VANCOUVER, BC,
July 29, 2021 /CNW/ -
Finlay Minerals Ltd. (TSXV: FYL) ("Finlay" or
the "Company") is pleased to announce the completion and
results of Phase I of its 2021 exploration program.
Highlights:.
- The June 2021 soil / rock
sampling program has doubled the size of the multi-element
geochemistry anomaly at the Equity East target to an area of 3.5 by
3.5 kilometers ("km").
- The soil sample anomaly is coincident with airborne magnetic
and ZTEM results.
- A ground induced polarization ("IP") geophysical program of
15-30km will commence in mid-August over the Equity East
target.
- A 2,000 meter ("m") oriented-core drill program has been
designed to test the 2020 re-interpretated nature of
the Silver ("Ag"), Gold ("Au") and Copper ("Cu")
mineralization found along the MAIN Trend; this program is
scheduled for late September, 2021.
- The drill program will test for open pittable Ag-Au-Cu
mineralized zones above 100m
depth.
The overall goal for the Company's 2021 exploration program is
to leverage the data compilation of the past 50 years of
exploration work in the search for further Equity Silver-type
(open-pittable Au, Cu, Ag) and intrusive-hosted porphyry Cu -
Molybdenum ("Mo") - Au deposits.
Robert F. Brown, President &
CEO of Finlay states:
"I am particularly excited that the Equity East Zone has been
doubled in area. The upcoming August IP geophysical survey
will cover the extent of the geochemically anomalous area, as well
as the east-west oriented magnetic feature, and NNE trending ZTEM
airborne geophysical feature. The September core drilling
program will test the re-interpretation of the MAIN Trend
mineralized zones as being NE oriented with moderate NW
dips. Drilling will target thicker and
well-mineralized zones from previous drilling along the plunge of
the Skeena Group tuff bedding and fracture-controlled
mineralization. The focus will be to develop open-pittable
mineralization at less than 100m
depth."
2021 Silver Hope Soil / Rock Sampling Program:
In June, 2021, a soil (834 samples) and rock (37 samples)
sampling program was carried out with the aim to both expand the
Equity East anomaly and as well as to test various other magnetic
targets. With the 2021 sampling, the Equity East target has
expanded to twice the previous size - an area of 3.5 by
3.5km.
The multi-element signature at Equity East includes Ag, As, Cu,
Mo, Pb, and Zn in addition to several pathfinder elements (Hg, Bi,
Te, Se, +/- Sb and +/- Tl). Silver values in the soil
assays ranged from 0.1ppm to 28.5ppm, copper values in the soil
assays ranged from 6ppm to 230ppm, lead values in the soil assays
ranged from 4.1ppm to 1,220ppm and zinc soil assay values ranged
from 21ppm to 2,550ppm. Rock samples were collected from
snow-free south facing slopes and include gabbro, tuffs, and
previously unmapped tuffs which were found to be strongly oxidized
with moderate to strong quartz, sericite and pyrite alteration.
Minor quartz veining was present in some rock sampled with
pyrite, galena and chalcopyrite. The best assays for the rock
samples were 2.97 g/t Ag, 50ppb Au, 1,095ppm Cu, 2,980 ppm Pb and
3,360 ppm Zn. Fault measurements in this area were trending to the
east and steeply dipping which correlates with the overall regional
magnetic high anomaly. The large multi-element anomaly
coincides with a large magnetic high feature directly east of the
former Equity Silver Mine, as well as a prominent 5km long, NNE
trending airborne ZTEM geophysical anomaly, similar to the one
reflecting the MAIN Trend (Finlay) and former Equity Silver Mine.
(CLICK HERE to view the map showing the multi-element
anomaly overlaying the airborne magnetics and CLICK HERE to
view the map showing the multi-element anomaly overlaying the
geology.)
Up-Coming 2021 Silver Hope IP and Core
Drilling:
A survey of 15-30 line kilometers will commence in mid-August to
cover the Equity East geochemical anomaly. The IP lines will
be oriented both east-west to cross the Equity East and Allin
Zones, along with the five (5) kilometer long NNE trending ZTEM
anomaly. As well several north-south lines will be completed
to cover the east-west oriented magnetic high anomaly.
Depending on field results, in-fill lines will also be
completed. Along with the IP survey, Finlay geologists will
focus on detailed mapping and sampling, and Terraspec alteration
studies in the Equity East and Allin
Zone area to build a comprehensive geological foundation for
target definition and future drill testing.
In late September, a 2,000m
oriented-core drilling program will commence over the Gaul,
Superstition and Hope Zones (the MAIN Trend). The drilling
will be re-oriented taking into consideration findings of the
initial oriented-core drilling program at the Gaul Zone in late
2020. Namely, mineralization and dikes strike northeasterly
and dip moderately northwest; there is continuity of mineralized
zones between sections; mineralization is hosted by volcanic felsic
tuffs associated with fractures, veining, and brecciation with
footwall intrusive dikes - a common theme throughout the drill
program. The plunge of the mineralization and the
stratigraphy (bedding) is 250/20. Drilling will target
mineralization in the more susceptible tuff beds, respecting the
plunge and focussing on mineralization at less than
100m depth. Finlay is initially
targeting five (5) zones of open pittable Ag-Cu-Au
mineralization.
QA and QC:
All rock and soil sample assay results have been monitored
through a quality assurance / quality control (QA/QC) program.
Rock samples were sampled and shipped in sealed and secure bags
to the ALS Global laboratory in North
Vancouver, BC. Rock samples were crushed to 70% less
than 2mm, rotary split off 250g, pulverised split to better than
85% passing 75 microns. Rock samples were analyzed for
multi-element ultra-trace method combining a four-acid digestion
with ICP-MS instrumentation. A four-acid digest is performed on
0.25g of sample to quantitatively dissolve most geological
materials (method ME-MS61). Gold was analyzed by fire assay
on a 30 gram sample with an AAS finish (method Au-AA23).
Soil samples were shipped in sealed and secure bags to the ALS
Global laboratory in North Vancouver,
BC. Soil samples were dried and sieved to -180
microns. Soil samples were assayed by aqua regia digestion with ICP
finish on a 25 gram sample (method AuME-TL43).
In addition to the ALS Global laboratory QA/QC protocols, Finlay
Minerals implements an internal QA/QC program that includes the
insertion of duplicates, standards and blanks into the rock sample
stream. Finlay Minerals inserted duplicates, standards and
blanks at 2% of the total soil samples.
Qualified Person:
Wade Barnes, 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.
About Finlay Minerals Ltd.
Finlay is a TSX Venture Exchange company focused on exploration
for base and precious metal deposits in northern British
Columbia. Finlay recently completed a financing of
$1 million flow-through, and
$1.64 million in non-flow-through
funds.
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
Company's 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.