Vancouver, BC - February 26, 2015 - Finlay Minerals Ltd. (TSXV:FYL) (the “Company”) announces the results of a three hole drilling program (1,200 metres) conducted in late 2014 on its 100%-owned Silver Hope Property located southeast of Houston, B.C. and immediately south of the former Equity Silver Mine.
Several copper-silver and gold mineralized zones were intersected in drill holes SH14-02 and SH14-03 along the Main and Main Deep Horizon in a geological setting similar to the former Equity Silver Mine. The Company’s work has now extended the strike length of these north-south trending zones to 1.73 km. Further drilling is warranted as these mineralized zones are open along strike and to depth.
Drill Program Highlights include:
- SH14-02 intersected 61.25m of 0.05 g/t Au, 55.29 g/t Ag, 0.29% Cu with a CuEQ of 0.90%
including 10.25m of 0.19 g/t Au, 318.77 g/t Ag, 0.88% Cu with a CuEQ of 4.32%
- SH14-03 intersected 7.40m of 0.17 g/t Au, 25.89 g/t Ag, 0.29% Cu with a CuEQ of 0.69%
intersected 90.70m of 0.04 g/t Au, 8.79 g/t Ag, 0.15% Cu with a CuEQ of 0.28%
including 8.25m of 0.03 g/t Au, 17.30 g/t Ag, 0.40% Cu with a CuEQ of 0.60%
CLICK HERE for a Drill Hole Location Map of the Silver Hope Property.
Significant Intersections - Silver Hope 2014
| DDH | From (m) | To (m) | Length (m) | Au g/t | Ag g/t | Cu % | Copper Equivalent % |
|---|---|---|---|---|---|---|---|
| SH14-02 | 38.00 | 99.25 | 61.25 | 0.050 | 55.29 | 0.29 | 0.90 |
| Includes | 62.60 | 82.00 | 19.40 | 0.048 | 10.26 | 0.34 | 0.49 |
| Includes | 89.00 | 99.25 | 10.25 | 0.195 | 318.77 | 0.88 | 4.32 |
| 224.25 | 251.50 | 27.25 | 0.081 | 5.71 | 0.23 | 0.36 | |
| SH14-03 | 18.00 | 59.20 | 41.20 | 0.013 | 2.31 | 0.14 | 0.18 |
| 165.00 | 201.70 | 36.70 | 0.012 | 3.44 | 0.14 | 0.18 | |
| 251.40 | 258.80 | 7.40 | 0.172 | 25.89 | 0.29 | 0.69 | |
| 310.30 | 401.00 | 90.70 | 0.041 | 8.79 | 0.15 | 0.28 | |
| Includes | 310.30 | 318.55 | 8.25 | 0.033 | 17.30 | 0.40 | 0.60 |
| Includes | 363.20 | 401.00 | 37.80 | 0.022 | 12.31 | 0.22 | 0.36 |
| 426.00 | 473.00 | 47.00 | 0.042 | 13.47 | 0.04 | 0.21 |
Notes:
- Copper Equivalent (CuEQ) is calculated using the following metal prices: Gold: $1,200/oz USD; Copper: $2.50/lb USD; Silver; $16.00/oz USD. Assumption includes 100% metallurgical recovery and net smelter returns.
- All lengths are reported as core length (metres).
Results reported are weighted averages with no top cutting and no internal waste. - Most samples are from 1 to 3 metres long. Precious metals range from <0.01g/t to 1.125g/t (Au) and 1.0 to 1,270 g/t (Ag).
- Finlay employs a rigorous quality assurance/quality control (QA/QC) program on the Silver Hope Property that includes the regular insertion of certified reference standards and blanks along with the collection of duplicate samples.
- Warner Gruenwald, P.Geo, Vice President, Exploration for Finlay Minerals Ltd., is the Qualified Person as defined by National Instrument 43-101 and he has prepared the scientific and technical content of this news release. Sample analysis was conducted by Acme Analytical Laboratories Ltd. in Vancouver.
Program Details:
Drill hole SH14-01 (350 m) targeted a large, deep Induced Polarization (IP) anomaly along the southern projection of the East Horizon Zone. Thick sequences of interbedded, volcaniclastic rocks, pyritic sediments and graphite were intersected. A few (<5m) zones of geochemically anomalous arsenic, silver, lead and zinc were identified. The sulphide - graphite content is believed to be the cause of the IP anomaly.
Drill hole SH14-02 (371 m) tested a strong IP chargeability anomaly delineated from surface to 400 metres deep in the Gaul Zone, the southernmost of the three Main Horizon mineral deposits. Andesitic volcanic and conglomeritic rocks with variable amounts of pyrite, chalcopyrite and localized tetrahedrite, galena and sphalerite were intersected down hole to nearly 300 metres. Two distinct, wide intervals of copper and silver mineralization including some higher grade zones were identified. Although the upper half of the hole was situated between two historic holes, SH14-02 yielded a longer and higher grade intercept. The lower mineralized intercept in this hole was below any of the nearby historic holes in this zone. The sulphide content is believed to be the cause of the strong IP anomaly.
Drill hole SH14-03 (473 m), located 120 metres west of hole SH11-12 (76 metres @ 0.43g/t gold, 29g/t silver and 0.20% copper), was drilled to test the down dip extent of this new Main Deep Horizon mineralization. Sulphide mineralization was found throughout much of the hole. Sulphide-rich breccias were intersected and appear similar, albeit narrower than those up dip in SH11-12. Extensive and often intense alteration marked by silicification, quartz veining and sericite are commonly associated with pyrite, chalcopyrite and localized tetrahedrite, arsenopyrite and sphalerite. The overall extent of mineralization and alteration is however, substantially more widespread than in SH11-12. This zone is open along strike (north-south) and to depth.
Analytical data reveals multiple zones of mineralization with the most significant beginning at a down hole depth of 251 metres. Gold and silver content were less than in SH11-12 likely due to less extensive sulphide-rich breccia and fractured zones. As with SH11-12, this hole contains anomalous amounts of arsenic, bismuth and tellurium. The bottom eleven metres of this hole differs markedly from SH11-12 due to the distinctly anomalous levels of silver, bismuth, molybdenum, tellurium and tungsten.
Although the early exploration focus was for Equity Silver Mine type Cu-Ag deposits, the Company’s work in 2010 and 2011 also resulted in the discovery of a previously unknown Cu-Mo porphyry. In addition, the discovery of mineralization beneath the known mineral occurrences and below historic drilling has identified potential for the discovery of deep polymetallic replacement-type mineralization related to a magmatic (intrusive) source along a five kilometre “mine structure” (i.e. Equity Silver South). The Company’s discoveries to date have formed a strong basis for future exploration programs
About Finlay Minerals Ltd.
Finlay Minerals is a TSX Venture Exchange company focused on exploration for base and precious metal deposits in northern British Columbia. The company’s flagship property, Silver Hope, 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).
On behalf of the Board of Directors,
Robert F. Brown, P. Eng.
President & CEO
For further information, contact:
Corporate Information & Investor Inquiries:
Finlay Minerals Ltd.
John Barakso, Chairman of the Board
Tel: 604-684-3099
jbarakso@finlayminerals.com
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 or otherwise, except as required by applicable law.