VANCOUVER, BC, Jan. 20, 2022 /CNW/ - Finlay Minerals
Ltd. (TSXV: FYL) ("Finlay" or the "Company") is
pleased to announce the results of its 1,968 metres (m), nine hole,
oriented-core drill program completed in November, 2021 on its
Silver Hope Property. The Silver Hope property is located
approximately 70 kilometres (km) southeast of Houston, BC and surrounds Newmont
Corporation's former Equity Silver Mine.
Aimed at outlining shallow zones of open-pit copper-silver-gold
(Cu-Ag-Au) mineralization, the program targeted Gaul, Superstition
and Hope mineralized zones along with the Main Trend, which has the
potential to host significant Cu-Ag-Au mineralization. The 2021
drill holes span a strike distance of over 1,750 m, within three distinct mineralized zones
which are offset and truncated by cross-structures. Specifically,
the Gaul Zone hosts significant copper with appreciable silver and
gold grades that could be extracted by open pit methods. The Gaul
Zone remains open along trend to the south, north, and at depth and
has been drill tested for a strike length of 400m and a vertical depth of 100m. Within the Superstition and Hope Zones, the
2021 drilling intersected several narrower
mineralized intervals. However, historical drilling
shows the potential for thicker mineralized intercepts at depth,
suggesting that the northern zones may have formed higher up in the
mineralizing system than in the Gaul. Potential remains to
demonstrate continuity between the Superstition and Gaul
Zones.
Highlights:
- All nine holes intersected significant mineralization, however,
three drill holes in the Gaul Zone of the Main Trend intersected
shallow depth, Cu-Ag-Au mineralization, across appreciable widths,
which correlates well with previous Finlay drilling.
(CLICK HERE to view the drill hole
location map of the 2021 and previous Finlay programs).
- SH21-09 intersected 76.57m (from 80.23m) grading 0.45% Cu, 14.6g/t Ag, and
0.14g/t Au (0.68% Copper Equivalent (CuEq*), including
32.07m (from 123.00m) grading 0.86% Cu, 26.1g/t Ag, and
0.21g/t Au (1.21% CuEq*). (CLICK HERE to
view the cross section of SH21-09).
- SH21-08 intersected 133.00m (from 32.00m) grading 0.30% Cu, 7.6g/t Ag, and
0.03g/t Au (0.41% Cu Eq*), including 57.23m (from 107.00m) grading 0.51% Cu, 13.8g/t Ag, and
0.06g/t Au (0.71% CuEq*).
- SH21-07 intersected 121.99m (from 21.10m) grading 0.23% Cu, 5.1g/t Ag, and
0.03g/t Au (0.30% CuEq*), including 68.40m (from 21.10m) grading 0.29% Cu, 6.6g/t Ag, and
0.03g/t Au (0.37% CuEq*).
- The Hope Zone drilling (3 holes) intersected multiple shallow
high-grade Cu-Ag-Au intervals including SH21-01 which
intersected 0.70m (from
90.00m) grading 1.14% Cu, 626.0
g/t Ag and 0.09 g/t Au (6.51% CuEq*).
- The Superstition Zone drilling (3 holes) intersected multiple
shallow high-grade Cu-Ag-Au intervals including SH21-04
which intersected 0.43m (from
88.17m) grading 0.32% Cu, 62.8 g/t
Ag and 0.21 g/t Au (1.03% CuEq*).
- Planning is currently underway for a 2022 drill program on the
Equity East, Allin and Gaul Zones.
