East West -First Point scout holes fail to return joy
First Point Minerals Corp FPX
Shares issued 18,180,640 Jul 19 close $0.41
Mon 22 Jul 2002 News Release
See (EWR) News Release
Mr. Anthony Crossley of East West reports
REAUME-MANN PLATINUM PALLADIUM PROPERTY DRILLING RESULTS PORC ...
East West Resource has been informed by First Point Minerals that the first
three scout holes at the company's Mann platinum-palladium property near
Timmins, Ont., have intersected geology, which is permissive for
platinum-palladium mineralization, but failed to return economic values.
The initial holes tested two large-scale coincident magnetic and induced
polarization (IP) changeability anomalies. The primary platinum-palladium
target could not be drilled due to high water. This target, called Zevely
North, is defined by a 1,700-metre-long by 50-to-200-metre-wide
changeability anomaly. The only available outcrop in this area is of
ultramafic rock, which assayed 0.56 gram/tonne platinum plus palladium over
7.5 metres. First Point will drill this target later in the year when
ground conditions permit.
First Point has an option to earn a 50-per-cent interest in this property
by spending $500,000 by Jan. 31, 2006. First Point may earn a 60-per-cent
interest by completing a feasibility study to the standards defined by the
Toronto Stock Exchange and a 70-per-cent interest may be earned by
completing construction of a mine. Cash option payments totalling $60,000
are to be paid to East West by Jan. 31, 2005. |
