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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.
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