2021 Drill Results Table:
Hope Zone
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
Pb
(%)
|
Zn
(%)
|
CuEq
(%)
|
AgEq
(g/t)
|
SH12-01
|
61.50
|
64.00
|
2.50
|
0.03
|
22.8
|
0.26
|
0.00
|
0.05
|
0.47
|
59.4
|
and
|
90.00
|
90.70
|
0.70
|
0.09
|
626.0
|
1.14
|
1.18
|
0.19
|
6.51
|
814.8
|
and
|
105.00
|
110.00
|
5.00
|
0.05
|
75.1
|
0.27
|
0.09
|
0.05
|
0.93
|
117.0
|
including
|
105.00
|
107.00
|
2.00
|
0.03
|
124.0
|
0.42
|
0.06
|
0.08
|
1.47
|
184.1
|
SH21-02
|
28.00
|
35.50
|
7.50
|
0.02
|
4.5
|
0.14
|
0.00
|
0.01
|
0.19
|
23.3
|
and
|
144.00
|
144.71
|
0.71
|
0.40
|
14.6
|
0.00
|
0.04
|
0.00
|
0.37
|
46.8
|
SH21-03
|
81.50
|
84.00
|
2.50
|
0.17
|
2.1
|
0.63
|
0.00
|
0.00
|
0.74
|
93.3
|
and
|
98.00
|
98.70
|
0.70
|
0.39
|
3.1
|
0.71
|
0.09
|
0.49
|
1.14
|
142.9
|
and
|
106.00
|
108.00
|
2.00
|
0.24
|
6.0
|
0.09
|
0.24
|
0.22
|
0.39
|
49.3
|
and
|
127.00
|
130.55
|
3.55
|
0.21
|
6.6
|
0.07
|
0.03
|
0.19
|
0.31
|
39.2
|
including
|
129.70
|
130.55
|
0.85
|
0.12
|
20.1
|
0.14
|
0.10
|
0.77
|
0.64
|
79.6
|
and
|
204.00
|
226.40
|
22.40
|
0.08
|
5.5
|
0.16
|
0.02
|
0.10
|
0.29
|
36.4
|
including
|
206.00
|
208.00
|
2.00
|
0.20
|
14.4
|
0.40
|
0.01
|
0.05
|
0.66
|
82.7
|
and
|
270.00
|
283.00
|
13.00
|
0.04
|
12.8
|
0.18
|
0.01
|
0.04
|
0.33
|
41.0
|
including
|
275.00
|
276.00
|
1.00
|
0.23
|
75.3
|
1.47
|
0.06
|
0.03
|
2.23
|
279.4
|
including
|
277.05
|
278.29
|
1.24
|
0.04
|
27.4
|
0.04
|
0.03
|
0.28
|
0.37
|
47.0
|
Superstition Zone
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
Pb
(%)
|
Zn
(%)
|
CuEq
(%)
|
AgEq
(g/t)
|
SH21-04
|
83.00
|
84.92
|
1.92
|
0.16
|
17.0
|
0.16
|
0.03
|
0.09
|
0.43
|
53.4
|
and
|
88.17
|
88.60
|
0.43
|
0.21
|
62.8
|
0.32
|
0.25
|
0.08
|
1.03
|
129.1
|
and
|
106.50
|
107.74
|
1.24
|
0.04
|
24.6
|
0.21
|
0.09
|
0.25
|
0.53
|
66.9
|
and
|
183.20
|
183.60
|
0.40
|
0.41
|
5.9
|
0.01
|
0.25
|
0.43
|
0.50
|
62.1
|
SH21-05
|
16.00
|
18.00
|
2.00
|
0.26
|
2.8
|
0.22
|
0.08
|
1.15
|
0.78
|
97.2
|
and
|
62.29
|
64.00
|
1.71
|
0.02
|
0.9
|
0.39
|
0.00
|
0.00
|
0.41
|
51.4
|
and
|
119.18
|
127.00
|
7.82
|
0.28
|
31.5
|
0.25
|
0.07
|
0.10
|
0.72
|
89.8
|
and
|
165.33
|
167.00
|
1.67
|
0.04
|
27.2
|
0.32
|
0.03
|
0.51
|
0.73
|
90.8
|
and
|
193.00
|
195.00
|
2.00
|
0.19
|
9.0
|
0.07
|
0.08
|
3.23
|
1.27
|
159.5
|
and
|
205.00
|
206.00
|
1.00
|
0.50
|
40.3
|
0.22
|
0.30
|
0.27
|
1.00
|
124.7
|
SH21-06
|
6.20
|
40.00
|
33.80
|
0.02
|
2.1
|
0.19
|
0.00
|
0.03
|
0.22
|
28.1
|
including
|
6.20
|
7.53
|
1.33
|
0.05
|
5.1
|
0.28
|
0.02
|
0.44
|
0.48
|
60.7
|
including
|
8.36
|
10.00
|
1.64
|
0.03
|
7.9
|
0.41
|
0.01
|
0.03
|
0.50
|
62.1
|
including
|
26.00
|
28.00
|
2.00
|
0.03
|
4.3
|
0.42
|
0.00
|
0.00
|
0.48
|
59.8
|
and
|
59.00
|
60.00
|
1.00
|
0.02
|
9.0
|
0.28
|
0.01
|
0.03
|
0.37
|
46.6
|
and
|
98.98
|
100.32
|
1.34
|
0.13
|
27.5
|
0.54
|
0.02
|
0.05
|
0.86
|
107.5
|
and
|
110.00
|
112.00
|
2.00
|
0.02
|
30.5
|
0.34
|
0.06
|
0.08
|
0.63
|
79.4
|
and
|
131.57
|
133.00
|
1.43
|
0.22
|
6.4
|
0.07
|
0.06
|
0.55
|
0.44
|
54.7
|
Gaul Zone
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
Pb
(%)
|
Zn
(%)
|
