VANCOUVER, Aug. 28, 2013 /CNW/ - Finlay Minerals Ltd. (TSXV: FYL) (the "Company") announces that a multi-phase exploration program will start immediately on the Silver Hope project, located southeast of Houston in central B.C. Detailed follow-up work will entail prospecting, geological mapping along with rock and soil sampling on multiple geophysical anomalies identified by the 2012 airborne ZTEM survey. (CLICK HERE for Silver Hope map with ZTEM Geophysics identified Anomalies, Horizons and Trends). Favourable targets will then be further tested by excavator trenching.
The ZTEM anomalies are of particular interest in that the Company has already verified that many of these anomalies are related to mineralized zones such as the WEST Horizon copper- molybdenum porphyry; the MAIN Horizon "Equity Silver Mine style" silver-gold-copper mineralization; and a high grade gold-copper mineralization associated with the East Horizon. These "Horizons" are exemplified by coincident ZTEM, Induced Polarization (IP), and gravity anomalies along with mineralization intersected by core drilling. The 2013 exploration program will target multiple ZTEM anomalies identified over a 5 by 7 kilometer area.
The Company is targeting world class mesothermal (silver-gold-copper Equity Silver Mine type) and porphyry type (copper-molybdenum) mineral deposits associated with monzonitic intrusions along regional north-south faulting.
The Silver Hope project has been the site of successful exploration by the Company. In 2010, long intercepts of porphyry copper-molybdenum mineralization were discovered (i.e. SH10-03 with 220 m @ 0.30% copper and 0.019% molybdenum) associated with what is known as the WEST Horizon. (CLICK HERE for Detailed Silver Hope Map with referenced Drill Hole Locations). Drilling in 2011 continued to define more porphyry mineralization with vertical drill hole SH11-05 ending in copper-molybdenum bearing porphyry at 602 meters.
A very significant discovery was gold-silver-copper mineralization with a distinct geochemical signature potentially related to a deep magmatic source in hole SH11-12 (76m @ 0.43g/t Au, 29g/t silver, & 0.20% copper (1.24g/t gold equivalent)). This mineralization occurs along what the Company refers to as the "MAIN DEEP" Horizon. Also discovered in 2011 was high - grade, structurally-related mineralization in hole SH11-08 (2.0m @ 498g/t silver and 0.22% copper) in the EAST Horizon.
The 2013 detailed analysis of the ZTEM, IP and drilling suggests that the "DEEP" component of the MAIN Horizon can be traced for >2.1 kilometers due south from the northern property boundary. SH11-12, the most southerly hole drilled on the MAIN DEEP Horizon, intersected brittle fracture-related mesothermal mineralization. The MAIN DEEP Horizon, for at least one kilometer south from hole SH11-12 and parallel to and east of the Gaul silver-copper mineralized zone, has not been drilled.
The Company also announces the termination of the agreement between Pointer IR (Justin Schroenn) and the Company effective August 31, 2013 where Pointer IR has provided investor relations services to the Company since March, 2012.
The Silver Hope project can be road accessed year-round for drilling programs. Warner Gruenwald, P. Geo., Vice President of Exploration for Finlay Minerals Ltd., is the Qualified Person as defined by National Instrument 43-101 and he has read and reviewed this news release.
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-gold-copper mineralized zones in a contiguous trend with the mined out deposits of the former Equity Silver Mines (71 million oz. silver, 185 million lbs. copper and 508,000 oz. gold).
On behalf of the Board of Directors,
Robert Brown, P. Eng.
President
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.
SOURCE Finlay Minerals Ltd.
For further information:
Corporate & Investor Inquiries
Finlay Minerals Ltd.
John Barakso, Chairman of the Board
Tel: 604-684-3099
info@finlayminerals.com
