Finlay Minerals Ltd. press release
Summary of the 2005 Exploration Program on the Pil North Property
TSXV - TSX Venture Exchange · Copper · Gold · Silver · Molybdenum · Zinc · Canada
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
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