VANCOUVER, BC, Aug. 24,
2021 /CNW/ - Finlay Minerals Ltd. (TSXV: FYL)
("Finlay" or the "Company") is pleased to announce
the commencement of the Induced Polarization ("IP") geophysical
survey over the Equity East and Allin Zone areas of anomalous soil
and rock geochemistry as part of the 2021 Silver Hope project
exploration program.
The IP program will initially cover the 3.5 by 3.5 kilometer
("km") area of the Equity East and Allin Zones multi-element
soil and rock geochemistry anomalies with four 1km spaced East-West
lines, plus one North-South line specifically targeting the mafic
intrusive rocks and along the contact with the Skeena Group
volcanic rocks. This initial work will also cover ZTEM and
magnetic airborne geophysical targets, as well as a historical
north-south oriented IP target immediately west of the Allin Zone.
(CLICK HERE to see the map displaying the
proposed 2021 IP lines, ZTEM, Ag soil anomalies, underlying
geology, and anomalous float samples). The initial IP program
will total approximately 24 line-km; plus an extra 6 line-km of
planned detailed surveys over promising results.
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 areas to build a comprehensive
geological foundation for target definition and future drill
testing.
The overall goal for the Company's 2021 exploration program is
to leverage new data with 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:
"The IP geophysical survey work over the Equity East and
Allin Zones has commenced and is expected to be completed in about
3 weeks. The IP data will be interpreted and compiled with
previous geological, geophysical and geochemical data to derive a
set of drill targets.
The September core drilling program will focus on three (3)
areas along the MAIN Trend targeting thicker and
well-mineralized zones from previous drilling along the plunge of
the Skeena Group tuff bedding and fracture-controlled
mineralization. Focus will be to develop open-pittable
mineralization at less than 100m
depth."
Equity East and Allin Zones Geological
Synopsis:
The Equity East and Allin multi-element anomalies coincide 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 the former Equity Silver Mine.
(CLICK HERE to see the map showing the
multi-element anomaly overlaying the airborne magnetics).
The Equity Silver Mine is thought to be partially formed by the
Goosly Lake Intrusive Suite which is mostly present within the
Silver Hope Property. During the upheaval process of the
Goosly Lake Intrusive Suite, fracturing, brecciation and alteration
of the host rock allowed for the concentration and precipitation of
silver and copper mineralization. Several surface geochemical
anomalies that include silver are located on the mapped boundary of
the Goosly Intrusive Suite. The Allin Zone target on the
eastern side of the Goosly Intrusive Suite hosts a signicant target
with a silver in soil geochemical anomaly plus several mineralized
float samples with silver values as high as 136g/t, gold values as
high as 2.61g/t and copper values as high as 1.26%
(Reference: BC Assessment Report # 860515:
https://propertyfile.gov.bc.ca/showDocument.aspx?docid=3843).
The Allin Zone is also host to a large and open high
chargeability and high resistivity anomaly as seen in the above
map. The anomaly strikes north-south, has a minimum length of
1800m, and is open to the north,
south and west. An IP survey was conducted in 1986 by Geotronic
Surveys Ltd. (Reference: BC Mineral Assessment
report # 16032.) The Allin Zone was tested with 19
shallow drillholes within the years 1987, 1993 and 1997, with the
drill holes targeting well east and southeast of the chargeability
and resistivity anomalies.
Initial mineral deposition was caused by a deeper magma and
caused mineralized veins as those seen at the Southern Tail, Hope,
Superstition and Gaul Zones as well as the porphyry Cu-Mo
mineralized quartz monzonite intrusions on the Silver Hope and
Equity Silver properties. Further potential exists for a
mineralized porphyry system within and around the Goosly Intrusive
Suite. The Company's planned deep-penetrating IP survey along
with detailed mapping and Terraspec alteration studies will help
vector to a possible Equity Silver-type target or a mineralized
porphyry system.
Up-Coming 2021 Silver Hope Core Drilling:
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 the 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 2020 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.
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.