Welcome!

Microsoft Cloud Authors: Liz McMillan, David H Deans, Automic Blog, Pat Romanski, Janakiram MSV

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
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
SYS-CON Events announced today that Infranics will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
There are 66 million network cameras capturing terabytes of data. How did factories in Japan improve physical security at the facilities and improve employee productivity? Edge Computing reduces possible kilobytes of data collected per second to only a few kilobytes of data transmitted to the public cloud every day. Data is aggregated and analyzed close to sensors so only intelligent results need to be transmitted to the cloud. Non-essential data is recycled to optimize storage.
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you ...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,