BRITISH COLUMBIA – First Point Minerals Corp. of Vancouver has competed the transaction to regain 100% control of the Decar nickel-iron project 80 km north of Fort St James. First Point has paid US$4.75 million to repurchase the 60% of the Decar project formerly owned by Cliffs Natural Resources of Cleveland, OH.
The project had been a joint venture of First Point and, until Cliffs announced it wanted to sell its share in August 2014. Cliff has now deposed of all its 14.35 million shares of First Point.
First Point arranged a five-year, US$5-million loan to complete the deal.
The Decar deposit contains awaruite, an unusual nickel mineralization that is a naturally occurring nickel-iron alloy. The 2013 preliminary economic assessment put resources at 1.16 billion indicated tonnes containing 1.44 million tonnes of nickel and 879.40 million inferred tonnes containing 1.09 million tonnes of nickel.
The PEA can be read in its entirety at FirstPointMinerals.com.