14.6g/t silver, and 0.14g/t gold (0.69% CuEq) in the Gaul Zone on the Silver Hope Property
Finlay Minerals drills 76.57m @ 0.45% copper,
14.6g/t silver, and 0.14g/t gold (0.69% CuEq) in
the Gaul Zone on the Silver Hope Property
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:
1
.
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;
2
.
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;
3
.
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;
4
.
True widths of the mineralized zones are approximately 80% of the reported intercepts;
5
.
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.
View original content:
http://www.newswire.ca/en/releases/archive/January2022/20/c5335.html
%SEDAR: 00018019E
For further information:
Finlay Minerals Ltd., Robert Brown, President & CEO, Tel: 604-684-3099,
CO: Finlay Minerals Ltd.
CNW 07:00e 20-JAN-22