VANCOUVER, Nov. 21 /CNW/ - The Board of Directors of Finlay Minerals Ltd.
("The Company") is pleased to announce the completion of the 2005 exploration
program on the Pil North property in the Toodoggone camp of northern British
Columbia.
The 2005 exploration program focused on the Northwest, the Silver Ridge
and the Atlas East Zones. Geochemical and geophysical surveys along with
detailed mapping and ten drill holes (2,586 metres) were completed over the
Silver Ridge and NW Zones. Detailed sampling and mapping along with two
diamond drill holes (504 metres) were completed on the Atlas East Zone. The
following table outlines the significant drill intersections from the 2005
program.
<<
-------------------------------------------------------------------------
Drill Zone Core Intercept (m) Au Ag Cu Mo W Zn
Hole (x) --------------------- g/t g/t % % ppm % Comments
From To Length
-------------------------------------------------------------------------
-------------------------------------------------------------------------
PN05- 100m NE of
01 NW 207.50 227.30 19.80 0.075 0.004 PN04-09
-------------------------------------------------------------------------
PN05- 310m W of
02 NW 69.90 117.05 47.15 0.075 0.005 PN04-09
142.65 207.75 65.10 0.140 0.004 Monzonite
-------------------------------------------------------------------------
PN05-
03 SRN 76.25 78.25 2.00 1.47 57.5 Shear zone
Altered
40.50 159.00 118.50 28 0.15 intrusive
Silicified
and
381.05 441.35 60.30 63 0.33 brecciated
-------------------------------------------------------------------------
Quartz-
PN05- magnetite
04 SRN 44.00 56.60 12.60 0.40 veinlets
Fractured,
altered
69.00 154.85 85.85 2.3 24 0.13 intrusive
-------------------------------------------------------------------------
Quartz-
PN05- magnetite
05 SRN 37.00 69.00 32.00 0.43 veining
-------------------------------------------------------------------------
PN05- Abandoned
06 SR hole
-------------------------------------------------------------------------
PN05-
07 SR 103.00 106.50 3.50 6.9 Shear Zone
Silicified,
sheared
125.90 154.80 28.90 42 0.21 intrusive
-------------------------------------------------------------------------
PN05- Silicified
08 SRN 379.50 436.95 57.45 29 0.15 monzonite
-------------------------------------------------------------------------
PN05- 300m SW of
09 NW 6.10 8.95 2.85 7.8 PN04-09
Limonitic
14.70 28.00 13.30 0.113 intrusive
Silicified
48.50 203.50 155.00 0.064 0.002 intrusive
Monzonite
277.70 348.70 71.00 0.080 0.005 intrusive
Bottom of
347.00 348.70 1.70 0.154 0.013 88 0.46 hole
-------------------------------------------------------------------------
PN05-
10 SR 7.90 10.20 2.30 6.8 Shear zone
Quartz
diorite
18.90 26.50 7.60 1.05 intrusive
Hole lost
in fault
18.90 121.00 102.10 19 0.07 at 121m
-------------------------------------------------------------------------
AE05-
01 AE 124.10 129.40 5.30 0.22 7.2 Andesite
Breccia
157.40 158.20 0.80 5.71 46.7 0.149 0.011 228 1.00 Zone.
Mineralized
213.35 223.20 9.85 17.3 dike
-------------------------------------------------------------------------
Silicified,
AE05- brecciated
02 AE 27.65 31.85 4.20 0.47 8.1 andesite.
Fault and
41.30 49.70 8.40 0.27 5.7 breccia
Silicified
82.60 126.20 43.60 4.5 Andesite
Quartz-
carbonate
216.00 217.10 1.10 1.03 2.7 breccia.
-------------------------------------------------------------------------
(x)NW - Northwest, SR - Silver Ridge, SRN - Silver Ridge North,
AE - Atlas East
Northwest Zone
Three holes targeted the Northwest (NW) Zone. In 2004, drill hole PN04-09
intersected 300 metres of porphyry style mineralization with the bottom 168
metres grading 0.09% copper (Cu) and 0.004% molybdenum (Mo). 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 intersected several zones with
the longest (155m) containing 0.064% Cu and 0.002 % Mo. The last 1.70 metres
of PN05-09 grades 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 been
traced over an area of 400 by 400 metres and is open to the north, west and to
depth. Steeply west dipping, post-mineral dykes may obscure other areas with
unrecognized potential.
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 future exploration work and one hat may
significantly expand the NW Zone.
Silver Ridge and Silver Ridge North Zones
Exploration during 2004/05 has revealed the Silver Ridge Zone as a north-
northwest trending structural feature manifested by a five kilometre long by
500-metre wide silver-gold-lead-zinc soil geochemical anomaly. Electromagnetic
surveys and mapping reveal the zone to be comprised of a series of parallel
shears and silicified zones many of which are mineralized. Drill hole PN05-03
tested the Silver Ridge North Zone near a highly anomalous gold and silver
soil anomaly. This hole intersected a shear zone with 2.0 metres grading 1.47
g/t gold and 57.5 g/t silver. At increasing depth, the hole intersected zones
up to 68 metres wide consisting of strongly altered and pyritic intrusive
rocks (halo) that grade with depth into silicified and brecciated monzonite. A
60.3-metre section near the bottom of the hole contains sporadic, anomalous
copper along with 24 ppm tungsten and 0.13% zinc. It is evident that PN05-03
intersected Silver Ridge type mineralized structures but unexpectedly bottoms
in a mineralized porphyry system. Drill hole PN05-08, a 100-metre southerly
step out from PN05-03, bottomed in similar, but less extensive, tungsten-zinc
mineralization. The halo of very altered rocks encountered in these holes and
the underlying tungsten-zinc mineralized intrusive rocks may be evidence of
the vertical or lateral expression of a porphyry system. Petrographic analysis
will be conducted to assist in determining whether Silver Ridge North and the
NW Zones are part of a much larger porphyry system. Drill data suggests that
future exploration should be directed to the north which remains as one of the
untested potential extensions of the NW Zone.
