Finlay Minerals drills 76 metres of 0.43 g/t gold, 29.37 g/t silver & 0.19% copper (0.91% CuEQ) in a new style of mineralization on the Silver Hope Property

VANCOUVER, Nov. 29, 2011 /CNW/ - Finlay Minerals Ltd. (TSXV: FYL) (the "Company") reports the discovery of significant new gold-silver-copper mineralization of 0.4 grams per tonne (g/t) gold, 29.37 g/t silver and 0.19% copper (0.91% CuEQ) over 76 metres at the Company's 100%-owned Silver Hope Property, near Houston in central BC.  The completed summer program consisted of 3,602 metres of diamond drilling in eight (8) holes evenly split between the recently discovered West Horizon (copper-molybdenum porphyry) and the Main Horizon (Equity Silver-style gold-silver-copper mineralization).  This new discovery hole is in the Superstition Zone, the middle of the three zones that make up the 1.7 kilometre-long north-south Main Horizon.

Result Highlights:

SH11-07:      0.02 g/t Au, 10.81 g/t Ag, 0.47% Cu & 0.002% Mo over 91 metres,
              Including 0.01% Au, 14.69 g/t Ag, 0.68% Cu & 0.002% Mo over 23 metres
(Refer to note 2 - 4 below Table of Results)
               
SH11-08:      498 g/t Ag & 0.22% Cu over a 2.0 metre single sample interval
       
SH11-11:      0.05 g/t Au, 14.81 g/t Ag, 0.20% Cu over 46 metres
      0.16 g/t Au, 14 g/t Ag & 0.15% Cu over 30 metres
            (Refer to note 2 - 4 below Table of Results)
       
SH11-12:      0.43 g/t Au, 29 g/t Ag & 0.20% Cu over 76 metres,
            Including 0.49 g/t Au, 43 g/t Ag, 0.30% Cu over 31.4 metres
Including 3.2 g/t Au, 747.0 g/t Ag, 0.36% Cu over 0.6 metres
Including 9.4 g/t Au, 30.7 g/t Ag, 0.08% Cu over 0.95 metres
(Refer to note 2, 3, & 5 below Table of Results)

For a drill hole locations map, refer to the Finlay Mineral's website home page: www.finlayminerals.com.  For a section image through SH11-12, refer to the Silver Hope Property page at the above website.

Summary:

  • Drill-hole SH11-12 is the deepest hole drilled yet in the Superstition Zone and displays the new style of mineralization associated with intensely altered (silicified) and locally brecciated volcanic rocks. SH11-12 is the first significant gold intersection combined with substantially higher grade silver along the Main Horizon. Main Horizon gold, silver, copper mineralization is associated with anomalous values in lead, zinc, arsenic, antimony, bismuth, and tellurium.

  • The grades in SH11-12 are comparable with the former Equity Silver Mine (1980 - 1994) located three kilometres north and on trend with the Main Horizon.  The Equity Silver Mine (owned by Goldcorp Ltd.) produced 71,400,000 ounces of silver, 185,000,000 pounds of copper, and 508,000 ounces of gold (33,800,000 tonnes @ 64.7 g/t silver, 0.4% copper, and 0.46 g/t gold from open pit and underground mining).

  • Drill hole SH11-05 (603 metres) is the deepest vertical hole drilled on the Silver Hope Property to date; the entire hole was in, and ended in, mineralization (see Company news release June 2, 2011).

  • Drill hole SH11-08 was drilled in the northern portion of the East Horizon on the Silver Hope Property and it intersected a 2.0 metre silver-rich structure (498 g/t Ag and 0.22% Cu) that could indicate a "leakage" anomaly postulated to be well above deeply buried porphyry mineralization.  A number of structures have been postulated based on soil anomalies in the 2.2 kilometre-long East Horizon and the Company has initiated further investigations using geological mapping, geochemical signatures, and geophysical modeling.

  • The 2011 drilling of over 6,180 metres successfully expanded the dimensions of the newly discovered Western Horizon copper-molybdenum porphyry and additionally demonstrated the presence of an adjacent deep gold-silver-copper mineralization along the Main Horizon that is comparable to the nearby Equity Silver deposits.  These new discoveries are very significant and present the Company with excellent potential for future exploration.

"The Silver Hope Property sits in the largest sulphidation system that I have seen in British Columbia.  With persistence, Finlay Minerals has yielded a copper-molybdenum porphyry discovery in 2010 and a new gold-silver-copper discovery in 2011."  states John J. Barakso, Finlay's founder and director, and co-founder of the Equity Silver deposits.

Additional Information:

The other Main Horizon drill holes from north to south were SH11-06, SH11-07, and SH11-11.  Hole SH11-06, located approximately 800 metres northerly of SH11-12, was deepened in the latest program to test at greater depth the Hope Zone, which is the most northerly of the Main Horizon's three mineralized zones.  During the 2011 Phase I program copper-molybdenum porphyry mineralization was encountered in the top 300 metres of the hole (see Company news release dated June 2, 2011).  The remainder of this 736 metre hole cut long intervals of altered volcanic rocks and yielded four copper-silver mineralized intervals.  Hole SH11-07, drilled east of SH11-06, returned a 91.25 metre core length of copper-silver mineralization, including 23.0 metres grading 14.7 g/t silver and 0.69% copper.  Hole SH11-11, drilled in the northern part of the Superstition Zone and 400 metres north of SH11-12, cut 30.3 metres containing 14 g/t silver, 0.16 g/t gold, and 0.15% copper, within a 165 metre-long mineralized intersection.  Interpretation of the Main Horizon by Finlay and historical operators (Teck, Equity Silver, Placer Dome) was a north-south striking 60 degree west dipping zone; as such true widths of the recent drilling range from 60-80% of stated core lengths.

