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Finlay Minerals Ltd
Symbol FYL
Shares Issued 74,167,848
Close 2018-04-24 C$ 0.05
Market Cap C$ 3,708,392
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Finlay Minerals samples 19.95 g/t Au, 423 g/t Ag at PIL

2018-04-24 11:59 ET - News Release

Mr. John Barakso reports

PIL PROPERTY UPDATE INCLUDING SUB-OUTCROP GRAB SAMPLE ASSAYING 19.95G/T GOLD AND 423G/T SILVER

Finlay Minerals Ltd. has provided an exploration update on its PIL property. In 2017, an airborne magnetic survey, geological mapping, soil and rock sampling, and an induced polarization (IP) geophysical survey were conducted over the Copper Cliff area and adjacent 800-metre-long gold-silver (Au-Ag) epithermal structure.

2017 exploration program highlights:

  • A quartz breccia suboutcrop grab sample over a 1.5-metre by 1.5 m area (W17R-01) was collected along the trend of the Au-Ag epithermal zone grading 19.95 grams per tonne Au and 423 g/t Ag -- the best results to date. This sample is 40 m south of a 2016 discovery of a 0.5 m quartz breccia boulder assaying 6.56 g/t Au and 13.1 g/t Ag.
  • An unusual breccia dike, 1.5 km westerly in the Atlas zone, containing granitic fragments not mapped in the area was re-examined. A selected 2017 grab sample (TAN-003A) of the dike with suspect chalcocite (copper mineral) assayed 2.76 per cent copper and 52 g/t Ag.
  • The IP survey identified a general increase in chargeability values with a weak but well-defined chargeability anomaly visible at the southern portion of the Au-Ag epithermal zone and north of the Copper Cliff; these weak chargeability results could be indicative of the (copper) mineralization being low in sulphides. Typically, it is high sulphides that trigger a strong IP response.
  • The geological mapping completed interprets the Copper Cliff as copper-silver mineralization, along with copper mineralized zones several hundred metres to the north and northwest occur as contact zones of hypabyssal (shallow depth) monzonite bodies and Toodoggone volcanic rocks.
  • Drilling continues to be warranted in order to test the potential for: 1) porphyry copper-molybdenum at the NW zone, 2) copper-silver at the Pillar East copper cliff zone and 3) precious metals along the Pillar East Au-Ag epithermal zone.

The company believes that the coincidental association of a large thorium/potassium anomaly, the Atlas East and Pillar East epithermal Au-Ag zones, the Copper Cliff occurrences, and granitic clasts in copper mineralized breccia dikes are potentially related to the effects of a large, deep-seated alkalic porphyry system.

Over the past several years, the exploration industry has successfully used geological and geophysical data to locate larger, deep-seated feeder porphyry systems. These mineralized zones are being found beyond the depths of historic deposits, as well as at former and currently operating mines; drilling to depths in excess of 1,000 m is now common. Based upon this, the company believes that some of the PIL property porphyry targets warrant deep IP surveys and deeper diamond drilling.

The PIL property is situated in the Toodoggone mining district, a mineral-rich belt that hosts numerous porphyry copper-gold (Cu-Au) and epithermal gold-silver (Au-Ag) deposits. The property lies northeast of the former Baker Au-Ag mine (Sable Resources) and 35 km northwest of the former Kemess copper-gold open-pit mine. Since 2003 the company has explored the PIL property for bulk tonnage porphyry copper-gold plus or minus molybdenum (Cu-Au-Mo) and epithermal Au-Ag deposits. Several large, visually prominent rusty zones (gossans) were explored by geochemical and geophysical surveys followed by diamond drilling (2003-2007). One target, the Northwest zone, yielded promising drill results with three holes ending in copper-molybdenum mineralization at relatively shallow depths of less than 350 m.

For further detailed and technical information on the 2017 and previous exploration programs conducted on the PIL, please visit the company's website.

Warner Gruenwald, PGeo, and vice-president, exploration for Finlay and a qualified person as defined by National Instrument 43-101, has supervised the exploration work and the preparation of the information that forms the basis for the scientific and technical information contained in this new release. Analysis of rock samples was conducted by Bureau Veritas (formerly Acme Labs) in Vancouver, B.C. The rock sample analysis was done using method AQ201 that utilizes an aqua regia digestion with ICP-MS analysis, while the silver and copper were done using method MA404, that utilizes a four-acid digestion followed by an atomic absorption finish.

About Finlay Minerals Ltd.

Finlay is a TSX Venture Exchange company focused on exploration for base and precious metal deposits in Northern British Columbia. The company's properties include:

  • The Silver Hope which 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 Mines (71 million ounces silver, 185 million pounds copper and 508,000 ounces gold); the Silver Hope property surrounds the former Equity silver mine;
  • The ATTY which is contiguous to the north side of the Kemess East deposit and adjacent to the Kemess Underground deposit of Centerra Gold Inc. and which was recently optioned to Serengeti Resources (Finlay news release 01-18 dated March 5, 2018);
  • The PIL property which is adjacent to Sable Resource's Baker mine.

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