VANCOUVER, April 23, 2019 /CNW/ - Finlay Minerals Ltd.
(TSXV: FYL) (the "Company") is pleased to report the
completion of deep-penetrating 3D Induced Polarization (IP),
Magnetotelluric (MT) and soil geochemical surveys at its 100%-owned
Silver Hope Property in central British
Columbia.
Highlights:
- The deep Volterra 3D IP / resistivity and associated MT survey
revealed deep targets starting at 500 metre (m) depths and
extending to +600m below the
MAIN/DEEP HORIZON stock-work and vein mineralization, immediately
SSW of the former Equity Silver Mine's Southern Tail and Main
Zones; (CLICK HERE to see the movie of
the Deep IP survey results);
- The increased detail of the Volterra survey shows that the IP /
resistivity features mimic the volcanic host rock strata
orientations - an insight that will help with geological modelling
and drill testing;
- Prominent chargeability and resistivity anomalies were
identified from near the Equity Silver property boundary at the
north of the property to south through the West Horizon, Hope,
Superstition and Gaul Zones and specifically coinciding with the
West Horizon and the Hope Zone (Cu-Ag-Au mineralization);
- With increasing depth and especially by 400m, the anomaly trends south-southeast
extending to just east of the Superstition Zone and is over one
kilometre long and 300m to
400m wide with a very strong
chargeability core in the West Horizon-Hope Zones, and
- Only two Finlay drill holes ever penetrated to this depth and
both encountered mineralization. This IP anomaly is also very
evident along chargeability sections where it is clearly not drill
tested.
(CLICK HERE to see the full results and
description of the Deep IP survey on the Company website).
Since 2010, the Company's drilling of geophysical anomalies has
successfully led to the discovery of the West Horizon
copper-molybdenum (Cu-Mo) porphyry, and to the deep-seated
copper-silver-gold (Cu-Ag-Au) stockwork mineralization along the
Main/Deep Horizons.
Robert Brown, President & CEO
of Finlay Minerals states:
"The focus of the 2018 survey was to target the suspected
deep source for the known Cu-Ag-Au occurrences found along a
geological trend extending south from the former Equity Silver Mine
deposits. The survey was highly successful in detecting a
large, deep, IP zone below known mineralization. Our intent
is to follow-up with deep drilling."
2019 Exploration Plans:
The Company plans to conduct work in several areas on the Silver
Hope in 2019. These include:
- Further data processing and interpretation has been arranged
through the University of British
Columbia;
- Geochemical sampling and prospecting on the coincident IP
chargeability and copper-in-soil anomaly east of the Superstition
Zone. Contingent on results, a short access trail may be built to
further investigate the anomalies and prepare for possible
drilling;
- Conduct prospecting and glacial till sampling to attempt to
identify possible source(s) of mineralized float, and
- Conduct deep drilling as financings permit.
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
are:
- the Silver Hope Property which includes porphyry
copper-molybdenum mineralization discovered in 2010, along with
three silver-copper mineralized zones, in a contiguous trend with
the mined-out open-pitted deposits of the former Equity Silver Mine
(over 33.8 Million tonnes mined at an average grade of 64.9g/t
silver, 0.4 % copper and 0.46g/t gold. Ref:
http://minfile.gov.bc.ca/Summary.aspx?minfilno=093L++001).
The Equity Silver Mine was British
Columbia's largest producing silver mine and the Silver Hope
Property surrounds the former Equity Silver Mine;
- the ATTY Property 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 (Ref: Finlay NR 01-18 dated
March 5, 2018), and
- the PIL Property, which is adjacent to Sable
Resource's Baker Mine, has nine known mineralized zones including
the recently discovered and expanded Pillar East gold-silver
structural system. The Company is focused on the discovery of
copper-gold-molybdenum porphyry systems on the PIL Property.
Qualified Person:
Warner Gruenwald, P. Geo. and
Vice President, Exploration for Finlay Minerals and a qualified
person as defined by National Instrument 43-101, has approved the
technical content of this news 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 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 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.