Drill holes PN05-04, 05 were drilled in the Silver Ridge North Zone
approximately 250 m south-southeast of PN05-03 and targeted gold associated
with shears and quartz-magnetite veining. Both holes encountered low-grade
gold with the bottom 86 metres of PN05-04 also containing anomalous tungsten
and zinc.
Approximately 1.6 kilometres to the southeast of the above drill holes,
PN05-06, 07 and 10 targeted the Silver Ridge Zone near the high-grade silver
encountered in PN04-06. Drill hole PN05-07 intersected 3.50 metres of low-
grade silver again associated with a shear zone. This is followed at greater
depth by a 28.9 metre interval of highly anomalous tungsten and zinc. The high-
grade silver mineralization intersected in hole PN04-06 was tested by twin
hole PN05-10. This hole yielded a 2.30-metre interval grading 6.8 g/t silver
associated with a shear zone and a 7.60-metre interval of quartz diorite
containing 1.05 g/t gold. Most of this hole contains anomalous tungsten and
zinc, a signature commonly seen along the Silver Ridge Zone. Extreme technical
difficulties due to a very unstable fault zone did not allow the completion of
the hole. For this reason, the high-grade silver mineralization and host
structure encountered in PN04-06 have not been tested or explained.
Atlas East Zone
The Atlas East Zone emerged as a new and very exciting epithermal gold-
silver exploration target. Surface sampling revealed abundant mineralized
talus float and bedrock comprised of silicified quartz stockwork veining, and
breccia. This mineralization is associated with a prominent gossan (rusty
zone) hosted by pyritic andesite. Mineralization has thus far been traced over
an area of 500 metres east-west by 200 metres north-south. The full extent and
orientation of this mineralization have yet to be determined. In general,
mineralized float is very near the bedrock source. Gold and silver occurring
as electrum, native gold, and argentite have been found in both float and
bedrock. Field observations and assays indicate the presence of coarse gold.
The table below highlights some of the noteworthy mineralization.
-------------------------------------------------------------------------
Sample UTM Location Sample Type Gold Silver
Number Easting Northing Description (g/t) (g/t)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Andesite talus float
DDR05-22 626758 6352743 (15 x 20 cm) 9.890 314.0
DDR05-22A 626758 6352743 Re-cut sample of above 19.500 151.5
Talus float of silicified,
GRR05-16 626968 6352963 pyritic andesite (20 x 25 cm) 7.390 179.4
GRR05-91 626900 6352752 Bedrock of massive white silica 5.580 151.5
Talus float of quartz
RMR05-03 627136 6352932 veined andesite (85 cm) 4.370 23.4
Bedrock of silicified,
RMR05-18 627000 6352903 pyritic andesite (30 cm) 32.970 481.9
Bedrock of silicified,
RMR05-18A East of above pyritic andesite (4.5 m) 0.548 23.9
Bedrock of silicified and
RMR05-18B West of above veined andesite (3.0m) 1.870 49.4
Quartz vein in andesite
SBR05-02 626776 6352747 bedrock (5cm) 15.030 640.0
Talus float of silicified,
WGR05-02 627002 6352975 veined andesite (25 cm) 6.360 31.9
Talus float of silicified,
WGR05-06 627078 6352954 veined andesite (to 1 m) 3.950 35.4
Quartz vein and stockwork
WGR05-11 627093 6352895 talus slope (across 8m) 5.160 97.8
Talus float similar to above
WGR05-12 627087 6352856 (25 cm) 5.850 119.7
Talus slab of milky quartz in
WGR05-35 626951 6352873 andesite (2 x 10 cm) 30.400 3549.0
Quartz float with argentite
WGR05-36 627103 6352877 and electrum (25 cm) 72.470 2187.0
-------------------------------------------------------------------------
Drilling intersected several zones of gold and silver mineralization with
the highest grade in AE05-01 where a 0.8-m breccia grades 5.71 and 46.7 g/t
gold and silver respectively. Multi-gram silver intercepts up to 43.6 m were
encountered in AE05-02. Drilling has tested only a small portion of Atlas East
and has not located the sources of the abundant mineralized float. Petrography
and PIMA spectroscopic testing will be done to gain a better understanding of
Atlas East. The latter technique will help define clay alteration types and
distribution. Definition of higher and lower temperature alteration clay
mineral assemblages is a key component in determining the proximity to
precious metal zones.
The Company is actively pursuing further projects in Canada, has minimal
corporate expenses and the financial ability to seize opportunities should
they arise.
Warner Gruenwald, P.Geo. Vice-President of Exploration for the Company is
the Qualified Person, as defined by National Instrument 43-101, and
responsible for the preparation of the technical information in this release.
Sample analysis was conducted by Assayers Canada of Vancouver, B.C.
Finlay Minerals Ltd. trades under the symbol "FYL" on the TSX Venture
Exchange. 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.
>>