CuEq
(%)
|
AgEq
(g/t)
|
SH21-07
|
21.10
|
143.09
|
121.99
|
0.03
|
5.1
|
0.23
|
0.01
|
0.03
|
0.30
|
37.6
|
including
|
21.10
|
89.50
|
68.40
|
0.03
|
6.6
|
0.29
|
0.01
|
0.02
|
0.37
|
46.2
|
including
|
23.18
|
24.00
|
0.82
|
0.60
|
180.0
|
1.35
|
0.48
|
0.06
|
3.27
|
409.2
|
including
|
30.74
|
32.13
|
1.39
|
0.08
|
12.0
|
1.76
|
0.00
|
0.03
|
1.91
|
239.7
|
including
|
52.50
|
53.26
|
0.76
|
0.07
|
19.4
|
2.46
|
0.00
|
0.01
|
2.66
|
333.3
|
including
|
70.88
|
89.50
|
18.62
|
0.02
|
8.5
|
0.34
|
0.02
|
0.02
|
0.44
|
54.6
|
including
|
70.88
|
71.40
|
0.52
|
0.05
|
86.3
|
1.90
|
0.06
|
0.08
|
2.66
|
332.8
|
including
|
83.56
|
84.00
|
0.44
|
0.02
|
60.9
|
3.75
|
0.00
|
0.02
|
4.26
|
532.9
|
including
|
114.00
|
143.09
|
29.09
|
0.04
|
3.7
|
0.21
|
0.01
|
0.04
|
0.28
|
35.2
|
SH21-08
|
32.00
|
165.00
|
133.00
|
0.03
|
7.6
|
0.30
|
0.02
|
0.08
|
0.41
|
51.0
|
including
|
40.00
|
42.00
|
2.00
|
0.03
|
22.8
|
1.18
|
0.02
|
0.07
|
1.40
|
175.5
|
including
|
51.50
|
52.50
|
1.00
|
0.02
|
32.9
|
1.45
|
0.02
|
0.07
|
1.74
|
218.4
|
including
|
54.00
|
56.00
|
2.00
|
0.02
|
15.2
|
0.54
|
0.02
|
0.05
|
0.69
|
86.6
|
including
|
92.00
|
94.00
|
2.00
|
0.11
|
20.4
|
0.47
|
0.00
|
0.00
|
0.71
|
88.5
|
including
|
107.00
|
164.23
|
57.23
|
0.06
|
13.8
|
0.51
|
0.03
|
0.16
|
0.71
|
89.1
|
including
|
129.00
|
164.23
|
35.23
|
0.08
|
18.0
|
0.69
|
0.05
|
0.19
|
0.95
|
119.4
|
including
|
160.14
|
164.23
|
4.09
|
0.32
|
56.8
|
1.62
|
0.23
|
1.01
|
2.63
|
328.8
|
SH21-09
|
76.00
|
76.50
|
0.50
|
0.20
|
3.7
|
0.02
|
0.09
|
2.24
|
0.88
|
110.1
|
and
|
80.23
|
156.80
|
76.57
|
0.14
|
14.6
|
0.45
|
0.03
|
0.05
|
0.68
|
84.6
|
including
|
80.23
|
87.00
|
6.77
|
0.42
|
31.2
|
0.70
|
0.08
|
0.09
|
1.25
|
156.7
|
including
|
81.85
|
83.08
|
1.23
|
1.88
|
74.5
|
1.27
|
0.25
|
0.33
|
3.16
|
396.0
|
including
|
84.28
|
85.30
|
1.02
|
0.20
|
66.7
|
1.20
|
0.16
|
0.01
|
1.89
|
236.7
|
including
|
123.00
|
155.07
|
32.07
|
0.21
|
26.1
|
0.86
|
0.05
|
0.01
|
1.21
|
151.5
|
including
|
135.00
|
136.20
|
1.20
|
0.25
|
37.2
|
1.79
|
0.03
|
0.01
|
2.24
|
281.1
|
including
|
142.99
|
152.85
|
9.86
|
0.47
|
58.7
|
1.94
|
0.10
|
0.01
|
2.72
|
340.9
|
including
|
144.71
|
145.25
|
0.54
|
0.16
|
131.0
|
7.11
|
0.03
|
0.02
|
8.27
|
1035.1
|
including
|
147.92
|
148.73
|
0.81
|
4.70
|
28.7
|
0.52
|
0.06
|
0.00
|
3.62
|
453.4
|
including
|
152.20
|
152.85
|
0.65
|
0.15
|
260.0
|
5.69
|
0.74
|
0.02
|
8.02
|
1004.5
|
Notes to 2021 Drill Results Table:
- The Metal prices used in the CuEq and AgEq calculations are as
follows: Gold $1750/oz, Silver
$23.00/oz, Copper $4.20/lb, Lead $0.90/lb and Zinc $1.30/lb;
- The CuEq formula used for calculations is: CuEq % = (Cu % + (Au
g/t * $56.2625) + (Ag g/t *
$0.8038) + (Pb % * 19.8414) + (Zn % *
$28.6598))/ 92.5923;
- The AgEq formula used for calculations is: AgEq g/t = (Ag g/t +
(Au g/t * $56.2625) + (Cu % *
$92.5932) + (Pb % * 19.8414) + (Zn %
* 28.6598))/0.80375;
- True widths of the mineralized zones are approximately 80% of
the reported intercepts;
- Recoveries are assumed to be 100% for the purposes of
equivalent calculations.
