VANCOUVER, April 24, 2018 /CNW/ - Finlay Minerals Ltd. (TSXV: FYL) (the "Company") wishes to provide an exploration update on its PIL Property. In 2017, an airborne magnetic survey, geological mapping, soil and rock sampling, and an Induced Polarization (IP) geophysical survey were conducted over the Copper Cliff area and adjacent 800 metre (m) long Gold-Silver (Au-Ag) Epithermal structure. (Click HERE for a map of the area of 2017 work (Atlas and Pillar East) of the PIL Property and for referencing throughout this news release.)
2017 Exploration Program Highlights:
- a quartz breccia sub-outcrop grab sample over a 1.5m by 1.5m area (W17R-01) was collected along the trend of the Au-Ag Epithermal Zone grading 19.95g/t Au and 423g/t Ag – the best results to date. This sample is 40m south of a 2016 discovery of a 0.5m quartz breccia boulder assaying 6.56g/t Au and 13.1g/t Ag;
- an unusual breccia dike, 1.5km westerly in the Atlas Zone, containing granitic fragments not mapped in the area was reexamined. A selected 2017 grab sample (TAN-003A) of the dike with suspect chalcocite (copper mineral) assayed 2.76% Cu and 52g/t Ag;
- the IP survey identified a general increase in chargeability values with a weak but well-defined chargeability anomaly visible at the southern portion of the Au-Ag Epithermal Zone and north of the Copper Cliff; these weak chargeability results could be indicative of the (copper) mineralization being low in sulphides. Typically, it is high sulphides that trigger a strong IP response;
- the geological mapping completed interprets the Copper Cliff as copper-silver mineralization, along with copper mineralized zones several hundred metres to the north and northwest occur as contact zones of hypabyssal (shallow depth) monzonite bodies and Toodoggone volcanic rocks;
- Drilling continues to be warranted in order to test the potential for: 1) porphyry copper-molybdenum at the NW Zone, 2) copper-silver at the Pillar East Copper Cliff Zone and 3) precious metals along the Pillar East Au-Ag Epithermal Zone.
The Company believes that the coincidental association of a large Thorium/Potassium anomaly, the Atlas East and Pillar East Epithermal Au-Ag Zones, the Copper Cliff occurrences, and granitic clasts in copper mineralized breccia dikes are potentially related to the effects of a large, deep-seated alkalic porphyry system.
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 being found beyond the depths of historic deposits, as well as at former and currently operating mines; drilling to depths in excess of 1,000m is now common. Based upon this, the Company believes that some of the PIL property porphyry targets warrant deep IP surveys and deeper diamond drilling.
The PIL property is situated in the Toodoggone mining district, a mineral-rich belt that hosts numerous porphyry copper-gold (Cu-Au) and epithermal gold-silver (Au-Ag) deposits. The property lies northeast of the former Baker Au-Ag mine (Sable Resources) and 35 km northwest of the former Kemess copper-gold open pit mine. Since 2003 the Company has explored the PIL property for bulk tonnage porphyry copper-gold ± molybdenum (Cu-Au-Mo) and epithermal Au-Ag deposits. Several large, visually prominent rusty zones (gossans) were explored by geochemical and geophysical surveys followed by diamond drilling (2003-2007). One target, the Northwest Zone, yielded promising drill results with three holes ending in copper-molybdenum mineralization at relatively shallow depths of less than 350m.
For further detailed and technical information on the 2017 and previous exploration programs conducted on the PIL: Click HERE to be view the PIL Property page of the Company's website.
Warner Gruenwald, P. Geo. and Vice President, Exploration for Finlay and a qualified person as defined by National Instrument 43-101, has supervised the exploration work and the preparation of the information that forms the basis for the scientific and technical information contained in this new release. Analysis of rock samples was conducted by Bureau Veritas (formerly Acme Labs.) in Vancouver, BC. The rock sample analysis was done using method AQ201 that utilizes an aqua regia digestion with ICP-MS analysis, while the silver and copper was done using method MA404, that utilizes a four acid digestion followed by an Atomic Absorption finish.
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 Silver Hope Property surrounds the former Equity Silver Mine;
- the ATTY 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 (Finlay NR 01-18 dated March 5, 2018), and
- the PIL Property which is adjacent to Sable Resource's Baker Mine.
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
PIL 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.
For further information: Finlay Minerals Ltd., John Barakso, Chairman of the Board, Tel: 604-684-3099, [email protected]