Welcome!

.NET Authors: Pat Romanski, Srinivasan Sundara Rajan, Jayaram Krishnaswamy, Elizabeth White, Nitin Bandugula

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
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it's a mix of architectural styles ...
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. He discussed opportunities and challenges ahead for the IoT from a market and technical point of vie...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
The Internet of Things (IoT) is rapidly in the process of breaking from its heretofore relatively obscure enterprise applications (such as plant floor control and supply chain management) and going mainstream into the consumer space. More and more creative folks are interconnecting everyday products such as household items, mobile devices, appliances and cars, and unleashing new and imaginative scenarios. We are seeing a lot of excitement around applications in home automation, personal fitness, and in-car entertainment and this excitement will bleed into other areas. On the commercial side, m...
Dale Kim is the Director of Industry Solutions at MapR. His background includes a variety of technical and management roles at information technology companies. While his experience includes work with relational databases, much of his career pertains to non-relational data in the areas of search, content management, and NoSQL, and includes senior roles in technical marketing, sales engineering, and support engineering. Dale holds an MBA from Santa Clara University, and a BA in Computer Science from the University of California, Berkeley.
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by mining large volumes of unstructured data, and how data tracking delivers uptime when it matters most.
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the technology industry and how do they see opportunities for other women in their area of expertise.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrategies, will examine why IT must finally fulfill its role in support of its SBUs or face a new round of...
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.