VANCOUVER, July 31 /CNW/ - The Board of Directors of Finlay Minerals Ltd.
("The Company") is pleased to announce that the exploration programs have
commenced on both the Pil North and Silver Hope properties.
The first phase of exploration at the Pil North property has commenced.
It consists of road construction to the Atlas East Zone and to the west side
of the Northwest (NW) copper-molybdenum (Cu-Mo) porphyry target. Core drilling
of these targets is slated to commence mid-August.
The 2005 magnetic survey outlined a prominent "magnetic low" along the
west margin of the NW Zone that coincides with a north-south fault separating
Toodoggone volcanics to the west and the mineralized intrusive rocks. This
area is a prime target for 2006 exploration work and one that may
significantly expand the size of the NW Zone.
In 2004, drill hole PN04-09 intersected 300 meters of porphyry style
mineralization with the bottom 168 metres grading 0.09% copper and 0.004%
molybdenum. In 2005, drill holes PN05-01, 02, and 09 were step out holes aimed
at testing the extent of this mineralization. The farthest step out holes
(PN05-02, 09) located 300+ m from PN04-09 intersected the widest Cu-Mo
mineralization. PN05-02 intersected 65.1m grading 0.140% Cu and 0.004% Mo
while PN05-09 cut several zones with the longest (155m) containing 0.064% Cu
and 0.002 % Mo. The last 1.70 metres of PN05-09 contains 0.154% Cu, 0.013% Mo
along with 88 ppm tungsten (W), and 0.46% zinc (Zn). The NW Zone is associated
with silicified, variably quartz veined and brecciated quartz diorite and
monzonite. Mineralization has thus far been traced over an area of 400 by
400 meters and is open to the north, west and to depth.
The Atlas East Zone has emerged as a new and very exciting epithermal
gold-silver exploration target. Surface sampling revealed abundant mineralized
talus float and bedrock of andesitic volcanics that have been silicified,
quartz stockwork veined and brecciated. Gold-silver mineralization is
associated with a prominent gossan (rusty zone) hosted by pyritic andesite.
Mineralization has thus far been traced over an area of 500 meters east-west
by 200 meters north-south. The full extent and orientation of this
mineralization have yet to be determined. Gold and silver occurring as
electrum, native gold, and argentite have been found in both float and
bedrock. Most mineralized float is very near the bedrock source.
At the 2,775ha Silver Hope property, 15.5 kilometers of line have been
cut covering the Hope, Superstition and Gaul zones. A reconnaissance style
geophysical program of deep penetrating induced polarization, magnetics,
gravity, and down-hole electro-magnetics will commence later this summer. The
geophysics will aid in the interpretation of the volcanic stratigraphy and
mineralization, and be used as a tool in the location of future deep drilling
efforts.
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. Documentation about the Company and properties can be viewed on the
company's website at www.finlayminerals.com.
On behalf of the Board of Directors,
Robert Brown, P. Eng., President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release.
