Dec. 6, 2010 (Canada NewsWire Group) --
VANCOUVER, Dec. 6 /CNW/ - Finlay Minerals Ltd. is pleased to announce the results for the recently completed drilling program on its 100% owned Silver Hope project near Houston, BC. Six diamond drill holes totaling 2,036 metres were completed along the "West Horizon" geophysical (IP) anomaly and resulted in the discovery of porphyry intrusive related copper-molybdenum (Cu-Mo) and volcanic-hosted copper mineralization (see the web-site at www.finlayminerals.com for a Location Plan Map of the 2010 Drilling).
Finlay management is particularly pleased with the widths and grades of the drill intersections. The combination of drill holes ending in mineralization, and the porphyry system being open to the north and west, all point to excellent potential for expansion of this new discovery.
Highlights include, from SH10-03, 219.87 meters (from 38.90 meters depth) returning 0.30% copper, 0.02% molybdenum, and 3.4 g/t silver (to the end of the hole) (see tables below). Two hundred and sixty four (264) meters north, highlights from SH10-04 include 82.50 meters (from 353.0 meters depth) returning 0.51% copper and 9.3 g/t silver. One hundred and eighty four (184) meters to the west of the above intersection SH10-05 intersected 209.71 meters (from 6.7 meters depth) returning 0.29% copper, 0.014% molybdenum, and 1.6 g/t silver (to the end of the hole). From the same site, SH10-06 intersected 187.87 meters (from 5.2 meters depth) returning 0.28% copper, 0.027% molybdenum, and 2.1 g/t silver.
| Significant Intersections - Silver Hope 2010 | ||||||
| DDH |
From (m) |
To (m) |
Width (m) |
Ag (g/t) |
Cu % |
Mo % |
| SH10-01 | 136.25 | 143.09 | 6.84 | 0.74 | 0.14 | 0.013 |
| 267.25 | 287.20 | 19.95 | 1.00 | 0.18 | 0.002 | |
| 328.91 | 332.18 | 3.27 | 15.70 | 0.27 | 0.004 | |
| 347.60 | 353.60 | 6.00 | 5.55 | 0.18 | 0.003 | |
| SH10-02 | 0.00 | 260.90 | 260.90 | 1.23 | 0.17 | 0.020 |
| includes | 124.05 | 198.07 | 74.02 | 2.34 | 0.24 | 0.020 |
| 397.85 | 409.80 | 11.95 | 5.83 | 0.23 | 0.005 | |
| 433.70 | 495.91 | 62.21 | 2.77 | 0.10 | 0.007 | |
| SH10-03 | 38.90 | 258.77 | 219.87 | 3.37 | 0.30 | 0.019 |
| SH10-04 | 27.56 | 55.94 | 28.38 | 4.86 | 0.16 | 0.013 |
| 291.00 | 313.00 | 22.00 | 15.65 | 0.22 | 0.002 | |
| 353.00 | 435.50 | 82.50 | 9.26 | 0.51 | <0.002 | |
| includes | 375.00 | 387.00 | 12.00 | 13.62 | 0.83 | <0.002 |
| includes | 397.00 | 405.00 | 8.00 | 20.45 | 1.25 | <0.002 |
| SH10-05 | 6.70 | 216.41 | 209.71 | 1.62 | 0.29 | 0.014 |
| SH10-06 | 5.20 | 193.07 | 187.87 | 2.10 | 0.28 | 0.027 |
Drilling took place on three sections, spaced 205-264 meters apart. All six drill holes intersected substantial core length intervals of disseminated and fracture-veinlet controlled chalcopyrite (copper), locally abundant molybdenite and minor amounts of tetrahedrite (silver-copper) mineralization. Drilling did not encounter any high concentrations of arsenic, antimony or lead.
Finlay's work has also identified a new and potentially mineralized north-south horizon one kilometer east of the Main Horizon, referred to as the "East Horizon". It has so far been traced by geological mapping as a rhyolite unit with an associated 2.5 kilometer IP anomaly and anomalous soil geochemistry. During the 2010 program, road work uncovered a 1.5 meter shear zone containing 2.16 g/t Au, 195.3 g/t Ag, 0.42% Pb, and 0.14% Zn within the East Horizon, which has seen virtually no drilling.
Having established the exploration potential of the IP anomalies, Finlay management will now begin the process of compiling drill hole, assays, geological and geophysical data into a 3-D program to model the porphyry system and plan the next phase of drilling.
Warner Gruenwald, P.Geo, and V.P. Exploration for the Company, is the Qualified Person, as defined by National Instrument 43-101 and managed the exploration program on the Silver Hope project. Samples were sent to the SGS (formerly Assayers Canada) laboratory in Vancouver, B.C. for multi-element analysis. A program of QA/QC is in place which included the insertion of blank, standard and duplicate samples.
Finlay Minerals Ltd. trades under the symbol "FYL" on the TSX Venture Exchange.
On behalf of the Board of Directors,
Robert Brown, P. Eng.,
President & C.E.O.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Finlay Minerals Ltd., 912 - 510 WEST HASTINGS ST, VANCOUVER, B.C., CANADA, V6C 3B6,
TELEPHONE: 604-684-3099, FAX: 604-684-3098