VANCOUVER, Nov. 15, 2017 /CNW/ - Finlay Minerals Ltd. (TSXV: FYL) (the "Company") is providing an update on its Silver Hope property ("Silver Hope") in light of the recent deep discovery at New Nadina Explorations Ltd.'s ("New Nadina") Silver Queen property ("Silver Queen"), as announced in New Nadina's news releases dated October 25, 2017, October 27, 2017, and November 10, 2017.
Over the past several years, the exploration industry has successfully used geological and geophysical data to locate larger, deep-seated "feeder" porphyry systems. These mineralized zones are now being found beyond the depths of historic deposits, as well as at former and currently operating mines.
The Company confirms the proximity of the Silver Hope and Silver Queen properties, which are approximately 15 kilometres from each other. Both properties have broadly similar geological and structural settings.
The Silver Hope property geology consists of Lower Tertiary age Goosly Lake volcanic rocks that overlie sedimentary, volcanic flows and pyroclastic rocks of the Cretaceous age Skeena Group. In the Equity and Silver Hope area these rocks are cut by the Goosly intrusive bodies of varying composition. One intrusion includes a north striking two kilometre, Paleocene (lower Tertiary) age quartz monzonite body. Geological studies have posited that copper-silver-gold mineralization at the Equity Silver Mine and Silver Queen are genetically related to plumbing systems driven by the Goosly intrusions. The Company believes the Silver Hope mineralized zones are potentially related to a large, deep-seated porphyry system.
John Barakso, the Company's founder and Chairman of the Board and a co-founder of the Equity Silver and Kemess South and Underground deposits states: "The Silver Hope has yielded three discoveries: a copper-molybdenum porphyry (West Horizon) in 2010, silver-copper-gold breccias (Deep Main Horizon) in 2011 and 2014, and a silver-copper structure (East Horizon) in 2011. Finlay's next exploration focus on the Silver Hope is to expand the deep IP surveys and to continue conducting deeper drilling".
The Silver Hope property is contiguous and on trend with the former Equity Silver Mine and hosts three known areas of mineralization in a 5 kilometre NNE oriented lithologic and structural trend. Based on search results from the British Columbia MINFILE mineral database (http://minfile.gov.bc.ca), the former Equity Silver Mine produced 75 milllion ounces of silver, 185 million pounds of copper, and 508,000 ounces of gold from 33.8 million tonnes.
Drilling in 2010, 2011 and 2014 resulted in the discovery of:
- a copper-molybdenum porphyry system at the West Horizon (see the Company's news release titled "Announcing the Results of the Newly Discovered Porphyry related Copper Molybdenum-Silver at the Silver Hope Project, central British Columbia", dated December 6, 2010);
- substantial copper, multi-gram silver and local lead and zinc mineralization at the Main and Main Deep Horizons (see the Company's news releases titled "Finlay Minerals Ltd. Reports the Results of a Winter Program at the Silver Hope Project", dated June 2, 2011, "Finlay Minerals drills 76 metres of 0.43 g/t gold, 29.367 g/t silver & 0.19 copper (0.91% CuEQ) in a new style of mineralization on the Silver Hope Property", dated November 29, 2011, and "Finlay Minerals Ltd. Continues to Expand the Copper-Silver-Gold Mineralization at the Silver Hope with a 10.25 Metre Intercept of 4.32% Copper Equivalent", February 26, 2015), and
- high-grade silver with significant copper and tungsten mineralization at the East Horizon (see the Company's news release titled "Finlay Minerals drills 76 metres of 0.43 g/t gold, 29.367 g/t silver & 0.19 copper (0.91% CuEQ) in a new style of mineralization on the Silver Hope Property", dated November 29, 2011).
The Company has conducted only a limited amount of deep drilling that is insufficient to complete a mineral resource estimate. (CLICK HERE to see the Silver Hope presentation containing further information, assay results and core photos). The Company plans to continue vectoring into the source of the Main Horizon Ag-Au-Cu-As-Sb mineralization by expanding the deep induced polarization (IP) survey, seeing if the IP links into the deep existing gravity feature and continuing to drill to depth as has been done on New Nadina's Silver Queen property.
Further updates on the Company's PIL and ATTY properties will be forthcoming.
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. In addition to the Silver Hope, the Company also owns the ATTY Property which is contiguous and northwest of AuRico's Kemess Underground and Kemess East deposits and the PIL Property which is adjacent to Sable Resource's Baker Mine; both are located in the Toodoggone mining region of British Columbia.
Warner Gruenwald, P. Geo. and Vice President, Exploration for Finlay and a qualified person as defined by National Instrument 43-101, has supervised the preparation of the information that forms the basis for the scientific and technical information contained in this new 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 statements" within the meaning of Canadian securities laws. 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 future exploration plans. 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 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]