Finlay Minerals extends Gaul Zone Copper- Silver-Gold Mineralization 100 metres south
Finlay Minerals extends Gaul Zone Copper-
Silver-Gold Mineralization 100 metres south
VANCOUVER, BC
,
Jan. 23, 2023
/CNW/ -
Finlay Minerals Ltd.
(TSXV: FYL) (OTCQB:
FYMNF) ("
Finlay
" or the "
Company
") is pleased to announce that complete assay results have
been received for the 2022 Silver Hope core drilling program.
Follow-up drilling in the Gaul Zone along the Main Trend was completed with
SH22-07
intersecting
31 metres ("m")
(from
102 m
)
grading 0.2% copper ("Cu"), 11.8 g/t silver ("Ag"), and 0.22 g/t
gold ("Au"), including
11.42 m
(from
121.58 m
) grading 0.49% Cu, 30.1 g/t Ag, and 0.41 g/t Au
.
This extends the Gaul Zone mineralization to
600 m
along strike.
The majority of the
1,671 m
drill program was reconnaissance drilling divided between the Equity
East and Allin areas. (
CLICK HERE
to view the Silver Hope 2022 Drill Hole Property map
).
This first-time reconnaissance drilling focused on both porphyry Cu-Mo-Au and Equity Silver Mine
replacement Cu-Ag-Au type targets in a 16 square kilometer area containing anomalous soil and till
geochemistry, IP geophysical targets, and magnetic features reflecting the Goosly Intrusive Complex
("GIC"). The Equity Silver Mine (Newmont Corp.) mineralization lies along the western contact of
the GIC, while the Equity East and Allin areas of Finlay cover the eastern extension of the GIC. This
first phase drilling program at Equity East and Allin was conducted to gather subsurface geological
knowledge as the area is heavily vegetated and covered in glacial till with little to no outcrop.
The Main Trend's Gaul Zone:
The Main Trend is a 2 km Cu+Ag+Au mineralized trend that is composed of the Hope, Superstition
and Gaul Zones that occur along a similar mineralized trend that hosts the past-producing Equity
Silver Mine and the Southern Tail. Further drilling is necessary both as extension, in-fill, re-drilling
historical partially-assayed and just reported assay intercepts core holes to estimate the resource
potential of the Main Trend.
Hole
SH22-07
,
drilled to a depth of
210 m
, which intersected
31 m
(from
102 m
)
grading 0.2% Cu,
11.8 g/t Ag, and 0.22 g/t Au, including
11.42 m
(from
121.58 m
) grading 0.49% Cu, 30.1 g/t Ag,
and 0.41 g/t Au
was drilled to test 100 m south of
SH21-09
which intersected
76.57 m (from
80.23 m) grading 0.45% Cu, 14.6 g/t Ag, and 0.14 g/t Au
.
(
CLICK HERE
to view the Gaul Zone
map and the SH22-07 intercept
).
The Gaul Zone mineralization strikes south-southwest and dips to the west. SH22-07 intersected a
small portion of the Gaul mineralized zone and the mineralization remains open down dip, as well as
to the south and east. Additional drilling is planned on the Gaul Zone, which Finlay management
believes has the potential to host a significant copper resource. The Main Trend, and specifically the
Gaul Zone, host significant copper mineralization which is one of the critical elements for the future
identified by Natural Resources Canada.
Equity East Zone
:
The three Equity East drill holes (SH22-01, SH22-05, SH22-06) intersected modest galena and
sphalerite mineralization, including SH22-01 cutting 0.81 m (from
74.92 m
) grading 47.9 g/t Ag, 2.5%
lead ("Pb"), and 4.53% zinc ("Zn"). Drilling intersected overlying trachyandesites of the Ootsa Lake
Group and mixed monzonites of the GIC. Veining within SH22-05 over the first half of the hole
hosted galena, sphalerite, and chalcopyrite 1-4mm veins with a similar orientation to that of
mineralized veins at the Main Trend and parallel to the orientation of the drill hole thus not testing the
mineralization at the proper drill orientation. Presently, Finlay management is reviewing the oriented-
core vein orientations, the Terraspec alteration studies, and the geophysical survey results to further
refine targeting.
Allin Zone
:
The three Allin drill holes (SH22-02, SH22-03, SH22-04) intersected flows of trachyandesites,
monzonite sills and biotite-rich monzonite dikes. SH22-02 hosted alteration peripheral to a porphyry
Cu-Mo-Au system with increasing gypsum veining at depth, spotty quartz veining and increasing
chlorite, SH22-03 and SH22-04 displayed weak hydrothermal veining with pyrite and vuggy
carbonate veins with increasing clay alteration.. Again, the geophysics, alteration, drill hole geology,
and geochemistry are being reviewed to further refine targeting.
Sam Zone
:
During the 2022 exploration program, a soil sampling grid was conducted east of the Sam showing
covering the past historical drilling. A small soil sampling grid was also conducted west of the former
Equity Silver Mine. In total 147 soil samples were collected in the 2 areas. A multi-element anomaly
was identified east of the Sam Showing and historical drilling. This multi-element anomaly occurs
west of the West Horizon Cu-Mo porphyry system which is next to the Main Trend. Soil sample
assays were as high as
68 ppb Au, 11.7 ppm Ag, 487 ppm Cu, 126.5 ppm Pb and 313 ppm Zn.
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 2 mm, rotary split off 250 gram
("g"), and pulverised and 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 g sample (method ME-ICP61). Gold was analyzed by fire assay on a 30 g
sample with an AAS finish (method Au-AA23). Over limit copper, lead and zinc were re-analyzed by
four acid digestion and an ICP finish on a 0.4 g sample.
Soil samples were shipped in sealed and secure bags to the ALS Global Laboratory in
North
Vancouver
, BC. Soil samples were dried and sieved to -180 microns. Soil samples were assayed
by aqua regia digestion with ICP finish on a 25 g sample (method AuME-TL43).
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 2022 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 is a TSXV company focused on exploration for base and precious metal deposits in northern
British Columbia
.
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
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. 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
results, availability of capital and financing and general economic, market or business conditions,
and the other risk factors described in Finlay's filings with Canadian securities regulators on
SEDAR at
www.sedar.com
. 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/January2023/23/c2180.html
%SEDAR: 00018019E
For further information:
Finlay Minerals Ltd., Ilona Lindsay, Vice President, Corporate Relations,
Tel: 604-684-3099, [email protected]
CO: Finlay Minerals Ltd.
CNW 08:30e 23-JAN-23