Finlay Minerals Ltd. (TSXV: FYL) (the “Company”) reports the completion of its second drilling program of 2011 on the Silver Hope Property near Houston, B.C.
The summer exploration program took place between early July and mid-September and entailed the completion of seven deep drill holes totaling 3,600 metres. Three holes tested the recently discovered West Horizon porphyry copper-molybdenite mineralization, three holes drilled the deeper portions of the Superstition Zone of the Main Horizon, and one hole was completed in the East Horizon to follow-up on coincident strong induced polarization (IP) and soil geochemical anomalies. Final assay results and data compilation will be released once available.
Drilling has successfully expanded the size of the West Horizon porphyry copper-molybdenum zone on the property to approximately 1,000 metres (north-south) by 175 metres wide. Drill hole SH11-05 (see news release of June 2, 2011) indicated porphyry mineralization extending vertically to depths of at least 600 metres. The porphyry is open to the south on the Silver Hope Property. In addition, copper mineralization was intersected in adjacent volcanic rocks up to 300 metres easterly of the porphyry body.
A geological model being developed by Finlay Minerals management envisions the West Horizon porphyry copper-molybdenum as core mineralization surrounded by an altered and mineralized shell of volcanic and sedimentary rocks that host the Main Horizon copper-silver “Equity Silver Mine” type mineralization. Drilling indicates that there is considerable potential between the West and Main Horizons in the extensive shell.
To date 74 holes have been drilled on the Silver Hope Property. Since September, 2010 Finlay has drilled 19 holes with 15 having identified the new copper-molybdenum porphyry system as well as the adjacent copper-silver mineralization below shallow historic holes drilled in the Main Horizon.
About Finlay Minerals Ltd.
Finlay Minerals is a TSX Venture Exchange company focused on exploration for base and precious metal deposits in north-central British Columbia. In addition to the company’s flagship property, Silver Hope, the Pil and Atty projects are situated in the Toodoggone region, a mineral- rich area that is host to several copper-gold porphyry and epithermal gold-silver deposits. New discoveries on the Pil property include the Northwest Zone copper-molybdenum porphyry mineralization and the Atlas East/Pillar East epithermal gold-silver zones.
The Company has disclosed all material news to date.
On behalf of the Board of Directors,
Robert Brown, P. Eng.
President & C.E.O.
For further information, contact:
Finlay Minerals Ltd.
John Barakso, Director
Tel: (604) 684-3099
G2 Consultants Corporation
NA Toll-Free: (866) 742-9990
Tel: (604) 742-9990
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 release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address exploration drilling and other activities and events or developments that Finlay Minerals Ltd. (“Finlay”) expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the placements and future exploration plans and expenditures. 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 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 for the transactions described herein, 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 events or otherwise, except as required by applicable law.