Holes SH11-09, SH11-10, and SH11-13 were drilled to continue delineation of the recently discovered (2010) West Horizon porphyry copper-molybdenum mineralization.  These, together with the Company's 2010 holes, all targeted strong induced polarization geophysical chargeability anomalies along the West Horizon.  To date, all of the West Horizon holes intersected significant lengths of copper-molybdenum mineralization, as well as zones of localized gold-silver mineralization, extending for approximately 1,000 metres south from the north property boundary to hole SH11-13.  This hole confirms the geophysical model that has the mineralized porphyry continuing to depth under the altered volcanic rocks.

Finlay plans detailed compilation and 3D modeling of drill hole, geophysical, geological, and geochemical data to best select future follow-up drill sites.

Silver Hope Significant Intersections - Summer 2011 Program

Table of Results:

Horizon     DDH     From
(m)
    To
(m)
    Length
(m)
    Au
g/t
    Ag
g/t)
    Cu
%
    Mo
%
    CuEQ
%
West
and
Main
    SH11-06     416.55     430.00     13.45     0.00     5.18     0.19     0.017     0.32
            462.00     476.50     14.50     0.01     3.52     0.23     0.005     0.30
            495.00     509.00     14.00     0.01     5.14     0.37     0.004     0.46
            642.00     714.10     72.10     0.02     5.66     0.19     0.000     0.28
      includes     642.00     683.00     41.00     0.00     5.93     0.23     0.000     0.31
Main     SH11-07     313.75     552.00     238.25     0.01     6.48     0.25     0.000     0.34
      includes     313.75     405.00     91.25     0.02     10.81     0.47     0.002     0.64
      includes     322.00     345.00     23.00     0.01     14.69     0.68     0.002     0.89
Main     SH11-08     388.72     390.73     2.01     0.00     498.00     0.22     0.000     6.89
West     SH11-09     127.00     181.00     54.00     0.03     5.02     0.14     0.004     0.24
      includes     148.00     154.00     6.00     0.12     29.39     0.38     0.003     0.87
            281.50     346.15     64.65     0.01     1.47     0.09     0.062     0.32
      includes     281.50     314.00     32.50     0.01     0.41     0.06     0.104     0.42
West     SH11-10     28.07     68.00     39.93     0.04     0.98     0.16     0.002     0.21
            191.50     276.60     85.10     0.02     3.63     0.07     0.013     0.18
            379.70     384.00     4.30     0.02     8.79     0.27     0.002     0.41
Main     SH11-11     220.24     385.30     165.06     0.06     9.23     0.14     0.001     0.31
      includes     220.24     266.50     46.26     0.05     14.81     0.20     0.000     0.43
      includes     312.70     341.00     28.30     0.05     6.24     0.18     0.000     0.30
      includes     355.00     385.30     30.30     0.16     13.96     0.15     0.003     0.46
Main     SH11-12     13.00     67.75     54.75     0.01     2.47     0.18     0.000     0.22
          Note 5     204.00     280.00     76.00     0.43     29.37     0.19     0.000     0.91
      includes     213.80     245.23     31.43     0.49     42.67     0.29     0.000     1.23
      includes     265.40     266.00     0.60     3.20     747.0     0.36     0.000     12.65
      includes     276.25     277.20     0.95     9.40     30.70     0.08     0.000     7.47
West     SH11-13     109.00     385.00     276.00     0.01     1.29     0.07     0.008     0.12
      includes     156.00     241.85     85.85     0.02     1.50     0.12     0.006     0.18

Note:

  1. Copper Equivalent (CuEQ) is calculated using metal price lows over the past one year period and assuming 100% metallurgical recovery and net smelter returns.
    Gold:  $1,400/oz USD; Copper:  $3.00/lb USD; Molybdenum:  $10.00/lb USD; Silver:  $25.00/oz USD.
  2. Length is reported as core length.
  3. All results reported are weighted averages with no top cutting.
  4. Results reported have no internal waste.
  5. This interval's total waste (completely unmineralized rock) is 10%.  Sample widths ranged from 1 to 3 metres. Au and Ag values ranged from a low of 0.01g/t to 9.4 g/t (Au) and 1.0 to 747 g/t (Ag).

Finlay employs a rigorous quality assurance/quality control (QA/QC) program on the Silver Hope Property that includes the regular insertion of certified reference standards and blanks along with the collection of duplicate samples.  Warner Gruenwald, P.Geo., Vice President, Exploration for Finlay Minerals Ltd., is the Qualified Person as defined by National Instrument 43-101 has read and reviewed this news release.  Sample analysis was conducted by Acme Analytical Laboratories Ltd. in Vancouver.

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. The Company's additional properties - Pil and Atty are situated in the Toodoggone region, a mineral-rich area that is host to several copper-gold porphyry and epithermal gold-silver deposits. Discoveries on the Pil property include the Northwest Zone copper-molybdenum porphyry mineralization and the Atlas East/Pillar East epithermal gold-silver zones.

On behalf of the Board of Directors,

Robert 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 release includes certain statements that may be deemed "forward-looking statements". 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 the placements and future exploration plans and expenditures. 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 events or otherwise, except as required by applicable law. 

 

SOURCE Finlay Minerals Ltd.

For further information:

Corporate Information 
Finlay Minerals Ltd. 
John Barakso, Director 
Tel: (604) 684-3099 
www.finlayminerals.com
        Investor Inquiries
G2 Consultants Corporation
NA Toll-Free: (866) 742-9990
Tel: (604) 742-9990
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