VANCOUVER, Nov. 15, 2017
/CNW/ - Finlay Minerals Ltd. (TSXV: FYL) (the
"Company") is providing an update on its Silver Hope
property ("Silver Hope") in light of the recent deep
discovery at New Nadina Explorations Ltd.'s ("New Nadina")
Silver Queen property ("Silver Queen"), as announced in New
Nadina's news releases dated October 25,
2017, October 27, 2017, and
November 10, 2017.
Over the past several years, the exploration industry has
successfully used geological and geophysical data to locate larger,
deep-seated "feeder" porphyry systems. These mineralized zones are
now being found beyond the depths of historic deposits, as well as
at former and currently operating mines.
The Company confirms the proximity of the Silver Hope and Silver
Queen properties, which are approximately 15 kilometres from each
other. Both properties have broadly similar geological and
structural settings.
The Silver Hope property geology consists of Lower Tertiary age
Goosly Lake volcanic rocks that overlie sedimentary, volcanic flows
and pyroclastic rocks of the Cretaceous age Skeena Group. In the
Equity and Silver Hope area these rocks are cut by the Goosly
intrusive bodies of varying composition. One intrusion includes a
north striking two kilometre, Paleocene (lower Tertiary) age quartz
monzonite body. Geological studies have posited that
copper-silver-gold mineralization at the Equity Silver Mine and
Silver Queen are genetically related to plumbing systems driven by
the Goosly intrusions. The Company believes the Silver Hope
mineralized zones are potentially related to a large, deep-seated
porphyry system.
John Barakso, the Company's
founder and Chairman of the Board and a co-founder of the Equity
Silver and Kemess South and Underground deposits states:
"The Silver Hope has yielded three discoveries: a
copper-molybdenum porphyry (West Horizon) in 2010,
silver-copper-gold breccias (Deep Main Horizon) in 2011 and 2014,
and a silver-copper structure (East Horizon) in
2011. Finlay's next exploration focus on the Silver
Hope is to expand the deep IP surveys and to continue conducting
deeper drilling".
The Silver Hope property is contiguous and on trend with the
former Equity Silver Mine and hosts three known areas of
mineralization in a 5 kilometre NNE oriented lithologic and
structural trend. Based on search results from the British Columbia
MINFILE mineral database (http://minfile.gov.bc.ca), the former
Equity Silver Mine produced 75 milllion ounces of silver, 185
million pounds of copper, and 508,000 ounces of gold from 33.8
million tonnes.
Drilling in 2010, 2011 and 2014 resulted in the discovery
of:
- a copper-molybdenum porphyry system at the West
Horizon (see the Company's news release titled
"Announcing the Results of the Newly Discovered Porphyry related
Copper Molybdenum-Silver at the Silver Hope Project, central
British Columbia", dated
December 6, 2010);
- substantial copper, multi-gram silver and local lead and zinc
mineralization at the Main and Main Deep Horizons
(see the Company's news releases titled "Finlay Minerals Ltd.
Reports the Results of a Winter Program at the Silver Hope
Project", dated June 2, 2011,
"Finlay Minerals drills 76 metres of 0.43 g/t gold, 29.367 g/t
silver & 0.19 copper (0.91% CuEQ) in a new style of
mineralization on the Silver Hope Property", dated November 29, 2011, and "Finlay Minerals Ltd.
Continues to Expand the Copper-Silver-Gold Mineralization at the
Silver Hope with a 10.25 Metre Intercept of 4.32% Copper
Equivalent", February 26, 2015),
and
- high-grade silver with significant copper and tungsten
mineralization at the East Horizon (see the Company's
news release titled "Finlay Minerals drills 76 metres of 0.43
g/t gold, 29.367 g/t silver & 0.19 copper (0.91% CuEQ) in a new
style of mineralization on the Silver Hope Property", dated
November 29, 2011).
The Company has conducted only a limited amount of deep drilling
that is insufficient to complete a mineral resource estimate.
(CLICK HERE to see the Silver Hope presentation containing
further information, assay results and core
photos). The Company plans to continue vectoring
into the source of the Main Horizon Ag-Au-Cu-As-Sb mineralization
by expanding the deep induced polarization (IP) survey, seeing if
the IP links into the deep existing gravity feature and continuing
to drill to depth as has been done on New Nadina's Silver Queen
property.
Further updates on the Company's PIL and ATTY properties will be
forthcoming.
About Finlay Minerals Ltd.
Finlay Minerals is a TSX Venture Exchange company focused on
exploration for base and precious metal deposits in northern
British Columbia. In addition to
the Silver Hope, the Company also owns the ATTY Property which is
contiguous and northwest of AuRico's Kemess Underground and Kemess
East deposits and the PIL Property which is adjacent to Sable
Resource's Baker Mine; both are located in the Toodoggone mining
region of British Columbia.
Warner Gruenwald, P. Geo. and
Vice President, Exploration for Finlay and a qualified person as
defined by National Instrument 43-101, has supervised the
preparation of the information that forms the basis for the
scientific and technical information contained in this new
release.
Finlay Minerals Ltd. trades under the symbol "FYL" on the TSX
Venture Exchange.For further information and details please visit
the Company's website at www.finlayminerals.com.
On behalf of the Board of Directors,
Robert F. Brown, P.Eng.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Information: This news release
includes certain "forward-looking statements" within the meaning of
Canadian securities laws. All statements in this release, other
than statements of historical facts, that address exploration
drilling and other activities and events or developments that
Finlay Minerals Ltd. ("Finlay") expects to occur, are
forward-looking statements. Forward-looking statements in this news
release include statements regarding future exploration plans.
Although Finlay believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward looking statements
include market prices, exploration successes, and continued
availability of capital and financing and general economic, market
or business conditions. These statements are based on a number of
assumptions including, among other things, assumptions regarding
general business and economic conditions, the timing and receipt of
regulatory and governmental approvals for the transactions
described herein, the ability of Finlay and other parties to
satisfy stock exchange and other regulatory requirements in a
timely manner, the availability of financing for Finlay's proposed
transactions and programs on reasonable terms, and the ability of
third party service providers to deliver services in a timely
manner. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments
may differ materially from those projected in the forward-looking
statements. Finlay does not assume any obligation to update or
revise its forward-looking statements, whether as a result of new
information, future or otherwise, except as required by applicable
law.
SOURCE Finlay Minerals Ltd.