Finlay Minerals Ltd. has announced the discovery of porphyry intrusive (granitic) related copper-molybdenum and volcanic hosted copper mineralization on its 100% owned Silver Hope project in central British Columbia.
A program of approximately 2,000 metres of diamond core drilling has been completed in six holes. Drilling commenced on the West Horizon that is defined by a strong induced polarization (IP) chargeability anomaly situated in an undrilled area of the property. The early indications of porphyry style mineralization focused the 2010 program upon this new discovery.
Drilling was conducted on three sections spaced 200-250 meters apart. All holes intersected substantial core length intervals containing pyrite and chalcopyrite (copper mineral) along with minor amounts of molybdenite and trace amounts of tetrahedrite. Drill holes ranged from 260 to nearly 500 meters long with some mineralized sections exceeding 100 meters in length.
Five holes intersected significant lengths of porphyry intrusion related copper and molybdenite mineralization in clay and potassically altered monzonitic rocks. Approximately 200 metres easterly of the porphyry mineralization, the bottom of drill hole SH 10-04 intersected a wide interval of what is believed to be a new zone of chalcopyrite mineralization hosted by volcanic rocks.
Finlay Management is very encouraged by these discoveries. The porphyry hosted mineralization may have potential ramifications relating to the interpretation of the historic high-grade silver-copper mineralization situated just to the east along the Main Horizon and its depth potential in relation to an underlying deep seated gravity anomaly. The wide intersection of copper bearing volcanics is significant as this may represent a new style of mineralization along the Main Horizon.
All core samples have been delivered to SGS (formerly Assayers Canada) and results are expected in 4 - 6 weeks.
Additionally, the Company has cancelled the $406,000 balance of its $640,000 Financing announced April 15, 2010.
Warner Gruenwald, P. Geo and Vice President, Exploration for Finlay Minerals, the Qualified Person as defined by National Instrument 43-101, supervised the Silver Hope exploration program and reviewed the information contained in this news release.