Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : First Point Minerals (FPX-V) -- Ignore unavailable to you. Want to Upgrade?

To: Frank Pembleton who wrote (10)	6/21/2002 7:13:38 AM
From: Al Collard	Read Replies (1) \| Respond to of 19

First Point Minerals aims to test Honduran targets Thu 20 Jun 2002 News Release Mr. Peter Bradshaw reports FIRST POINT TO COMMENCE A 3,000-METRE DRILL PROGRAM AT CACAMU ... First Point Minerals will commence a drill program of approximately three kilometres, at the company's Cacamuya gold-silver project in Honduras, to test four targets that were detailed during the company's recent 3.5-kilometre mechanical trenching program. The geologic characteristics of the four target areas indicate excellent potential for both bulk-tonnage mineralization plus high-grade veins and stockwork zones. The results of the trenching program have significantly expanded the size of several mineralized zones, outlined important new discoveries and provided near surface information to plan a drill program. This program is expected to begin in late July, 2002, weather permitting, and will consist of approximately 20 drill holes. "We are eager to drill some of our key targets. Only a minor portion of the property has been drill tested to date with some very encouraging but preliminary results. A drill program is needed to both expand the known showings, test new ones, and demonstrate continuity of mineralization," said Peter Bradshaw, a qualified person and First Point's president. "While our exploration is still at an early stage, we are encouraged by the similarities in geology and style of mineralization found at Cacamuya to several world-class epithermal gold-silver deposits around the Pacific Rim." The most significant results from the four areas to be drill tested, which includes data from the current program plus previously announced results, are summarized below. More detailed information can be found as an addendum to this news release on the company's Web site. D4 and D5 targets. Trenching has defined a broad area of anomalous gold 500 metres by 50 to 200 metres. In this area, quartz veins and stockworks, which are only visible by trenching to a depth of two metres or more, include: (a) a quartz vein in a trench, with 15.7 grams per tonne gold over 0.52 metre true width which, based on this trenching, now appears correlated with hole D4 to the south which had one intersection of 19.1 grams per tonne gold over 3.96 metres and a second of 18.2 grams per tonne gold over 1.4 metres, both distances down the hole; (b) several additional quartz veins of approximately 0.5 metre true width with values between one and four grams per tonne gold. These widths and grades are typical of veins 50 to 200 metres above economic grades and widths in producing epithermal deposits and so provide good drill targets; and (c) trenches with disseminated quartz of 8.1 grams per tonne gold over 19.4 metres, and two grams per tonne gold over 24.6 metres. The D4 and D5 area exhibits potential for bulk-tonnage mineralization with high-grade veins and stockwork zones. Approximately one kilometre of drilling is planned for this target area. Hilo Libre target. This target area, starting approximately one kilometre northwest of the D4 to D5 area, has been expanded with recent work to a width and length of 100 metres and 450 metres respectively. This target lies within soil geochemical anomalies and alteration patterns more than four kilometres long called the El Manglar trend. Within this target area, trenching has identified several mineralized zones. At the south end of the Hilo Libre vein, which is vertical and strikes north-northeast, values from less than one gram per tonne gold over a true width of 0.5 metre up to 12.5 grams per tonne gold over a true width of 2.9 metres have been obtained. To date, this vein has been traced over a strike length of 150 metres. A further 250 metres north, samples of sinter dipping gently east run 0.5 to 8.5 grams per tonne gold over 1.1 to 1.3 metres. An additional 200 metres north, a vertical quartz trending north-northwest runs 0.3 gram per tonne gold over a true width of 2.4 metres. As at D4 and D5, these vein grades and widths are typical of veins 50 to 200 metres above mined grades and widths in producing epithermal deposits and provide good drill targets. This target has never been drilled and up to 700 metres of drilling is planned to test the mineralized structures at depth. Filo Lapa target. This target is located 1.5 kilometres south of Hilo Libre on the El Manglar trend. The known length of the mineralized system has now been doubled to over 600 metres. In the southern part of the target is an area about 300 metres long by 20 to 80 metres wide with an average grade of 0.9 gram per tonne gold using a 0.5 gram per tonne cut off. Approximately 300 metres further north and 50 metres topographically lower, the zone has narrowed to approximately 50 metres and the recent trenching intersected a silicified zone of 3.2 grams per tonne gold over eight metres. This zone may represent a higher-grade mineralized feeder to the disseminated mineralization topographically higher. The Filo Lapa target is considered an excellent exploration target for high-level bulk minable mineralization plus a deeper-seated structurally-controlled, high-grade feeder type of mineralization. An estimated 700 to 1,000 metres of drilling is planned to test for both types of mineralization. Cerro Chachagua. The deep-seated, high-grade, epithermal vein mineralization at Cerro Chachagua was the initial focus of First Point's exploration at Cacamuya. This east-west structure is immediately south of the D4 and D5 area and approximately two kilometres east of Filo Lapa. A total of 10 diamond drill holes have intersected this structure to date, which has been traced discontinuously for one kilometre, and is open at both ends. On this structure, eight holes were completed over a length of 300 metres. These include the bonanza-grade hole D6 that was drilled by Battle Mountain Gold and intersected 104.7 grams per tonne gold and 743 grams per tonne silver over 6.2 metres apparent true width. Other holes, as previously announced, intersected eight grams per tonne gold over 1.2 metres and 6.8 grams per tonne gold over 2.9 metres, both apparent true widths. Along the structure, 300 metres to the east, the only other two holes intersected 8.4 grams per tonne gold over 4.1 metres and 10.9 grams per tonne gold over 0.6 metre, both apparent true widths. The Cerro Chachagua target is a classical bonanza epithermal vein similar to Meridian Gold's El Penon gold mine in Chile. Mechanical trenching has not been effective in tracing this structure because it is buried under deep scree from adjacent cliffs. An estimated 500 to 1,000 metres of infill and step-out drilling is planned.