Mineralization & Lithology:
Mineralization in the Silver Hope's Main Horizon is considered
to represent a mesothermal vein deposit of the "Equity Silver"
type, to which it lies along strike. Metals are hosted in various
sulphide and sulphosalt minerals which occur as breccias
structures, shear veins, and as fine fracture-fill and vein
stockworks within volcanic and sedimentary stratigraphy of the
Cretaceous Skeena Group. Mineralization occurs preferentially
within fine-grained tuffaceous units, which appear to be more
susceptible to fracturing. The tuffaceous beds dip roughly 25 – 30°
to the west within the Gaul Zone but dip more steeply to northern
Hope and Superstition Zones. High-grade mineralization is typically
semi-massive sulphide brecciation (pyrite - chalcopyrite -
tetrahedrite ± -galena ± -sphalerite) that often occurs at sheared
margins of later feldspar porphyry and mafic dikes that dip
moderately (50- – 70° degrees) to the north-northwest. Brecciation
character ranges from sulphide infill of angular quartz vein
fragments to strongly foliated internal brecciation of various
sulphide phases. Veining and fractures increase closer to the dike
contacts and in areas when dikes are closer to each other.
Throughout the Main Horizon, veins are typically sulphide-dominant,
though quartz ± carbonate – sulphide veins do occur. Veins and
sulphide-filled fractures are typically mm- to cm-scale with the
occasional massive sulphide veins sometimes with quartz up to
1.5 m wide.
To gain a better understanding of the Main Trend mineralization
within the Gaul, Superstition and Hope Zones, select
mineralized vein and fracture samples have been sent to Ultra
Petrography and Geoscience Inc. for petrographic work. The
petrographic work will help in understanding the mineralization
present and characteristics which could aid in further exploration
and metallurgical studies.
In addition, metallurgical studies on the existing drill core
from the Gaul Zone using a test flotation circuit will be
undertaken in order to gauge the recoveries of the Cu, Ag, Au, Pb
and Zn mineralization in a Cu concentrate. Understanding the
preliminary metallurgical characteristics of the Gaul Zone will
help the Company determine the path to advancement of the Silver
Hope property.
QA and QC:
All drill core assay results have been monitored through a
quality assurance / quality control (QA/QC) program.
The drill core was sawn in half at Finlay Mineral's on-site core
logging and processing facility. Half the core was sampled and
shipped in sealed and secure bags to the ALS Global laboratory in
North Vancouver, BC. Drill core
samples were crushed to 70% less than 2mm, rotary split off 250g,
and pulverised split to better than 85% passing 75 microns. Drill
core samples were analyzed for 33 elements by four acid digestion
(HF-HNO3-HClO4 acid digestion, HCl leach) and ICP-AES on a 0.25
gram sample (method ME-ICP61). Gold was analyzed by fire assay on a
30 gram sample with an AAS finish (method Au-AA23). Over limit
silver assays > 100 ppm were re-analyzed by fire assay using a
gravimetric finish on a 30 gram sample. Over limit copper, lead and
zinc were re-analyzed by four acid digestion and an ICP finish on a
0.4 gram sample.
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 drill core
sample stream accounting for 8% of the total samples in the 2021
drill core.
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 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. The Company's
properties are:
- the Silver Hope Property 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 Mine (71 million
oz. silver, 185 million lbs. copper and 508,000 oz. gold;
Reference:
http://minfile.gov.bc.ca/Summary.aspx?minfilno=093L++001).
In 2020 and 2021 the Equity East and Allin Zones were defined by
geochemistry and geophysics. The Silver Hope Property surrounds the
former Equity Silver Mine;
- the ATTY Property which is contiguous to the
north side of the Kemess East deposit and adjacent to the Kemess
Underground deposit of Centerra Gold Inc., and
- the PIL Property, which is adjacent to Sable
Resource's Baker Mine, has nine known mineralized zones including
the recently discovered and expanded Pillar East gold-silver
structural system. The Company is focused on the discovery of
copper-gold-molybdenum porphyry systems on the PIL Property.
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
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.