First Point Announces Rio Luna Vein System Expanded at
Width and Depth; Drill Program Increased
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Apr 14, 2004) - Dr.
Peter M D Bradshaw, P. Eng, President of First Point Minerals
Corp. (TSXV: FPX) is pleased to release results from the ongoing
drill program at the Rio Luna Gold Project, Nicaragua. Drill
results from the 2nd area of drilling, Balsamo East, have
confirmed both continuity of the vein plus greater vein widths at
depth at both locations. Available data indicates that the drill
hole intersections, which are 30-60 meters below surface, are
still above the gold mineralized system. At the Balsamo Target
area, the true width of the vein in the trenches averages 3.2
meters, and in the drill holes the apparent true width of the
vein is 4.2 meters, the average grade is 3.2 grams/tonne (g/t)
gold and 5.2 g/t gold respectively over the same widths. At the
Balsamo East Target area, the true width of the vein in the
trenches is 4.7 meters, and the apparent true width of the vein
in the drill holes is 5.4 meters, while the average grade is 2.6
g/t gold and 0.8 g/t gold respectively. Due to the encouraging
results received from Rio Luna, as detailed below, the Company
has decided to increase its drill program from the previously
announced 2,000 meters and approximately 20 holes, to 3,000
meters and up to 35 holes.
The Balsamo East Target is located about 1 kilometer east of
Balsamo, the first area to be drill tested. All four holes
intersected the target zone that consisted of epithermal quartz
vein stockworks and quartz matrix breccias containing anomalous
gold values across 3.9 to 13.4 meter widths as noted in the table
below. Hole 8, the western most of the holes drilled, intersected
the widest interval of mineralization which exhibits classic
banded epithermal textures in numerous stockwork-breccia zones
over a 13.4 meter interval that averaged 1.1 g/t gold and ranged
to 5.6 g/t gold over half a meter.
Drill Results for Rio Luna
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SIGNIFICANT DRILL ASSAY INTERVALS, BALSAMO
TARGET, RIO LUNA
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Hole # From To Meters Au ppb Au g/t
----------------------------------------------------------
(i) DD-RL 1 10.7 11.9 1.2 1370 1.4
---------------------------------------------
35.5 37.7 2.2 (ii) 473 0.5
----------------------------------------------------------
(i) DD-RL 2 18.5 21.5 3.0 (ii) 90 0.1
---------------------------------------------
49.2 53.5 4.3 (ii) 869 0.9
----------------------------------------------------------
(i) DD-RL 3 36.3 45.4 9.1 (ii) 6,242 (ii) 6.2 (ii)
---------------------------------------------
including 42.8 45.4 2.6 (ii) 19,423 (ii) 19.4 (ii)
----------------------------------------------------------
(i) DD-RL 4 46.6 47.5 0.9 357 0.4
----------------------------------------------------------
including 55.4 58.0 2.6 (ii) 239 0.2
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(i) Previously Released
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SIGNIFICANT DRILL ASSAY INTERVALS, BALSAMO EAST,
RIO LUNA
----------------------------------------------------------
Hole # From To Meters Au ppb Au g/t
----------------------------------------------------------
DD-RL 5 51.0 55.9 4.9 (ii) 339 0.3
----------------------------------------------------------
DD-RL 6 30.9 34.8 3.9 (ii) 789 0.8
---------------------------------------------
including 32.3 33.5 1.2 1898 1.9
----------------------------------------------------------
DD-RL 7 51.0 56.0 5.0 (ii) 680 0.7
----------------------------------------------------------
DD-RL 8 29.9 43.3 13.4 (ii) 1116 (ii) 1.1 (ii)
---------------------------------------------
including 30.9 31.7 0.8 5730 (ii) 5.7 (ii)
----------------------------------------------------------
.................
(ii) Numbers greater than a mechanized mining width and current
grade at El Limon gold mine in Nicaragua (Northern Miner, March
2004).
The four initial holes in the Balsamo East area cover a strike
length of about 200 meters and to a depth of between about 30 and
60 meters. The main vein appears to have a steep south dip
varying between 60 to 80 degrees. Apparent true widths reported
in the text above are 80% of the drilled widths. Additional
drilling is planned to follow-up the wide intersection near hole
8 which is the western-most intersection at Balsamo East.
Additional drilling is also planned in the area of the previously
reported intersection in hole 3, of more than 19.4 g/t gold (0.62
ounce per ton gold) over 2.6 meters (8.6 feet). This occurs in a
broader mineralized interval of 6.2 g/t gold (0.20 ounce per ton
gold) over 9.1 meters (30 feet) and is the western-most drill
hole in the Balsamo Target.
Six holes have been completed in the Santa Rita target located
about 1.8 kilometers east of Balsamo. Four holes tested the main
structure and two others were drilled on a sub-parallel structure
about 100 meters to the north. Four of the six holes intersected
quartz vein and stockwork over 1 to 3 meter widths, whereas the
two holes intersected a fault zone at the target depth. Analyses
are anticipated in the next two weeks.
After an Easter break of 2 weeks, the drill rig will be moved to
a completely different mineralized trend, the El Rodeo vein
system located about 1.2 kilometers northeast of the
Balsamo-Santa Rita vein system. Several holes are planned in this
area where structures carry up to 6.8 g/t gold over 3.1 meters
and 15.9 g/t gold over 2.4 meters in surface trenches.
First Point Minerals Corp. has the option to earn a 100% interest
in the Rio Luna Gold project from Terra Nova Resources Inc. First
Point is a Canadian precious and base metal exploration and
development company focused on the Americas with active project
generation programs in Peru and Central America, the latter in a
50:50 joint venture with BHP Billiton.
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 or Toll Free:1-866-FPM-8601
(604) 681-8799 (FAX)
Email: info@firstpointminerals
Website: www.firstpointminerals.com
The TSX Venture Exchange has not reviewed, nor accepts
responsibility for the adequacy or accuracy of this news release.
