Finlay identifies multiple geophysical anomalies on its Silver Hope Property
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.
Finlay Minerals Ltd., John Barakso, Chairman of the Board, [email protected]
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