VANCOUVER, July 12, 2018 /CNW/ - Finlay Minerals Ltd.
(TSXV: FYL) (the "Company") announces the commencement of
an exploration program on its 100% owned PIL Property in the
Toodoggone region of northern British
Columbia.
In 2017, the Company conducted geophysical, geological and
geochemical surveys over the recently discovered Copper Cliff Zone
and an adjacent 800 metre (m) long Gold-Silver (Au-Ag) Epithermal
structure. The results of this work are outlined in a Company news
release dated April 24, 2018 –
Reference: Finlay NR 04-18. (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.)
These and the Company's previous exploration program results
suggest that the Atlas and Pillar East Zones are potentially
related to the effects of a large, deep-seated alkalic porphyry
system.
The 2018 program will consist of systematic, close-spaced trench
sampling along the Au-Ag Epithermal structure/zone. Trenches will
be excavated across the trend of the zone with emphasis on known
bedrock and float mineralization. It is hoped that this work will
determine the zone's width, strike and dip, alteration and
mineralization. Ultimately the program's objectives are to
determine the extent, grade and exploration potential of the Au-Ag
Epithermal Zone.
High priority targets include a quartz breccia sub-outcrop where
a grab sample in 2017 graded 19.95 g/t Au and 423 g/t Ag – the best
results to date. (Reference: Finlay NR 04-18 dated April 24, 2018.) Another priority target will
be the area of a 0.5m quartz breccia
boulder found 40 metres to the north that assayed 6.57g/t Au and
13.1g/t Ag (Reference: Finlay NR 06-16 dated October 25, 2016). Numerous other rock and
soil anomalies along the Au-Ag Epithermal Zone will be investigated
and tested.
The 2017 Induced Polarization (IP) survey identified a general
increase in IP chargeability values with a weak but well-defined
anomaly at the southern portion of the Au-Ag Epithermal Zone just
north of the Copper Cliff Zone. In 2016, the Copper Cliff chip sampling returned
25m of porphyry copper mineralization
grading 1.04% Cu and 23g/t Ag. (Reference: Finlay NR 06-16
dated October 25, 2016).
Such anomalies will be examined and sampled.
The PIL program is scheduled to be completed by late July with
results announced once they are received and compiled.
The Company strongly believes that the PIL property has the
potential to host epithermal and alkalic copper porphyry deposits
similar to those found in the Toodoggone region.
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 Mine (71 million
oz. silver, 185 million lbs. copper and 508,000 oz. gold;
Reference:
http://minfile.gov.bc.ca/Summary.aspx?minfilno=093L++001). 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 Inc. (Reference: 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.