NICKEL-IRON: First Point, Cliffs rejig Decar project deal

BRITISH COLUMBIA - First Point Minerals Corp. of Vancouver and Cliffs Natural Resources of Cleveland, OH, have amended their agreement covering the Decar nickel-iron project 80 km north of Fort St James. It is now a contractual joint venture with 60% belonging to Cliffs and 40% to First Point.

The two companies originally entered into an option agreement for the property in 2009.

Cliffs announced in August 2014 that it wished to sell its share of Decar. The announcement came after Cliffs had earned its 60% interest by taking the project through a preliminary economic assessment a year earlier.

The Decar property contains an unusual kind of nickel mineralization known as awaruite, a naturally occurring nickel-iron alloy. Testing of the material has demonstrated that using conventional processes, a concentrate grading 35% to 50% Ni can be made.

The Decar PEA can be read at FirstPointMinerals.com.