comparable to similar information for United States companies. The terms "Mineral Resource", "Indicated Mineral Resource" and" Inferred Mineral Resource" used in this press release are Canadian mining terms as defined in accordance with NI 43-101 guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council on December 11, 2005. While the terms "Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" are recognized and required by Canadian regulations, they are not defined terms under standards of the United States Securities and Exchange Commission ("SEC"). Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve calculation is made. As such, certain information contained in this press release concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. An "Inferred Mineral Resource" has a great amount of uncertainty as to its existence and as to its economic and legal feasibility. It cannot be assumed that all or any part of an "Inferred Mineral Resource" will ever be upgraded to a higher category. Under Canadian rules, estimates of "Inferred Mineral Resources" may not form the basis of feasibility or prefeasibility studies. Readers are cautioned not to assume that all or any part of "Indicated Mineral Resources" will ever be converted into Mineral Reserves. Readers are also cautioned not to assume that all or any part of an "Inferred Mineral Resource" exists, or is economically or legally mineable. None of First Point's securities have been registered under the United States Securities Act of 1933, as amended.

Neither the TSX Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
Apixio Inc. has raised $19.3 million in Series D venture capital funding led by SSM Partners with participation from First Analysis, Bain Capital Ventures and Apixio’s largest angel investor. Apixio will dedicate the proceeds toward advancing and scaling products powered by its cognitive computing platform, further enabling insights for optimal patient care. The Series D funding comes as Apixio experiences strong momentum and increasing demand for its HCC Profiler solution, which mines unstruc...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Presidio has received the 2015 EMC Partner Services Quality Award from EMC Corporation for achieving outstanding service excellence and customer satisfaction as measured by the EMC Partner Services Quality (PSQ) program. Presidio was also honored as the 2015 EMC Americas Marketing Excellence Partner of the Year and 2015 Mid-Market East Partner of the Year. The EMC PSQ program is a project-specific survey program designed for partners with Service Partner designations to solicit customer feedbac...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...