Finlay Minerals outlines seven priority targets for the Silver Hope Property
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.
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