Finlay Minerals confirms Targets on the Silver Hope from completed CSAMT Geophysical Survey
Finlay Minerals confirms Targets on the Silver
Hope from completed CSAMT Geophysical
Survey
VANCOUVER, BC
,
July 30, 2024
/CNW/ -
Finlay Minerals (TSXV: FYL) (OTCQB: FYMNF)
("Finlay"
or the
"Company")
is pleased to report that a Controlled-Source Audio-Frequency
Magnetotellurics ("CSAMT") ground geophysical survey completed on its 100% owned Silver Hope
Property has confirmed four target areas.
In
May 2024
, Finlay contracted
Peter E. Walcott
and Associates to complete 5 lines of CSAMT
covering 8.8 kilometres over four target areas of the Silver Hope Property. These target areas
included the Main Trend/West Cu-Mo Porphyry, the East Trend 1, and the Dina East. (
Refer to news
release FYLNR05-24: "Finlay Minerals Ltd. outlines seven priority targets on the Silver Hope"
dated
May 14, 2024
for further details on all the targets on
www.sedarplus.ca
or visit Finlay
Mineral's website at
www.finlayminerals.com
)
CSAMT, is a low-impact, non-intrusive ground geophysical survey which provides higher resolution
images of near-surface rock types and layers and identifies resistive geological features such as
conductive mineralized zones to depths of up to 2,000 metres (m).
Finlay conducted CSAMT over the Main Trend and West Cu-Mo Porphyry as a baseline study to get
a generalized signature for the known mineralized zones. The CSAMT survey was then extended
over East Trend 1 and 2 to test the subsurface where biogeochemical and mercury vapour gas
surveys identified targets with known soil geochemical, ZTEM conductive and airborne magnetic
anomalies. A further two CSAMT lines were conducted over the Dina East Target where ALS
GoldSpot outlined overlapping porphyry and polymetallic targets coinciding with favorable ZTEM
conductivity and airborne magnetic results.
Finlay Minerals confirms Targets on the Silver Hope from completed CSAMT Geophysical Survey
(CNW Group/Finlay Minerals Ltd.)
To view the individual CSAMT section lines,
CLICK HERE
.
The highlights of the CSAMT geophysical survey identified:
Low resistive trends that coincide with linear magnetic highs and conductive trends within the
Main Trend, East Trend 1 and East Trend 2.
The West Cu-Mo Porphyry high resistivity anomaly extends to the west for
200m
and to the
south for
650m
and could extend further to the west.
The Main Trend and West Cu-Mo Porphyry are on the eastern portion of a larger elliptical
magnetic anomaly.
The Dina East target is similar to the Main Trend with low resistive trends that coincide with
linear magnetic highs and conductive trends all within the target area defined by ALS GoldSpot
and Finlay.
Robert F. Brown
, President & CEO of Finlay states:
"
The CSAMT survey both expanded the Main and West Cu-Mo porphyry mineralized zones and
defined the East Trends 1 & 2, and Dina East as viable new drill targets
.
Further definition CSAMT
and field work are planned for the autumn.
"
Lines L5400 and L4750 were successful in identifying the mineralization seen along the Superstition
and Gaul Zones of the Main Trend which coincides with a linear magnetic high and conductive trend.
East Trend 1 and East Trend 2 hosted similar geophysical signatures.
The CSAMT was successful in identifying the Superstition and Gaul Zones, within the Main Trend,
and showing that the zones remain open at depth and to the southwest. Superstition mineralization
had a low resistivity anomaly where SH14-03 intersected
90.7m
assayed 0.17% Cu, 9.0 g/t Ag and
0.04 g/t Au from
310.3m
*
and SH11-12 intersected
111.5m
assayed 0.16% Cu, 23.1g/t Ag and 0.29
g/t Au from
204.0m
**
. This low resistive anomaly trends to the south to the Gaul Zone. The Gaul
Zone was within a near vertical low resistivity anomaly where SH21-08 intersected
133.0m
assayed
0.30% Cu, 7.6 g/t Ag and 0.03 g/t Au from
32.0m
***
and where SH20-04 intersected
62.2m
assayed 0.25% Cu, 11.6 g/t Ag and 0.06 g/t Au from
59.8m
.
****
(See * References below).
The West Cu-Mo Porphyry was identified with a high resistivity and coincident magnetic low. The
West Cu-Mo Porphyry had a high resistivity anomaly along L5400 and extends to the south for
650
m
to L4750. Along L4750 and L4400 the high resistivity anomaly representing the West Cu-Mo
Porphyry gets skewed and possibly extends to the west.
East Trend 1 was identified last year with a multi-element biogeochemical anomaly within a 600 x
800m
with >100 ppm Cu soil geochemical anomaly. This low resistivity anomaly also correlates with
a chargeability high and has yet to be drill tested.
The Main Trend, East Trend 1, East Trend 2 and West Cu-Mo Porphyry are part of a larger elliptical
magnetic anomaly that includes the Sam Target. The Main Trend, East Trend 1 and East Trend 2
correspond to linear resistivity signatures and corresponding linear magnetic anomalies which wrap
around a magnetic low and resistive high corresponding to the West Cu-Mo Porphyry which then
wraps around a magnetic high. This target area could represent a large porphyry center which could
be the cause for the mineralization in the area. Only a small portion of this target has been explored.
The Dina East target area was tested with two short CSAMT lines to follow up two targets
generated by ALS GoldSpot and Finlay staff. L3300 and L4000 were designed to test a porphyry
target and an overlapping polymetallic vein, a porphyry mineralization style target and a ZTEM
conductivity trend. A steeply west dipping low resistivity feature was present on both lines
corresponding to the overlapping polymetallic vein porphyry targets identified by ALS GoldSpot, and
a conductive trend. This feature is similar to the low resistivity anomaly seen along the Gaul Zone
and East Trend 1. Also, L4000 is another near vertical low resistivity anomaly along a ZTEM
conductive trend identified as a porphyry target by ALS GoldSpot. Each line in Dina East had a
deeper low resistivity anomaly wrapping around a high resistivity anomaly which correlates with a
porphyry target as identified by ALS GoldSpot. These targets have had little to no known surface
work and have recently been logged with easier access.
References:
*
SH14-03, refer to BC Assessment Report Number 35888
**
SH11-12, refer to BC Assessment Report Number 32622a &
32622b
***
SH21-08, refer to BC Assessment Report Number 40283
****
SH20-04, refer to BC Assessment Report Number 39406
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 four
properties in northern
British Columbia
. In addition to the 21,691 hectare Silver Hope Property, the
Company has:
The
SAY Property,
covering 10,587 hectares (ha), is within a relatively underexplored corridor
of the Stikine Terrane. The SAY has a 4.3 km high-grade Cu-Ag mineralized trend which
encompasses the Spur showing, and a Mo-Cu porphyry target at the Shel.
The
ATTY Property
covers 4,498 ha 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
, covering 13,965 ha 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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For further information:
For further information, contact: Finlay Minerals Ltd., Ilona Lindsay, Vice
President, Corporate Relations & Director, Tel: 604-684-3099, [email protected]
CO: Finlay Minerals Ltd.
CNW 08:30e 30-JUL-24