VANCOUVER, BC, Nov. 20, 2024 /CNW/ - Finlay Minerals (TSXV: FYL) (OTCQB: FYMNF) ("Finlay" or the "Company") is pleased to announce assay results from the 2024 inaugural field exploration program on its high-grade copper ("Cu") and silver ("Ag") SAY property in northern British Columbia.
The field program concentrated on chip sampling and mapping along the 4.3 kilometre (km) long SPUR Trend, leading to the discovery of the AG Zone and confirming the continuity of high-grade Cu-Ag mineralization in the East Breccia Zone. As a result of these highly encouraging results, the Company staked an additional 4,665 hectares (ha) increasing the size of the property by 44%.
Highlights:
Discovery and expansion of the AG Zone, a 200-meter x 200-meter (m) zone displaying multi-directional Cu-Ag mineralized brittle fracturing, with a 9.5-meter chip sample assaying 0.94% Cu and 18.1 g/t Ag and another 4.5-meter chip sample assaying 0.85% Cu and 35.3 g/t Ag; the AG Zone remains open to the west and south (see Figure 1).
Multiple high-grade Cu-Ag chip samples in the East Breccia Zone demonstrate continuity and grade along its trend, including a 21.7-meter sample that assayed 1.17% Cu and 103.5 g/t Ag, a 10.0-meter sample that assayed 1.62% Cu and 164.5 g/t Ag, and a 20.3-meter sample that assayed 0.57% Cu and 72.6 g/t Ag (see Figure 2).
Extension of the East Breccia Zone to 500 meters along strike. It remains open to the southeast. The widths of this zone vary from 0.1 m to 3.75 m, with one chip sample measuring 3.75-meter and assaying 2.41% Cu and 271 g/t Ag.
High-grade Cu and Ag breccias/shears were chip sampled within the Western Shear, including 3.25-meter sample assaying 5.90% Cu and 369 g/t Ag.
Expansion of the property by 44% with the staking of a further 4,665 ha to the west of the SPUR Trend, enlarging the property to 15,234 ha.
Planning is underway for a substantial and systematic 2025 exploration program to enlarge the new AG Zone, vector into the source of the Cu-Ag mineralizing system, and continue the evaluation of the Cu-Ag fracture mineralization noted along the 4.3 km long SPUR Trend (see Figure 3).
A total of 47 chip and rock samples were collected, with 33 chip/composite samples, seven rock samples collected at the SPUR Trend, and seven at SHEL.
Robert Brown, President and CEO states:
"Finlay's recent field program along the known 4.3 km Cu-Ag SPUR Trend on the SAY property not only met but exceeded our expectations. The promising discovery of the AG Zone, a substantial 200 m by 200 m area, confirmation of continuity within the East Breccia Zone and high-grade samples from the Western Shear Zone resulted in key targets for in-depth evaluation in 2025. These high-grade targets and the newly acquired ground present exciting opportunities for further discoveries."
Figure 1. AG Zone - Copper (CNW Group/Finlay Minerals Ltd.)
Figure 2. East Breccia Zone - Copper (CNW Group/Finlay Minerals Ltd.)
For further maps showing Silver (Ag) geochemistry, CLICK HERE.
Table of Results:
Chip Sample Zone
SampleID
Easting NAD83 09N
Northing NAD83 09N
Outcrop Type
Bearing
Length (m)
Copper (%)
Silver (g/t)
East Breccia
H624036
634962
6212837
Outcrop
195
6.90
0.77
111.0
Trend not sampled
H624017
634958
6212825
Subcrop
190
7.80
1.04
101.0
1.17% Cu and 103.5 g/t Ag over 21.70m
H624018
634958
6212820
Outcrop
190
2.40
0.91
54.9
H624019
634956
6212818
Outcrop
190
5.20
0.82
81.8
H624021
634954
6212809
Outcrop
190
6.30
1.72
143.0
H624022
634953
6212803
Float
190
16.50
1.10
84.4
H624023
634952
6212787
Subcrop
180
2.70
1.64
117.0
1.63% Cu and 164.5 g/t Ag over 10.00 m
H624024
634951
6212784
Subcrop
190
7.30
1.62
182.0
H624025
634950
6212774
Float
19.00
0.29
18.9
H624026
634943
6212755
Outcrop
180
7.50
0.69
144.0
0.61% Cu and 94.1 g/t Ag over 15.70 m
H624027
634943
6212750
Outcrop
200
8.20
0.53
48.4
H624153
634956
6212820
Outcrop
271
0.90
2.98
256.0
Perpendicular chip sample to H624018
K634752
634952
6212776
Subcrop
300
3.75
2.41
271.0
Perpendicular chip sample to H624024
K634753
634941
6212741
Outcrop
265
2.50
1.65
170.0
Perpendicular chip sample to H624027
H624028
634905
6212723
Subcrop
220
7.80
0.63
52.0
0.57% Cu and 72.6 g/t Ag over 20.30 m
H624029
634901
6212717
Outcrop
190
5.70
0.61
51.5
H624030
634900
6212713
Subcrop
6.80
0.48
114.0
Trend not sampled
H624031
634898
6212695
Outcrop
185
4.80
0.74
62.1
1.23% Cu and 97.4 g/t Ag over 9.30 m
H624032
634897
6212691
Outcrop
205
4.50
1.76
135.0
Trend not sampled
H624033
634893
6212680
Subcrop
200
2.80
1.58
255.0
Trend not sampled
H624034
634892
6212668
Subcrop
6.20
2.00
127.0
H624154
634902
6212710
Subcrop
0.70
0.68
138.0
Perpendicular chip sample to H624030
K634754
634893
6212666
Outcrop
260
2.00
2.28
139.0
Perpendicular chip sample to H624034
H624035
634878
6212607
Outcrop
196
6.60
0.98
57.8
H624155
634876
6212603
Outcrop
278
1.50
1.11
64.0
Perpendicular chip sample to H624035
Between East Breccia and AG
D368978
634722
6212519
Outcrop
255
4.50
1.67
131.0
H624008
634517
6212450
Outcrop
320
4.00
0.89
14.9
0.94% Cu and 18.1 g/t Ag over 9.50 m
H624009
634516
6212455
Outcrop
320
5.50
0.98
20.4
AG
K634756
634458
6212452
Outcrop
125
3.00
0.98
51.3
H624010
634454
6212444
Outcrop
200
4.50
0.85
35.3
K634755
634452
6212454
Outcrop
145
3.00
1.35
16.6
H624014
634398
6212473
Subcrop
30
6.50
0.40
13.4
Western Shear
H624156
634525
6212824
Outcrop
70
3.25
5.90
369.0
Note: Continuous chip samples, by their nature, are selective samples and may not represent underlying mineralization.
