Finlay Minerals Updated 2020 Exploration Plans and 2019 Results
Finlay Minerals Updated 2020 Exploration
Plans and 2019 Results
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UNITED STATES
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VANCOUVER
,
May 11, 2020
/CNW/ -
Finlay Minerals Ltd. (TSXV: FYL)
("
Finlay
" or the
"
Company
") is pleased to provide an update to the Company's exploration plans for its PIL and
Silver Hope Properties and to report on its 2019 exploration results.
The Company raised
$500,000
cash, and
$500,000
flow-through (FT) funds by way of a private
placement financing in late 2019
(Reference: NR08-19 news release dated
December 18, 2019
:
Finlay Minerals announces the closing of non-brokered financings totalling
$1.0 million
)
. The
$500,000
cash will be used for general corporate and operating working capital, while the
$500,000
in FT funds will be used in 2020 to fund exploration work on the PIL and Silver Hope Properties.
In
January 2020
, the Company retained the geological consulting group Tripoint Geological Services
Ltd. ("Tripoint") to compile the Company's and historical data on its PIL and Silver Hope Properties.
Based on Tripoint's compilation and recommendations and the Company's technical team's review,
the following 2020 programs are planned:
PIL Property 2020 Exploration:
Compilation of the induced polarization ("IP") geophysics, geochemistry (soils, rocks, streams), core
drilling, and 2004 BC regional airborne magnetic and radiometric surveys have delineated a number
of porphyry copper-gold-molybdenum targets and associated epithermal gold-silver targets. To
complement this, a decision was made to conduct a property-wide, detailed airborne magnetic
survey, which will be useful in detecting structural features, rock types, and alteration associated
with porphyry systems. In mid-summer, following this magnetic survey, a comprehensive program of
geology-alteration-structure mapping, rock sampling, and deep IP survey work over the resulting
primary porphyry targets is planned.
$250,000
of the FT funds is budgeted for the 2020 PIL
Property program.
Silver Hope Property 2020 Exploration:
Compilation of IP, geochemical surveys, core drilling, a 2004 BC regional airborne AeroTem survey,
and a 2012 airborne ZTEM survey delineated several porphyry copper-silver-molybdenum and
Equity Mine-type mesothermal copper-silver-gold targets. As with the PIL Property, the Company
has decided to complete a property-wide detailed airborne magnetic survey, which will be useful in
detecting structural features, rock types, and alteration associated with the mineralized systems.
This will be followed up with a comprehensive program of till and rock sampling, and deep IP
surveys over priority targets. A limited drilling program will test continuity of known high-grade
mineralization, as well as new, prospective targets.
$250,000
of the FT funds is budgeted for the
2020 Silver Hope program.
COVID-19:
The rapid onset of the COVID-19 pandemic has delayed the commencement of the anticipated 2020
field work on the Company's properties, however, data analysis, targeting and planning have
continued. COVID-19 has affected travel and field work in BC and Northern communities are
concerned with non-local persons working in and near their communities. The safety of all persons is
paramount, and the Company will follow the Province of
British Columbia's
guidelines and timelines
to provide a safe working environment for all.
During the 2019 field season the Company conducted exploration of its Silver Hope and PIL
Properties.
Silver Hope:
In mid-2019 soil, silt, rock and glacial till sampling was conducted on four target areas of the
property. Prospecting and sampling on the western target resulted in the discovery of mineralized
float, the rock type of which suggests glacial transport from the northeast (Equity mine area).
Further east follow-up sampling of "Anomaly B", a 2018 multi-element soil anomaly, confirmed
geochemistry similar to polymetallic mineralization discovered in drill hole SH11-12 to the west.
(Reference: NR10-11 news released dated
November 29, 2011
: Finlay Minerals drills 76 metres
of 0.43g/t gold, 29.37g/t silver & 0.19% copper (0.91% CuEQ in a new style of mineralization on
the Silver Hope Property).
In another area further east, soil, till and rock samples were collected easterly and "up-ice" of a
multi-element anomalous glacial till sample collected during a 2010, BC Geological Survey (BCGS)
regional program. Anomalous multi-element geochemistry from the Company's 2019 work suggests
a possible mineralized source further east.
Most of the Company's 2019 work focused around
Allin Creek
in the eastern part of the property.
BCGS till sampling in this area yielded among the highest multi-element values of a regional survey.
