First Point hits target at Rio Luna

Vancouver — Drilling by First Point Minerals (FPX-V) at the Rio Luna property in Nicaragua has intersected a stockwork zone of high-grade gold mineralization near the surface. The 2,000-metre, 15-hole program is testing the Balsamo and Balsamo East targets in the main Paraiso vein system.

Four holes tested the Balsamo target over a 150-metre strike length to a depth of 30-50 metres below surface.

Hole 3 hit a steeply dipping massive quartz-vein breccia stockwork which averaged more than 6 grams gold per tonne over 9.1 metres at a down-hole depth of 36.3 metres. Within this zone was an interval of 19.4 grams over 2.6 metres. These intersections are estimated to be near true width. Core recoveries from the oxidized sections in these holes are low, and further drilling may be necessary to get a better estimate of the grade.

Holes 5-8 tested 200 metres of the strike extent of the Balsamo East target (about 1 km east, and along strike of, the Balsamo target), and results are pending. All four holes intersected epithermal quartz vein-breccia mineralization over several metres.

First Point’s next target is Santa Rita, 1.8 km southeast of Balsamo.