Welcome!

Microsoft Cloud Authors: Dana Gardner, Yung Chou, David Bermingham, Jayaram Krishnaswamy, Pat Romanski

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
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 18th Cloud Expo, which will take place on June 7-9, 2015 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 ad...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016. In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, will discuss how the ability to access and analyze the massive volume of streaming data from mil...
WebSocket is effectively a persistent and fat pipe that is compatible with a standard web infrastructure; a "TCP for the Web." If you think of WebSocket in this light, there are other more hugely interesting applications of WebSocket than just simply sending data to a browser. In his session at 18th Cloud Expo, Frank Greco, Director of Technology for Kaazing Corporation, will compare other modern web connectivity methods such as HTTP/2, HTTP Streaming, Server-Sent Events and new W3C event APIs ...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...