First Point Minerals Corp. Enters into New Base
Metal/Precious Metal Exploration Venture
VANCOUVER, BRITISH COLUMBIA--Dr. Peter M D Bradshaw, P.Eng.,
President of First Point Minerals Corp. (TSXV: FPX) today
announced that First Point has entered into an agreement with
Menominee River Exploration Co. LLC, a private company based in
Michigan, ("MREC") for the purposes of advancing First Point's
Cedros property in Honduras, and MREC's Back Forty property in
Menominee County in the Upper Peninsula of Michigan.
Pursuant to the terms of the agreement, First Point and its
wholly-owned subsidiary, First Point Honduras S.A. de C.V. will
contribute the Cedros property to Aquila Resources Corp., a
company recently incorporated under the Canada Business
Corporations Act ("Aquila"), and MREC will contribute the Back
Forty property. Aquila's principal focus will be on zinc and
copper deposits with commercially important gold and/or silver
credits. Other classes of deposits, such as nickel with
associated platinum group metals, will also be targeted.
Initially, First Point will have a 22% interest in Aquila, with
MREC holding the remaining 78% interest.
The Back Forty Project:
The Back Forty is an advanced stage exploration project focusing
on gold and massive sulfide targets in early Proterozoic rocks.
Early in 2002, drill testing of a geophysical anomaly resulted in
the discovery of the LK massive sulfide zinc/gold deposit.
Subsequent drilling in 2003 defined a potentially economic
resource of zinc and gold rich massive sulfide mineralization,
plus adjacent gold rich sections low in sulfides. The massive
sulfide lenses (see Table I) show impressive widths and
continuity.
Table I - Selected massive sulfide intercepts with metal grades
------------------------------------------------------------------------
(m) Au
Drill Unit (Zone) (m) (m) Inter- g/ Ag Cu Pb Zn
Hole From To val tonne ppm % % %
----- ----- ------ ------ ---- ----- ----- -----
108402 Massive Sulfides 16.5 53.4 36.9 5.85 33 0.38 0.07 9.15
(East Zone)
Including 26.94 45.11 18.2 1.98 20 0.36 0.01 13.91
Including 45.11 53.4 8.3 18.75 87 0.64 0.29 8.54
108406 Massive Sulfide 27.4 59 31.6 4.13 20 0.22 0.05 10.25
(East Zone)
Including 50 59 9.0 9.04 34 0.26 0.15 11.50
108421 Massive Sulfides 308 381 73.0 0.87 11 0.12 0.10 7.95
(Main Zone)
Including 308 345.3 37.3 0.80 8 0.05 0.10 11.96
Including 308 320 12.0 0.74 9 0.08 0.11 18.89
Including 364.5 381 16.5 0.79 9 0.13 0.03 6.93
108445 Massive Sulfides 257.1 269 11.9 2.73 14 0.14 0.09 10.54
(Main Zone)
108446 Massive Sulfides 187.2 196.7 9.5 1.08 153 0.07 5.32 20.86
(Tuff Zone)
108466 Massive Sulfides 327.3 353.6 26.4 1.33 33 0.31 0.25 3.95
(Main Zone)
including 327.25 333 5.8 1.34 86 0.07 1.01 5.36
including 342.0 348.0 6.0 0.97 10 0.18 0.04 6.52
108469 Massive Sulfide 351.23 377 25.8 1.76 33 0.53 0.03 0.60
(Main Zone)
Including 351.23 353 1.8 1.47 15 0.14 0.09 4.52
------------------------------------------------------------------------
...........................
The potential to expand the three massive sulfide zones is
excellent. The Main Zone massive sulfides remain open down plunge
to the west, and ground geophysical surveys indicate probable
extension in this direction for at least another 425 meters. The
Tuff Zone massive sulfide is open at depth and along strike to
the east, and has not been drilled along its surface projections
where there is potential for enriched gossans similar to the East
Zone.
Impressive gold intercepts in a variety of host rocks peripheral
to massive sulfide mineralization suggest strong potential for
"gold only" style mineralization, as shown in Table II. The fact
that these intercepts were random "hits" in holes targeting
massive sulfide mineralization suggests good potential for
expansion.
------------------------------------------------------------------------
(m) Au
Drill Unit (m) (m) Inter- g/ Ag Cu Pb Zn
Hole From To val tonne ppm % % %
----- ----- ------ ------ ---- ----- ----- -----
108431 Silicified QFP 430.5 438.0 7.5 6.1 42 0.08 0.88 0.01
108431 Silicified QFP 445.5 458.0 12.5 7.4 83 0.14 1.40 0.01
108435 Stringer 279.6 285.2 5.6 19.50 161 0.20 1.24 0.45
Sulfides
Including 281 285.2 4.2 25.29 202 0.23 1.50 0.24
108435 Semi-Massive 380 390.2 10.2 7.52 48 0.42 0.30 0.60
Sulfides
Including 380 386 6 11.09 66 0.31 0.39 0.72
108446 Stringer 196.7 220 23.3 2.44 81 0.06 0.77 0.34
Sulfides
Including 196.7 201 4.3 5.04 177 0.02 1.50 0.13
108446 Chloritic tuff 269.5 277.9 8.4 4.70 24 0.10 0.48 0.56
Including 269.5 272.9 3.4 8.84 42 0.12 0.85 0.11
108448 Stringer 302.3 317 14.7 6.15 102 0.26 1.07 0.62
Sulfides
Including 302.3 305.5 3.2 21.09 338 0.76 3.27 1.67
108402 Gossan 13.41 16.46 3.05 21.47 10 0.01 0.02 0.02
------------------------------------------------------------------------
......................
