VANCOUVER, April 30 /CNW/ - The Board of Directors of Finlay Minerals
Ltd. ("The Company") is pleased to announce the results of a combined
geophysical program, and a follow-up core drilling program at the Silver Hope
Property located in central British Columbia.
The Company acquired the Silver Hope Property with the objective of
testing for volcanogenic massive sulfide style high-grade feeder
mineralization and completed multiple deep penetrating orientation geophysical
surveys during the summer of 2006. These include magnetic, induced
polarization (I.P.), and gravity surveys. Results of the work are posted on
the Company web-site. The geophysical survey work was completed by Peter
Walcott and Associates of Burnaby, B.C. Survey data was collected along six
(6) cut lines, each of 2.5 kilometers length. Two lines each were cut spaced
200 meters apart over the Hope, Superstitious, and Gaul zones. The three zones
cover ~two kilometers of strike length.
The geophysics defined, in a broad sense, an intense I.P. conductive zone
and associated resistivity low, open at depth over all three zones. The I.P.
anomalies are coincident with known zones of pyrite and associated
chalcopyrite mineralization. Coincidently the gravity survey defined a deep
seated positive gravity feature of 4 milligals estimated to be ~one (1)
kilometer below surface underlying the three zones.
An initial Phase 1 core drilling program has been planned to test the
deep silver-copper-gold breccia related mineralization (as noted below), both
for extent and continuity in the Hope zone, and for the presence of
silver-copper-gold breccia related mineralization deep below the Gaul zone.
This drill program will consist of four (4) core holes each 400-450 meters
long, three designed to test the Hope zone, and one at the Gaul zone. Drilling
is planned to begin in May, 2007.
The Silver Hope Property is contiguous with the southern boundary of the
past producing Equity Silver Mines Property (33,800,000 tonnes @ 0.4% copper,
64.7g/t silver, and 0.46g/t gold from open pit and underground mining) and
covers prospective stratigraphy for discovery of stratabound
copper-silver-gold mineralization. Prior workers conducted several drilling
programs along a 2 kilometer strike length of favourable geology that
partially outlined three near-surface bulk tonnage copper-silver zones with
deeper higher grade copper-silver zones. The zones, named Hope, Superstition
and Gaul by prior workers, occur along favourable structural horizons in
pyroclastic volcanic rock notable by fracturing and discrete breccias that
have been tested by approximately 40 holes.
An in-house mineral resource (not NI43-101 compliant and to be considered
only as a historical resource) was calculated in 1986 for shallow
mineralization in the Hope zone by Equity Silver Mines Limited of
3 million tonnes @ 0.30% copper, 35g/t silver, and 0.15g/t gold. More
interesting is that deeper drill holes intersected reported grades in the Hope
Zone of 4.1% copper and 637g/t silver over 2.4 meters (DDH 04SH-06), and 0.91%
copper and 1030g/t silver over 3.0 meters (DDH X86CH-262).
In 1987 Teck Explorations Limited conducted a drilling program on the
Gaul zone and intersected 65.4 meters of 0.71% copper and 12.9g/t silver
between 36.6 - 102.5 meters hole depth, including 3.8 meters of 7.88% copper
and 105.4g/t silver between 65.7 - 69.5 meters hole depth in drill hole
A re-interpretation of this style of mineralization along a 4 kilometer
length that includes two deposits that saw production by Equity Silver and
three zones on the Silver Hope Property suggests opportunity for
re-classification of the deposits as volcanogenic massive sulfide style
high-grade feeder mineralization.
Warner Gruenwald, P.Geo., and V.P. Exploration for the Company, is the
Qualified Person, as defined by National Instrument 43-101, and will conduct
the exploration program on the Silver Hope project. Finlay Minerals Ltd.
trades under the symbol "FYL" on the TSX Venture Exchange. The Silver Hope
property is part of a strategic move to expand the Company's presence in B.C.,
and to complement the Company's Toodoggone projects. Documentation about the
Company and properties can be viewed on the company's website at
On behalf of the Board of Directors,
Robert Brown, P. Eng., President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release.
For further information:
For further information: 912 - 510 WEST HASTINGS ST, VANCOUVER, B.C.,
CANADA, V6C 3B6, TELEPHONE: (604) 684-3099, FAX: (604) 684-3098