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Strategies & Market Trends : Ride the Tiger with CD
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From: heinz447/13/2009 6:08:37 PM
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First Point samples Joe at 3.9 g/t palladium

2009-07-13 15:47 ET - News Release

Mr. Peter Bradshaw reports

PALLADIUM AND PLATINUM RESULTS IN NICKEL-IRON ALLOY IN FIRST POINT'S JOE PROPERTY, OREGON

First Point Minerals Corp.'s analysis of nuggets of nickel-iron alloy in stream samples from its Joe property show that they contain palladium and platinum that could represent significant added value in a nickel concentrate. Two samples, each consisting of several nickel-iron alloy nuggets taken from streams traversing the Joe property area, contain up to 5.3 grams per tonne (g/t) palladium with an average of 3.9 g/t and 0.35 g/t platinum with an average of 0.27 g/t. The two samples carry 43 and 52 per cent nickel and 25 and 35 per cent iron respectively.

The grains of the disseminated nickel-iron alloy in widely spaced rock samples from outcrop on the Joe property average 61 per cent Ni and 36 per cent Fe and range from 47 per cent to 78 per cent Ni and 22 per cent to 52 per cent Fe based on scanning election microprobe analyses. The rock samples average 0.28 per cent total nickel and at this stage the amount of the total nickel held in alloy verses silicates or sulphides is unknown.

The Joe property is situated within a large strongly serpentinized and structurally broken ultramafic belt in Josephine county in southwest Oregon that hosts the nickel-iron alloys in bedrock and alluvial nuggets. The nickel-iron alloy nuggets which measured up to several centimeters in diameter were first found by prospectors in their gold sluice boxes in Josephine Creek in 1892. Since that time these nuggets have received considerable attention from mineralogists but there has been no record of recovering and marketing this alluvial nickel material nor have the bedrock sources of the alloy been given serious exploration attention.

First Point first staked this property in the spring of 2008 and conducted surface exploration and rock sampling on 200- to 300-metre intervals over most of the claim group. The area is moderately rugged with a series of cliffs and canyons and was largely burned off in 2005 thus providing excellent outcrop for sampling. The samples containing disseminated alloy grains occur with an assemblage of magnetite, pentlandite, millerite, heazlewoodite and iron sulphides in composite grains. A hydrothermal origin is indicated for this assemblage together with the enrichment of the platinum group elements in the nickel-iron alloy.
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