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VANCOUVER, BC, Nov. 18, 2020 /CNW/ - Finlay Minerals
Ltd. (TSXV: FYL) ("Finlay" or the "Company") is
pleased to announce completion of the 2020 field work on its Silver
Hope property. The overarching goal for the Company's
field programs was to leverage new exploration technologies and
geological knowledge developed over the last decade to advance the
property's mineral potential.
Silver Hope Property Drill Program:
The Company completed core drilling of six holes totalling
1,192m in late October along the Main
Horizon - a geological trend that extends southerly from the former
Equity Silver Mine. The Main Horizon is defined by NNE trending
coincident geophysical (ZTEM, IP) and geochemical anomalies.
Drilling was centred around drill hole SH14-02 in the Gaul Zone
which in 2014 intersected 10.25m
grading 319g/t silver, 0.88% copper and 0.19g/t gold starting at
89.0m. (Refer to news release
01-15 dated February 26,
2015).
The objective of the drill program was to better understand the
spatial orientation of the high-grade silver-copper mineralization
encountered in SH14-02 and to explore for further continuity. To
test this, two angled holes were
drilled on three sections 50 meters apart. Drilling
was conducted with "oriented core" equipment which determines the
true direction and orientation of mineralized veins as well as
dykes, structures, and host rock bedding.
All drill holes intersected considerable lengths of altered
volcanic and sedimentary rocks similar to the geology hosting the
former Equity Silver Mine. Initial observations indicate that
mineralization occurs as a variety of fracture filled vein swarms
consisting of:
- pyrite
- pyrite, sphalerite, galena +/- chalcopyrite
- pyrite, chalcopyrite +/- tetrahedrite
- tetrahedrite dominate, and
- quartz, pyrite, chalcopyrite +/- (tetrahedrite, galena, and
molybdenite)
as seen in SH14-02.
In each drill hole a metres thick massive sulfide plus quartz
vein was also intersected containing pyrite, chalcopyrite,
tetrahedrite, galena, sphalerite, and fine, dark sulfides. Also
noted is that the mineralized veins, as well as compositionally
variable dykes, share the same NNE orientation with ~50-degree west
dips. This orientation roughly parallels the NNE orientation of the
ZTEM conductivity anomalies and gives credence to other
sub-parallel ZTEM features on the Silver Hope property being
related to mineralization.
In addition, drilling displayed a continuity of mineralization
between holes indicating +100 metres of strike length and 100
meters down dip. It is the Company's belief that the mineralization
encountered is related to a buried copper porphyry intrusion.
Drill assay results are expected in 8 - 10 weeks as laboratories
are experiencing delays due to COVID-19 restrictions.
Silver Hope Property Exploration Program:
Based on this year's property data compilation (refer to news
release 01-20 dated May 11, 2020),
and the property-wide, high resolution airborne magnetic survey
completed (July, 2020), a 434-sample soil survey was conducted over
an area of coincident airborne ZTEM and strong magnetic anomalies.
This 4km, NNE trending feature parallels the Company's Main
Horizon-Newmont Corporation's Equity Silver Southern Tail – Main
Zones. The soil program target was an Equity Silver-type
intrusive-related mesothermal, silver-copper-gold mineralized
sulfide zone and an underexplored area between Equity and the Allin
Creek Creek area.
Analytical results from the soil sampling program are expected
in 6-8 weeks.
CLICK HERE to see the property-wide high
resolution airborne survey, ZTEM anomalies and silver geochemistry
map overlain by the 2020 areas of field work and exploration
targets.
In June, a program of glacial till, soil and stream sampling was
completed around Allin Creek in the eastern part of the property as
a follow-up to the Company's 2019 sampling program. This work was
prompted by BC Geological Survey (BCGS, 2009/10) glacial till
anomalies and several historic occurrences of polymetallic float,
the source of which was never found by previous operators.
The strongest geochemical anomalies from the 2020 survey occur
along the western part of the Allin Creek grid indicating these
anomalies are "open" to the west. This appears to enhance the
exploration potential of the NNE trending geophysical feature
paralleling the Company's Main Horizon - Newmont Corporation's
Equity Silver Southern Tail – Main Zones.
Between 1980-1994, the Equity Silver Mine produced, from open
pit and underground mining, 33.8 million tonnes grading 64.9g/t
silver, 0.4% copper and 0.46g/t gold, containing 71.38 million
ounces silver, 508,037 ounces gold, and 185.4 million pounds
copper.
Reference:
http://minfile.gov.bc.ca/Summary.aspx?minfilno=093L++001.
The Company followed and continues to follow the Province of
British Columbia's guidelines and
protocols to provide a safe working environment for all during the
COVID-19 pandemic.
Qualified Person:
Warner Gruenwald, 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 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.,
CEO & President
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 PIL-Gold and Silver Hope Properties. 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.