Finlay Minerals Ltd. is pleased to
announce the discovery of porphyry intrusive (granitic) related
copper-molybdenum and volcanic hosted copper mineralization on its 100% owned
Silver Hope project in central British Columbia. A program of approximately
2,000 metres of diamond core drilling has been
completed in six holes. Drilling commenced on the West Horizon that is
defined by a strong induced polarization (IP) chargeability anomaly situated
in an undrilled area of the property. The early indications of porphyry style
mineralization focused the 2010 program upon this new discovery.
Drilling was conducted on three sections
spaced 200-250 meters apart. All holes intersected substantial core length
intervals containing pyrite and chalcopyrite (copper mineral) along with
minor amounts of molybdenite and trace amounts of tetrahedrite. Drill holes ranged from 260 to nearly 500
meters long with some mineralized sections exceeding 100 meters in length.
Five holes intersected significant
lengths of porphyry intrusion related copper and molybdenite
mineralization in clay and potassically altered monzonitic rocks. Approximately 200 metres
easterly of the porphyry mineralization, the bottom of drill hole SH 10-04
intersected a wide interval of what is believed to be a new zone of
chalcopyrite mineralization hosted by volcanic rocks.
Finlay Management is very encouraged by
these discoveries. The porphyry hosted mineralization may have potential
ramifications relating to the interpretation of the historic high-grade
silver-copper mineralization situated just to the east along the Main Horizon
and its depth potential in relation to an underlying deep seated gravity
anomaly. The wide intersection of copper bearing volcanics
is significant as this may represent a new style of mineralization along the
Main Horizon.
All core samples have been delivered to
SGS (formerly Assayers Canada) and results are expected in 4 - 6 weeks.
Additionally, the Company has cancelled
the $406,000 balance of its $640,000 Financing announced April 15, 2010.
Warner Gruenwald,
P. Geo and Vice President, Exploration for Finlay Minerals, the Qualified
Person as defined by National Instrument 43-101, supervised the Silver Hope
exploration program and reviewed the information contained in this news
release.
Finlay Minerals Ltd. trades under the
symbol "FYL" on the TSX Venture Exchange. The Silver Hope property
is part of a strategic move to expand the Company's presence in B.C., and to
complement the Company's Toodoggone projects in
northern BC. Documentation about the Company and properties can be viewed on
the company's website at www.finlayminerals.com.
On behalf of the Board of Directors,
John J. Barakso,
Director
The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or the accuracy
of this release.
For further information
Finlay Minerals Ltd., 912 - 510 WEST
HASTINGS ST, VANCOUVER, B.C., CANADA, V6C 3B6, TELEPHONE: 604-684-3099, FAX:
604-684-3098
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