In addition, this area is also the site of mineralized float discovered in 1992. The Company's till
sampling confirmed the BCGS sampling and identified strong, multi-element till anomalies at the
north end of the 2019 survey. This combined with bedrock glacial striations indicates a potential
northeasterly mineralized source area.
PIL Property:
In the third quarter of 2019 the Company conducted
117m
of hand trenching and rock sampling and
prospecting at several sites in the Pillar East and Atlas East epithermal Au-Ag Zones.
Prospecting at Pillar East resulted in the discovery of quartz-carbonate breccia talus boulders
assaying 7.33g/t Au and 154g/t Ag along with >2% combined Pb-Zn. This discovery being
elevationally higher than earlier trenching potentially represents a new mineralized zone. Trenching
revealed that a vein-breccia zone discovered in 2018 is up to 2-3 metres wide and open along strike.
Further south, an extension to a 2018 trench yielded
4.40m
grading 2.79g/t Au, 12.7g/t Ag and 2.4%
combined Pb-Zn.
At the Atlas East Zone, trench AT-2 yielded 8.5 metres grading 2.56g/t Au and 20.6g/t Ag.
Mineralization associated with silicification, brecciation and stockwork veining indicates this area is
the probable bedrock source of very high-grade, mineralized float found in the 2006/07 programs.
Re-examination and sampling of a narrow (5cm) vein just south of the creek at the Atlas East Zone
yielded 35.6g/t Au and 1,409g/t Ag along with anomalous Cu, Mo, Pb and Zn. This metal signature is
unusual for Atlas East and may signify deeper mineralization along an interpreted WNW trending
fault. Anomalous molybdenum (Mo) and tellurium (Te) in many Pillar East and Atlas East trench and
rock samples are suggestive of the thermal effect of a buried porphyry.
Collectively the Pillar East epithermal Au-Ag zones, the
Copper Cliff
volcanic-intrusive hosted Cu-Ag
zone and the Atlas East epithermal Au-Ag zones present excellent exploration potential. The
proximity of these zones to one of the largest government airborne Th/K anomalies along with
Black
Lake
diorites (host to the Kemess Cu-Au porphyry deposits) and breccia dikes containing granitic
and Cu mineralized volcanic fragments suggests the presence of an underlying porphyry system. In
addition, the property also hosts porphyry Cu± Mo± Au potential at the Northwest and PIL South
Zones.
Quality Control / Quality Assurance Program:
The sample analysis for the 2019 programs were completed at the Bureau Veritas Minerals
Laboratory in
Vancouver, BC
, an ISO/IEC 17025 and ISO 9001 accredited facility. The Company's
QA/QC included inserting certified analytical standards at every 20th sample for the trenching
program in addition to the laboratory's own quality assurance program.
Analysis of trench/rock samples was by ICP-MS (36 element) using a 15-gram sample following an
aqua regia digestion. Over limits for silver (>100 ppm) were by fire assay fusion of a 30gm sample
with a gravimetric finish. Base metal over limits (>10,000 ppm Pb, Zn) were analyzed by AAS. Till
sample analysis for the Silver Hope program was by aqua regia digestion and ultra-trace ICP-MS
(53 elements) on a 30gm sample. Soil/silt analysis was by aqua regia digestion and ICP-MS on a
0.5 gm sample.
The 2019 field work was supervised by
Warner Gruenwald
, P.Geo, Vice President, Exploration for
Finlay Minerals Ltd.
About Finlay Minerals Ltd.:
Finlay is a TSX Venture Exchange company focused on exploration for base and precious metal
deposits in northern
British Columbia
. 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
).
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 next
to the Kemess Underground deposit of Centerra Gold Inc. and which is currently under option to
Serengeti Resources Inc. (
Reference:
Finlay NR 01-18 dated
March 5, 2018
), and
the
PIL
Property, which is next 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.
Qualified Person:
Warner Gruenwald
, 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.
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.,
CEO & President
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 expected use of proceeds from the
referenced private placement financing and the exploration plans for the Company's PIL and Silver
Hope Properties. 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/May2020/11/c1131.html
%SEDAR: 00018019E
For further information:
Finlay Minerals Ltd., Robert Brown, President & CEO, Tel: 604-684-3099,
CO: Finlay Minerals Ltd.
CNW 08:30e 11-MAY-20