VANCOUVER, June 13, 2017 /CNW/ - Finlay Minerals Ltd. (TSXV: FYL) ("Finlay" or the "Company") reports the completion of a detailed airborne magnetometer survey over the newly discovered copper-silver alkali-porphyry system on the 100% owned PIL Property located in the Toodoggone region of northern British Columbia.
On October 25, 2016, Finlay reported the discovery of a copper-silver alkali-porphyry system on the PIL Property. All rock samples collected in 2016 contained disseminated chalcopyrite mineralization. Sampling of talus below mineralized outcrop returned up to 25m @ 1.04% copper and 23.9 g/t silver. Petrographic analysis identified the discovery as a potassic altered, low-Fe / high-Cu hypabyssal (shallow depth) monzonite porphyry. This initial work establishes that the PIL property has the potential for high-grade copper mineralization, hosted by porphyry rocks like other major discoveries in the Stikine terrane (such as the former Kemess Mine and the Kemess Underground and Kemess East deposits of AuRico Metals Inc. and the Red Chris Mine of Imperial Metals Corporation). See Finlay's press release entitled "Finlay Minerals Ltd. discovers an alkalic porphyry copper-silver system on its PIL Property" dated October 25, 2016, for additional information.
The detailed airborne magnetic survey was conducted over an 8.75 square kilometer area on 100 meter spaced east-west orientated lines using a towed bird system. Within the survey area are the above copper-silver alkali-porphyry system, two epithermal gold-silver systems and a coincident Thorium-Potassium ratio anomalous zone (2004 Toodoggone airborne geophysical survey). The survey was flown to see if the monzonite intrusion can be differentiated from the host volcanic tuffs, leading to a more focused mapping, sampling, and induced polarization geophysical program in the summer of 2017. Details of the magnetic survey will be reported on after due analysis.
Finlay is focused on discovering large, stand-alone, copper-precious metal rich alkali-porphyry systems on its PIL and ATTY properties in the Toodoggone region of the Stikine terrane, in northern British Columbia.
Warner Gruenwald, P. Geo. and Vice President, Exploration for Finlay, a qualified person as defined by National Instrument 43-101, has approved the preparation of the scientific and technical information contained in this new release.
Finlay 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.
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 Mines (71 million oz. silver, 185 million lbs. copper and 508,000 oz. gold),
- the ATTY which is contiguous to the north side of the Kemess East deposit of AuRico Metals Inc., and
- the PIL Property.
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 potential mineralization of the PIL Property and the expected reporting of details of the magnetic survey. 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.
For further information: Finlay Minerals Ltd., John Barakso, Chairman of the Board, Tel: 604-684-3099, [email protected]