The Cedros Project:
The Cedros property is located at the southern end of a belt of
world-class, carbonate-hosted silver-zinc-lead deposits that
extend from Mexico to central Honduras. At Cedros, the Spaniards
mined the tops of high-grade, probably oxidized, massive sulfide
replacement zones along a two kilometer trend in the 17th and
18th centuries. The Spaniards halted mining at relatively shallow
depths when they encountered the water table.
Exploration efforts to date have been focused on geological
mapping and trenching within a very strong silver-zinc-lead soil
geochemical anomaly measuring approximately two by three
kilometers. Within this area the geology changes from large
intrusions of intermediate to acid composition in the south,
hosted in carbonate rocks, to a series of small stocks, dykes and
sills of similar composition to the north. The styles of
mineralization also change within the property boundaries, from
broader, disseminated bulk mineable silver-zinc at Carmelo Sur
and Cedros Abajo in the south to the historically mined massive
sulfide replacement styles at Belen, Azul and El Carmelo in the
north. Trenches in the southern portion of the property, in
strongly oxidized and leached outcrop, have encouraging values as
detailed in the table. These are prime targets for bulk-mineable
silver-zinc in carbonates and other sediments adjacent to the
major intrusions. Trenches to the north have encountered much
higher grades related to massive sulfide style carbonate
replacement mineralization.
Cedros Abajo and Carmelo Sur - Bulk Mineable Southern Zone
Trench Meters Silver g/t % Zinc % Lead
CA-04 6.0 58.0 4.08 4.38
CA-05 45.0 17.0 1.30 1.35
CS-04 90.0 6.0 0.36 0.53
CS-05 77.0 3.0 0.36 0.35
Belen, Azul and El Carmelo - Massive Sulphide Northern Zone
Trench Meters Silver g/t % Zinc % Lead
Azul-Comedor 5.0 58.0 10.40 1.50
Azul-98RMB87 2.7 108.0 7.80 4.10
Belen East, BE-01 6.6 42.0 3.82 0.35
Jalisco 10.0 81.0 3.90 0.35
............................
The next phase of work at Cedros will include trenching and
mapping of the Cedros Abajo area (the southern bulk mineable
target) followed by drilling.
Aquila Resources Corp.:
First Point has agreed to use its best efforts to assist Aquila
in completing an Initial Public Offering ("IPO") of its common
shares and in making a listing application to the Exchange as
soon as practicable. The monies raised in the IPO will be used to
fund an ongoing program of geological and geophysical work at
Back Forty and Cedros, and to provide working capital.
The Board of Aquila will consist of four individuals: Mr. Robert
A. Watts, of Victoria, B.C., who is a director of First Point and
several other public mining companies, Mr. Richard Lassin, of
Lansing, Michigan, Mr. Douglas Duskin of Camden, South Carolina,
and Mr. Thomas Quigley, of Duluth, Minnesota. Mr. Quigley will
serve as president of Aquila. Aquila will also have a technical
advisory board, comprised of Mr. Glenn Scott of Marquette,
Michigan, Dr. Ronald Britten (First Point's Vice-president,
Exploration) and Dr. Bradshaw.
Dr. Bradshaw said he was very pleased that First Point has joined
forces with MREC. "We believe there will be significant synergies
and enhanced investor interest in building Aquila on the
foundation of two promising base metal deposits, each with
significant precious metals credits. Moreover, the economic
attractiveness of Back Forty and Cedros is increased by virtue of
both projects being located in regions that will realize the full
benefit of substantially higher prices (in US dollar terms) of
base and precious metals. The agreement to form Aquila will also
enable First Point to focus its resources on advancing the Rio
Luna epithermal gold deposit in Nicaragua, where drilling is
currently underway, and the Cucamuya gold deposit in Honduras".
First Point Minerals Corp. is a Canadian precious and base metal
exploration and development company focused on the Americas. The
Company is currently focusing its activities to explore, define
and advance its Rio Luna Gold Project and Cacamaya Gold Project
in Nicaragua. The Company is well financed with $2,000,000CDN in
working capital, and well on its way of achieving its goal of
becoming a highly successful, growth-oriented exploration
company.
ON BEHALF OF THE BOARD OF DIRECTORS
Peter M. D. Bradshaw, President
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
First Point Minerals Corp.
Ran Davidson
Director of Investor Relations
(604) 681-8600
(604) 681-8799 (FAX)
Email: firstpoint@firstpointminerals.com
Website: www.firstpointminerals.com
The TSX Venture Exchange has not reviewed, nor accepts
responsibility for the adequacy or accuracy of this news release.
