VANCOUVER, BC, May 14, 2024
/CNW/ - Finlay Minerals (TSXV: FYL) (OTCQB: FYMNF)
("Finlay" or the "Company") has conducted a
comprehensive review of its Silver Hope Property near Houston, BC. This comprehensive review, which
included the analysis of 179 drill holes, previous surveys, and the
2023 ALS GoldSpot Prospectivity Report, has led to the
identification of seven robust priority targets.
Priority Targets:
- The possible extensions of the Main Trend and
West Cu-Mo Porphyry mineralized zones to the southwest.
- Identification of the East Trend 1 and East
Trend 2 targets, which have similar geochemical and geophysical
signatures as the Main Trend.
- The Zest target now includes the former Equity
Silver Mine and extends on to the Silver Hope Property.
- The Equity East target has surface geochemical and
geophysical characteristics similar to the Zest showing and
target.
- The Dina East target has overlapping polymetallic
vein and porphyry targets generated by ALS Goldspot and has had
little to no exploration work.
Robert F. Brown, President &
CEO of Finlay Minerals, states:
"Subject to financing, the company is planning to drill on
the East Trend 1 and the copper-silver Main Trend. The East Trend 1
target has the potential to reveal shallow Main Trend
mineralization. Additionally, drilling along the Main Trend will
bridge gaps in past drilling, connecting mineralization along its
2.5 km length, further enhancing this significant target.
The Main Trend contains copper-silver mineralization that is
located within fractures and breccias along a NNE trending
structural corridor, which could be linked to a deep copper
porphyry source. The Main Trend hosts a multi-geochemical
soil anomaly with Ag, As, Au, Cd, Cu, Mo, Pb, Sb, Te, Zn, and W.
Biogeochemical sampling in 2023 pinpointed a smaller target area
within the Main Trend with elevated Ag, As, Au, Cu, Pb, Sb, and Zn;
the mineralization is within a tuffaceous horizon of the Skeena
Group.
The Main Trend is considered a bulk tonnage target as it
hosts a significant portion of the Company's historical drilling,
totaling 41,041 meters. Past drilling has resulted in notable
intersections such as SH21-08, which had 133.0 meters of
0.30% Cu, 7.6 g/t Ag, and 0.03 g/t Au (Gaul Zone),
SH11-12 with 111.5 meters of 0.16% Cu, 23.1 g/t Ag, and
0.29 g/t Au (Superstition Zone), and SH11-07, which had
282.0 meters of 0.23% Cu, 6.4 g/t Ag, and 0.01 g/t Au
(Hope Zone)."
In the East Trend, both East Trend 1 ("ET1") and East
Trend 2 ("ET2") have biogeochemical and soil Hg anomalies
similar to those found in the Main Trend. The ET1 target is
directly east of the Main Trend and could represent the faulted-off
portion of the Main Trend and the Gaul and Superstition Zones. ET1
was identified as a target based on ALS GoldSpot targeting, high
chargeability, low resistivity, and past drilling.
The ET2 target is roughly 1,000-1,500m east of the Main Trend and occurs along a
NNE trend similar to the Main Trend and ET1.
The Zest Target is an important prospect due to previous
drilling intersecting comparable mineralization styles of copper,
silver, and gold, along with Skeena Group lithology, like that of
the former Equity Silver Mine.
The Equity East target is north of the Zest target. ALS
GoldSpot has identified this zone as having the potential for
hosting Equity-style mineralization, high chargeability, and
moderate resistivity.
The Dina East target is untested and has seen little to
no exploration activity due to its previous heavily forested
nature. Recent logging activity has opened the area, providing
easier access with logging roads. ALS GoldSpot identified
overlapping polymetallic and porphyry targets along a NNE trending
structure similar to the Main Trend.
For further information, CLICK HERE to view
the Silver Hope Technical Presentation.
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 TSXV company focused on exploration for base and
precious metal deposits with three properties in northern
British Columbia:
- The Silver Hope Property covers 213.11
km2 and surrounds the past-producing Equity Silver Mine
in the prospective Skeena Arch region of central B.C. The Silver
Hope contains the Main Trend which is a >2km Cu-Ag-Au
mineralized trend with mineralization starting at surface.
West of the Main Trend is the West Cu-Mo Porphyry which is also
mineralized starting from surface. The Property hosts a network of
forestry roads and trails and has all-year access from Houston, BC.
- The ATTY Property covers 33.93 km2 of
sub-alpine terrain in the southern Toodoggone region. The
Toodoggone is a northwest-trending belt of Triassic to Jurassic arc
terranes that hosts numerous significant porphyry Cu-Au ± Ag and
associated epithermal Au-Ag deposits. The ATTY Property is in
between and contiguous to Centerra Gold's Kemess Property and the
joint-ventured Joy Property held by Amarc and Freeport-McMoRan. The
ATTY's KEM target has similarities to the Kemess North Trend, which
hosts the Kemess Underground and Kemess East deposits.
- The PIL Property, which covers 170 km2
in the heart of the Toodoggone region, has numerous porphyry Cu-Au
± Ag targets and associated epithermal Au-Ag mineralization. The
property is in Year 3 of a 5-year option to Cascadia Minerals Ltd.,
on completion of which Cascadia would acquire a 70% interest in the
PIL. Following the exercise of the option, Cascadia and
Finlay would hold interests in the Property of 70% and 30%,
respectively, and a joint venture would be formed.
Finlay trades under the symbol "FYL" on the TSXV and under the
symbol "FYMNF" on the OTCQB. 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 & Director
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) 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
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, 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 financial 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.