VANCOUVER, Nov. 28, 2012 /CNW/ - Finlay Minerals Ltd. (TSXV: FYL) (the "Company") has completed a review of all historic and recent drilling, geophysical, geological, and geochemical data related to the Silver Hope Property located near Houston, BC.
From a detailed analysis of the IP surveys and drilling, it was noted that the MAIN Horizon has a deep component that can be traced for >2.1 kilometres from the northern property limits due south. The most southern drill hole on what is referred to as the "MAIN Deep" Horizon is SH11-12 which intersected brittle fracture-related mineralization of 76.0m @ 0.43g/t gold, 29g/t silver, and 0.20% copper (0.91% copper or 1.24g/t gold equivalent*). (Refer to news release 10-11 dated November 29, 2011). South from SH11-12, the MAIN Deep Horizon is untested by drilling for at least a 1.0 kilometre length, parallel to, and east of the Gaul silver-copper mineralized zone. (Click here for DDH Map of the Silver Hope Property with Zones and Horizons). The MAIN Deep Horizon is postulated as the intersection of a deep feeder fault and a permeable tuff horizon.
Historic, shallow drilling (Teck, 1985) in the Gaul Zone intersected significant copper-silver mineralization adjacent to barren andesitic dikes. The concentration of sulphide mineralization adjacent to post-mineral dikes suggested that the dikes either intruded previously mineralized structures or were involved in the remobilization of nearby or possibly deeper mineralization. The latter lends support to the postulated MAIN Deep Horizon.
The Silver Hope Property has been the site of successful exploration by the Company, with the discovery in 2010 of porphyry copper-molybdenum mineralization associated with the WEST Horizon. This was exemplified by the entirety of SH11-05 (602.0m) intersecting good porphyry mineralization from top to bottom. (Click here for Section 6200N image of the Silver Hope Property).
The 2011 exploration program was successful with the aforementioned SH11-12 discovery of gold-silver-copper mineralization, with a distinct geochemical signature related to a deep magmatic source in the MAIN Deep Horizon. The program also resulted in the discovery of high grade structural-related mineralization in SH11-08 (2.0m @ 498g/t silver and 0.22% copper) in the EAST Horizon. Compellingly, the EAST Horizon has further demonstrated very high pathfinder mineralization soil geochemistry as well as the presence of a very high source of gravity geophysics. The EAST Horizon is postulated to be related to a deep intrusive source not yet intersected by drilling.
Of note was the completion of a property-scale detailed airborne ZTEM geophysical survey in early 2012 and the Company's ability to verify many of the ZTEM targets with pre-existing ground Induced Polarization (IP) surveys, and core drilling. Multiple ZTEM targets were identified over a 5 by 7 kilometer area that requires detailed ground follow-up of geological mapping, soil sampling, and further geophysics to develop drill targets. The positive results of the property-wide ZTEM survey propelled the Company to stake additional ground expanding the size of the Silver Hope Property by 54% to 9,736 ha or 97.36 square kilometres. (Click here for ZTEM Map of the Silver Hope Property with New Tenure Outline).
The Company is planning exploration programs comprised of follow-up core drilling on more advanced targets such as the MAIN Deep and EAST Horizons, as well as reconnaissance geological and geochemical surveys on the various new airborne ZTEM targets. Over the coming months funding for the program will be researched and investor relations initiated, in anticipation of improving precious metal prices, stock market sentiment, and an investor appetite for funding Canadian exploration. A definite plus for the Silver Hope Property is that it can be road accessed year-round for drilling programs.
The Company further reports that it has expanded the size of its Atty Property by 39% to 3,287ha or 32.87 square kilometres. With these recent additions, the Atty Property is now contiguous with the north and west side of AuRico Gold's Kemess Underground Deposit mineral tenures. (Click here for link to Atty Property Map with New Tenures).
Warner Gruenwald, P. Geo., Vice President, Exploration for Finlay Minerals Ltd., is the Qualified Person as defined by National Instrument 43-101 and has read and reviewed this news release.
*Copper and Gold Equivalents (CuEQ & AuEQ) are 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; Silver: $25.00/oz USD.
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 flagship property, the Silver Hope, 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).
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:
Finlay Minerals Ltd.
John Barakso, Chairman of the Board