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.
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.