Finlay Minerals commences Induced Polarization Geophysical Survey on its Silver Hope Property
Finlay Minerals commences Induced
Polarization Geophysical Survey on its Silver
Hope Property
VANCOUVER, BC
,
Aug. 24, 2021
/CNW/ -
Finlay Minerals Ltd.
(TSXV: FYL) ("
Finlay
" or the
"
Company
") is pleased to announce the commencement of the Induced Polarization ("IP")
geophysical survey over the Equity East and Allin Zone areas of anomalous soil and rock
geochemistry as part of the 2021 Silver Hope project exploration program.
The IP program will initially cover the 3.5 by 3.5 kilometer ("km") area of the Equity East and Allin
Zones multi-element soil and rock geochemistry anomalies with four 1km spaced East-West lines,
plus one North-South line specifically targeting the mafic intrusive rocks and along the contact with
the Skeena Group volcanic rocks. This initial work will also cover ZTEM and magnetic airborne
geophysical targets, as well as a historical north-south oriented IP target immediately west of the
Allin Zone. (
CLICK HERE
to see the map displaying the proposed 2021 IP lines, ZTEM, Ag soil
anomalies, underlying geology, and anomalous float samples). The initial IP program will total
approximately 24 line-km; plus an extra 6 line-km of planned detailed surveys over promising results.
Along with the IP survey, Finlay geologists will focus on detailed mapping and sampling, and
Terraspec alteration studies in the Equity East and Allin Zone areas to build a comprehensive
geological foundation for target definition and future drill testing.
The overall goal for the Company's 2021 exploration program is to leverage new data with the data
compilation of the past 50 years of exploration work in the search for further Equity Silver-type
(open-pittable Au, Cu, Ag) and intrusive-hosted porphyry Cu - Molybdenum ("Mo") - Au deposits.
Robert F. Brown
, President & CEO of Finlay states:
"The IP geophysical survey work over the Equity East and Allin Zones has commenced and is
expected to be completed in about 3 weeks. The IP data will be interpreted and compiled with
previous geological, geophysical and geochemical data to derive a set of drill targets.
The September core drilling program will focus on three (3) areas along the MAIN Trend
targeting
thicker and well-mineralized zones from previous drilling along the plunge of the Skeena Group
tuff bedding and fracture-controlled mineralization. Focus will be to develop open-pittable
mineralization at less than
100m
depth."
Equity East and Allin Zones Geological Synopsis:
The Equity East and Allin multi-element anomalies coincide with a large magnetic high feature
directly east of the former Equity Silver Mine as well as a prominent 5km long, NNE trending
airborne ZTEM geophysical anomaly, similar to the one reflecting the MAIN Trend (Finlay) and the
former Equity Silver Mine.
(
CLICK HERE
to see the map showing the multi-element anomaly
overlaying the airborne magnetics).
The Equity Silver Mine is thought to be partially formed by the Goosly Lake Intrusive Suite which is
mostly present within the Silver Hope Property. During the upheaval process of the Goosly Lake
Intrusive Suite, fracturing, brecciation and alteration of the host rock allowed for the concentration
and precipitation of silver and copper mineralization. Several surface geochemical anomalies that
include silver are located on the mapped boundary of the Goosly Intrusive Suite. The Allin Zone
target on the eastern side of the Goosly Intrusive Suite hosts a signicant target with a silver in soil
geochemical anomaly plus several mineralized float samples with silver values as high as 136g/t,
gold values as high as 2.61g/t and copper values as high as 1.26%
(Reference: BC Assessment
Report # 860515:
https://propertyfile.gov.bc.ca/showDocument.aspx?docid=3843
).
The Allin Zone is also host to a large and open high chargeability and high resistivity anomaly as
seen in the above map. The anomaly strikes north-south, has a minimum length of
1800m
, and is
open to the north, south and west. An IP survey was conducted in 1986 by Geotronic Surveys Ltd.
(Reference: BC Mineral Assessment report # 16032.)
The Allin Zone was tested with 19 shallow
drillholes within the years 1987, 1993 and 1997, with the drill holes targeting well east and southeast
of the chargeability and resistivity anomalies.
Initial mineral deposition was caused by a deeper magma and caused mineralized veins as those
seen at the Southern Tail, Hope, Superstition and Gaul Zones as well as the porphyry Cu-Mo
mineralized quartz monzonite intrusions on the Silver Hope and Equity Silver properties. Further
potential exists for a mineralized porphyry system within and around the Goosly Intrusive Suite. The
Company's planned deep-penetrating IP survey along with detailed mapping and Terraspec
alteration studies will help vector to a possible Equity Silver-type target or a mineralized porphyry
system.
Up-Coming 2021 Silver Hope Core Drilling:
In late September, a
2,000m
oriented-core drilling program will commence over the Gaul,
Superstition and Hope Zones (the MAIN Trend). The drilling will be re-oriented, taking into
consideration the findings of the initial oriented-core drilling program at the Gaul Zone in late 2020.
Namely, mineralization and dikes strike northeasterly and dip moderately northwest; there is
continuity of mineralized zones between sections; mineralization is hosted by volcanic felsic tuffs
associated with fractures, veining, and brecciation with footwall intrusive dikes - a common theme
throughout the 2020 drill program. The plunge of the mineralization and the stratigraphy (bedding) is
250/20. Drilling will target mineralization in the more susceptible tuff beds, respecting the plunge
and focussing on mineralization at less than
100m
depth. Finlay is initially targeting five (5) zones of
open pittable Ag-Cu-Au mineralization.
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 TSX Venture Exchange company focused on exploration for base and precious metal
deposits in northern British Columbia. Finlay recently completed a financing of
$1 million
flow-
through, and
$1.64 million
in non-flow-through funds.
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.,
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 Company's
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/August2021/24/c8348.html
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For further information:
Finlay Minerals Ltd., Robert Brown, President & CEO, Tel: 604-684-3099,
CO: Finlay Minerals Ltd.
CNW 08:00e 24-AUG-21