VANCOUVER, April 24, 2018 /CNW/ - Finlay Minerals Ltd.
(TSXV: FYL) (the "Company") wishes to provide an
exploration update on its PIL Property. In 2017, an airborne
magnetic survey, geological mapping, soil and rock sampling, and an
Induced Polarization (IP) geophysical survey were conducted over
the Copper Cliff area and adjacent
800 metre (m) long Gold-Silver (Au-Ag) Epithermal structure.
(Click HERE for a map of the area of 2017 work
(Atlas and Pillar East) of the PIL Property and for referencing
throughout this news release.)
2017 Exploration Program Highlights:
- a quartz breccia sub-outcrop grab sample over a 1.5m by 1.5m area
(W17R-01) was collected along the trend of the Au-Ag
Epithermal Zone grading 19.95g/t Au and 423g/t Ag – the best
results to date. This sample is 40m
south of a 2016 discovery of a 0.5m
quartz breccia boulder assaying 6.56g/t Au and 13.1g/t Ag;
- an unusual breccia dike, 1.5km westerly in the Atlas Zone,
containing granitic fragments not mapped in the area was
reexamined. A selected 2017 grab sample (TAN-003A) of the
dike with suspect chalcocite (copper mineral) assayed 2.76% Cu and
52g/t Ag;
- the IP survey identified a general increase in chargeability
values with a weak but well-defined chargeability anomaly visible
at the southern portion of the Au-Ag Epithermal Zone and north of
the Copper Cliff; these weak
chargeability results could be indicative of the (copper)
mineralization being low in sulphides. Typically, it is high
sulphides that trigger a strong IP response;
- the geological mapping completed interprets the Copper Cliff as copper-silver mineralization,
along with copper mineralized zones several hundred metres to the
north and northwest occur as contact zones of hypabyssal (shallow
depth) monzonite bodies and Toodoggone volcanic rocks;
- Drilling continues to be warranted in order to test the
potential for: 1) porphyry copper-molybdenum at the NW Zone, 2)
copper-silver at the Pillar East Copper Cliff Zone and 3) precious
metals along the Pillar East Au-Ag Epithermal Zone.
The Company believes that the coincidental association of a
large Thorium/Potassium anomaly, the Atlas East and Pillar East
Epithermal Au-Ag Zones, the Copper
Cliff occurrences, and granitic clasts in copper mineralized
breccia dikes are potentially related to the effects of a large,
deep-seated alkalic porphyry system.
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
being found beyond the depths of historic deposits, as well as at
former and currently operating mines; drilling to depths in excess
of 1,000m is now common. Based upon
this, the Company believes that some of the PIL property porphyry
targets warrant deep IP surveys and deeper diamond drilling.
The PIL property is situated in the Toodoggone mining district,
a mineral-rich belt that hosts numerous porphyry copper-gold
(Cu-Au) and epithermal gold-silver (Au-Ag) deposits. The property
lies northeast of the former Baker Au-Ag mine (Sable Resources) and
35 km northwest of the former Kemess copper-gold open pit mine.
Since 2003 the Company has explored the PIL property for bulk
tonnage porphyry copper-gold ± molybdenum (Cu-Au-Mo) and epithermal
Au-Ag deposits. Several large, visually prominent rusty zones
(gossans) were explored by geochemical and geophysical surveys
followed by diamond drilling (2003-2007). One target, the Northwest
Zone, yielded promising drill results with three holes ending in
copper-molybdenum mineralization at relatively shallow depths of
less than 350m.
For further detailed and technical information on the 2017 and
previous exploration programs conducted on the PIL: Click
HERE to be view the PIL Property page of the Company's
website.
Warner Gruenwald, P. Geo. and
Vice President, Exploration for Finlay and a qualified person as
defined by National Instrument 43-101, has supervised the
exploration work and the preparation of the information that forms
the basis for the scientific and technical information contained in
this new release. Analysis of rock samples was conducted by
Bureau Veritas (formerly Acme Labs.) in Vancouver, BC. The rock sample analysis
was done using method AQ201 that utilizes an aqua regia digestion
with ICP-MS analysis, while the silver and copper was done using
method MA404, that utilizes a four acid digestion followed by an
Atomic Absorption finish.
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 Silver Hope Property surrounds the former Equity Silver
Mine;
- the ATTY which is contiguous to the north side of
the Kemess East deposit and adjacent to the Kemess Underground
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
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 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
PIL 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.