VANCOUVER, March 14, 2018 /CNW/ - Finlay Minerals Ltd.
(TSXV: FYL) (the "Company") wishes to provide an
exploration outlook for 2018 for the Silver Hope Property. The
Company has 100% ownership of three mineral properties, namely the
PIL and ATTY in the Toodoggone region of northern BC and the Silver
Hope property near Houston, BC.
All properties are situated within prospective geology and
contiguous to former producing mines or feasibility studied
deposits.
Initially, the Company plans to spend $200,000 on the Silver Hope property in 2018.
A core drilling program will focus on following up on
significant mineralization in drill-hole SH14-02 which intersected
61.25m of 0.05g/t Au, 55.29g/t Ag,
and 0.29% Cu including 10.25m of
0.19g/t Au, 318.77g/t Ag, and 0.88% Cu. (Finlay NR 01-15 dated
February 26, 2015). This hole was
drilled in the Gaul Zone following up on the previous year's
3-Dimensional (3-D) deep penetrating induced polarization (Deep IP)
survey. The Gaul Zone is the southern of three mineral occurrences
found along the Main Horizon. (Click HERE
for a map of the Silver Hope, the Main Horizon and the Gaul
Zone.)
SILVER HOPE PROPERTY
Silver Hope is a mid-stage exploration property located
southeast of Houston in central
BC. It is situated directly south of the former Equity Silver Mine,
historically BC's largest silver producer. Since 2007, the Company
has explored the property for meso-thermal volcanic-hosted
copper-silver-gold (Cu-Ag-Au) deposits similar to that found at the
nearby Equity Silver Mine.
IP surveys have proven to be a powerful exploration tool at the
Silver Hope. Past Finlay drilling that targeted IP
chargeability anomalies has a nearly 80% success rate in locating
significant mineralization. To date, the Main Horizon has been
traced for over 1.7 kilometers. Mineralization intersected beneath
two of the property's mineral occurrences has identified the
potential for deep, polymetallic, replacement‐type mineralization
possibly related to magmatic (intrusive) source(s) along a 5.0
kilometer "mine structure" that encompasses the Equity Silver Mine
and the Silver Hope Property.
The 2018 work program will include:
- Renewing the Silver Hope work permit (application completed and
filed) with the BC Ministry of Energy, Mines & Petroleum
Resources;
- Completing a 3-D data compilation and review of the Company's
surveys including: IP magnetics, gravity, and airborne ZTEM
geophysical data, along with drilling results, and geology. The
objective is to develop a comprehensive geological model for the
existing mineralization and as a guide for potential deeper
drilling to investigate the source of mineralization along the Main
Horizon, and
- Follow-up drilling on the Gaul Zone Ag-Cu mineralization in
drill-hole SH14-02.
A key consideration for the 2018 work program will be the
interplay between the ENE trending Main Zone (IP and airborne
ZTEM), and the shallow southwest dipping geological sequence of
volcanic and sedimentary rocks. This combination of structure
and stratigraphy contributed to the stratabound, open pit mined
deposits at Equity Silver (north along the Main Horizon). Drill
hole SH14-02 mineralization was at a shallow depth, may be similar
stratabound mineralization, and will be a target for drill testing
in the summer/fall of 2018. A second geological consideration is
the source of the Main "Deep" Horizon mineralization first
encountered in 2011 and which may entail further 3-D IP surveying
and drilling.
One of the first IP successes was in 2010 when drilling of an IP
anomaly west of the Main Horizon discovered a previously unknown
Cu-Mo bearing quartz monzonite porphyry (West Horizon).
Vertical drill hole SH10-03, starting at 39 meters, intersected
220 meters grading 0.30% Cu, 3.37g/t Ag and 0.019% Mo. In 2011,
vertical hole, SH11-05, 135 meters north of SH10-03, cut Cu‐Mo
mineralized porphyry over 90% of its 603-meter length and ended in
mineralization. One of several intersections included 134 meters at
0.18% Cu, 0.088% Mo, 0.10g/t Au and 5.47g/t Ag.
The 2010 and 2011 drill programs resulted in seven holes with
100 to 200+ meter lengths of Cu-Mo porphyry mineralization. To date
the West Horizon porphyry has been traced south from the Silver
Hope-Equity property border for nearly 1.0 kilometer and is open
along strike and depth.
The West Horizon porphyry and a quartz monzonite intrusion
mapped west of the Equity mine are Tertiary age bodies classified
as the "Nanika Intrusions", many of which are copper and
molybdenum-bearing porphyries. A regional example is the Berg
deposit situated 87 km west southwest from the Silver Hope
(measured plus indicated resources 557.8 million tonnes averaging
0.3% Cu, 0.037% Mo and 3.12g/t Ag - Exploration and Mining in BC,
2011).
A highlight of the 2011 exploration program was drill hole
SH11‐12 which targeted a deep IP chargeability anomaly near the
Superstition Zone, the central of three mineral occurrences.
Between 200 and 289 meters, volcanic rocks contain sulphide‐rich
breccia zones with locally abundant pyrite, arsenopyrite,
chalcopyrite, sphalerite and lesser galena and molybdenite. From a
downhole depth of 204 meters the mineralized zone yielded a
76-meter interval grading 0.43g/t Au, 29.37g/t Ag and 0.19% Cu.
Contained within this interval are samples grading up to 9.4g/t Au
and 747g/t Ag respectively.
This discovery represents a new and significant style of
Au-Ag-Cu mineralization termed the "Main Deep Horizon" that remains
untested at depth and along strike.
About Finlay Minerals Ltd.
Finlay is a TSX Venture Exchange company focused on exploration
for base and precious metal deposits in northern British Columbia. The Company's properties
include:
- the Silver Hope which includes porphyry
copper-molybdenum mineralization discovered in 2010, along with
three silver-copper mineralized zones, in a contiguous trend with
the mined-out deposits of the former Equity Silver Mines (71
million oz. silver, 185 million lbs. copper and 508,000 oz.
gold),
- the ATTY which is contiguous to the north side of
the Kemess East deposit of Centerra Gold Inc. and which was
recently optioned to Serengeti Resources (Finlay NR 01-18 dated
March 5, 2018) and
- the PIL Property which is adjacent to Sable
Resource's Baker Mine.
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.
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.
On behalf of the Board of Directors,
Robert F. Brown,
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 information" and "forward-looking
statements" (collectively, "forward-looking statements") within the
meaning of applicable Canadian securities legislation. All
statements in this news release that address events or developments
that we expect to occur in the future are forward-looking
statements. Forward-looking statements are statements that
are not historical facts and are generally, although not always,
identified by words such as "expect", "plan", "anticipate",
"project", "target", "potential", "schedule", "forecast", "budget",
"estimate", "intend" or "believe" and similar expressions or their
negative connotations, or that events or conditions "will",
"would", "may", "could", "should" or "might" occur. All such
forward-looking statements are based on the opinions and estimates
of management as of the date such statements are made.
Forward-looking statements in this news release include statements
regarding, among others, the exploration plans for the Silver Hope
and the recently announced option of the ATTY Property. 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 forward-looking 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, 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.