The AG Zone:
The AG Zone, located southwest and on trend from the East Breccia, shows increased fracturing, shearing, and brittleness in the volcanic lower Jurassic Telkwa Formation of the Hazelton Group. It features significant alteration and mineralization in the surrounding structures, with a mineralized footprint of approximately 200 m x 200 m, characterized by micro-veinlets filled with bornite, chalcocite, and chalcopyrite. Minor diorite and monzonitic dikes are also present. The zone remains open to the west and southwest, where outcrops are obscured by talus and vegetation. Previously, it was identified as sporadic float and outcrop samples with dikes intruding through the Telkwa Formation.
The East Breccia:
Ten zones were chip sampled in the SPUR area, focusing on the East Breccia Zone, which was sampled at three locations perpendicular to the trend. Mineralization includes pink k-feldspar and calcite-forming veins and breccia containing chalcocite, bornite, chalcopyrite, malachite, and galena. The concentration of mineralization is higher in the matrix than in the clasts. Although the East Breccia is thin and discontinuous in the north, it thickens to the south, with wider dilation zones that yield higher average grades of copper (Cu) and silver (Ag). These zones are often adjacent to recognizable faults, resulting in reduced outcrop exposure. Chip sampling aimed to better understand the mineralization styles, breccia composition, and potential feeder zone. The program successfully confirmed that high-grade Cu and Ag mineralization extends along strike of the East Breccia Zone.
Preparations are underway for the 2025 exploration program, which will include mapping and sampling along the 4.3-km SPUR Trend to identify additional high-grade Cu-Ag structures and to potentially expand the AG Zone to the south and west. An airborne magnetic survey will also be conducted to help identify structural trends.
The SAY Property now spans 15,234 ha, situated 140 km north of Smithers, B.C and lies within a 135 km-long belt of unexplored Stikine Terrane, extending from American Eagle Gold's NAK and Amarc Resources/Boliden's Duke prospects in the south to the Red Spring sediment hosted Cu-Ag mineralized showing in the north.
Sampling Methods & QA/QC:
Chip sample breaks were generally selected by changes in the quality of the outcrop exposure. Sub-outcrop was defined as areas with abundant angular material that conformed to the expected orientation and width of the projected breccia but may have shifted apparently due to frost heave. Float was only sampled in areas where the breccia was angular, abundant, and concentrated along the expected strike. For areas defined as float, composite samples were collected: golf ball sized pieces of breccia were selected at 0.5 m intervals.
The chip and rock samples were collected at the exploration site in sample bags and a sample tag was placed in each sample bag. Sample information was catalogued within handheld devices. Samples were then placed into sealed and secure bags and dropped off at ALS Global Laboratory in Kamloops, BC. Rock samples were crushed to 70% less than 2 mm, rotary split off 250 gram ("g"), and pulverized and split to better than 85% passing 75 microns. Rock samples were analyzed for 48 elements by four-acid digestion super trace (ME-MS61) on a 0.25 g sample. Gold was analyzed by fire assay on a 30 g sample with an AAS finish (method Au-AA23). Over limit copper and silver were re-analyzed by four-acid digestion and an ICP finish on a 0.4 g sample.
In addition to the ALS Global Laboratory QA/QC protocols, Finlay implements an internal QA/QC program that includes the insertion of standards and blanks into the rock sample stream.
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 SAY, the Company has two Toodoggone Properties and the Silver Hope Property surrounding the past-producing Equity Silver Mine:
The ATTY Property covers 4,498 hectares 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-venture 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, which covers 13,965 hectares 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.
The Silver Hope Property covers 21,690 hectares and surrounds the past-producing Equity Silver Mine in the prospective Skeena Arch region of central B.C. The Silver Hope contains the Main Trend which is a >2 km Cu-Ag-Au mineralized trend with mineralization starting at surface. West of the Main Trend is the West Cu-Mo Porphyry which is also mineralized starting from surface. The Property hosts a network of forestry roads and trails and has all-year access from Houston, BC.
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 SAY 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.
