VANCOUVER,
BC, Jan. 11, 2024 /CNW/ - Finlay Minerals
Ltd. (TSXV: FYL) (OTCQB: FYMNF) ("Finlay" or the
"Company") is pleased to announce that Cascadia Minerals
Ltd. ("Cascadia") (formerly ATAC Resources Ltd.), the
optionor of the PIL Property, has announced results of their Year 2
surface exploration work on the PIL Property, located in the heart
of the prolific Toodoggone porphyry copper-gold and epithermal
precious metals district of northern British Columbia. Work in 2023 included a
TITAN deep induced polarization ("IP") geophysical survey at the
PIL South target, as well as prospecting and mapping focused
primarily in the underexplored northeastern portion of the
property, at the Spruce target.
Cascadia's news release dated January 9, 2024: "Cascadia Samples 9.01% Copper
and Prepares for 2024 Diamond Drilling at PIL Property,
British Columbia", with the
exploration result details, was filed on the SEDAR+ profile of
Cascadia and may be referenced on www.sedarplus.ca.
Some PIL 2023 Exploration Highlights:
- Deep IP survey at the PIL South target identified a
classic porphyry signature below shallow historical drilling that
intersected typical high-level pyrite mineralization and
alteration;
- The IP survey signature underlies a 2.5 x 2.0 km
gold-copper ± molybdenum soil and rock sample
anomaly at surface;
- Prospecting at the Spruce target identified significant
copper, silver and molybdenum samples along a 2.6 km
trend;
- Spruce rock sample highlights include 9.01% copper with
212 g/t silver and 0.26 g/t gold in float,
and 3.75% copper with 101 ppm molybdenum in outcrop,
and
- Planning is underway for 2024 exploration,
including diamond drilling at PIL South in 2024 to
test the porphyry target at depth and geophysics and mapping to
prepare Spruce for drilling.
Robert F. Brown,
President & CEO of Finlay Minerals states:
"I am absolutely delighted that the PIL
project has been advanced to a planned 2024 drill program on the
PIL South porphyry target. The Spruce surface work, to be enhanced
with further rock sampling, mapping, and IP surveys in 2024, has
defined a large 2.6km long trend of mineralization indicative of a
possible high-level porphyry system. Cascadia has easily exceeded
its second-year option requirements and we look forward to further
successful efforts. Finlay is pleased with the robust results and
large target sizes."
Pursuant to the option agreement, Cascadia may
exercise the option and acquire a 70% interest in the PIL Property
for consideration totaling $1.9
million and $12 million of
work in staged amounts on or before December
31, 2026. Following the exercise of the option, Cascadia and
Finlay will hold interests in the Property of 70% and 30%,
respectively, and a joint venture will be formed. (Reference:
Finlay News Release 03-22 dated March 1,
2022 – "Finlay Minerals signs Definitive Agreement for the
Option of its PIL Property.")
The PIL Property is in the Toodoggone Mining
District of British Columbia and
contains several mineralization types including epithermal
gold-silver, porphyry copper-gold-molybdenum and skarn gold. The
PIL is neighboured by TDG Gold Corporation's Baker-Shasta Property,
Canasil Resource's Brenda Property, AMARC Resource's Joy Property
and Skeena Resource's Sofia Property. The PIL Property is also 25
km northwest of Centerra Gold's Kemess project[GD1] and 15 km east
of Thesis Gold's Lawyer's Project.
Qualified Person:
Wade Barnes, P.
Geo. and Vice President, Exploration for Finlay Minerals and a
qualified person as defined by National Instrument 43-101, has
approved the technical content of this news release, but has not
verified the technical data from the Cascadia Minerals news release
dated January 9, 2024. Adam
Coulter, M.Sc., P.Geo., Vice President, Exploration for
Cascadia and a qualified person for the purposes of National
Instrument 43-101 approved the technical content for the Cascadia
Minerals news release which Finlay used to draft this release.
About Finlay Minerals
Ltd.
Finlay is a TSXV company also focused on
exploration for base and precious metal deposits on two other
properties in northern British
Columbia:
- The Silver Hope Property covers 213.11
km2 and surrounds the past-producing Equity Silver Mine
in the prospective Skeena Arch region of central B.C. The Silver
Hope contains the Main Trend which is a >2km Cu-Ag-Au
mineralized trend with mineralization starting at surface. West of
the Main Trend is the West Cu-Mo Porphyry which is also
mineralized starting from surface. The Property hosts a network of
forestry roads and trails and has all-year access from Houston, BC.
- The ATTY Property covers 33.93 km2 of
sub-alpine terrain in the southern Toodoggone region. The
Toodoggone is a northwest-trending belt of Triassic to Jurassic arc
terranes that hosts numerous significant porphyry Cu-Au ± Ag and
associated epithermal Au-Ag deposits. The ATTY Property is in
between and contiguous to Centerra Gold's Kemess Property and the
joint-ventured Joy Property held by Amarc and Freeport-McMoRan. The
ATTY's KEM target has similarities to the Kemess North Trend which
hosts the Kemess Underground and Kemess East deposits.
Finlay trades under the symbol "FYL" on the TSXV
and under the symbol "FYMNF" on the OTCQB. For further information
and details, please visit the Company's website at
www.finlayminerals.com
On behalf of the Board of Directors,
Robert F. Brown,
P. Eng.
President & CEO
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
Forward-Looking Information:
This news release includes certain "forward-looking information"
and "forward-looking statements" (collectively, "forward-looking
statements") within the meaning of applicable Canadian securities
legislation. All statements in this news release that address
events or developments that we expect to occur in the future are
forward-looking statements. Forward-looking statements are
statements that are not historical facts and are generally,
although not always, identified by words such as "expect", "plan",
"anticipate", "project", "target", "potential", "schedule",
"forecast", "budget", "estimate", "intend" or "believe" and similar
expressions or their negative connotations, or that events or
conditions "will", "would", "may", "could", "should" or "might"
occur. All such forward-looking statements are based on the
opinions and estimates of management as of the date such statements
are made. Forward-looking statements in this news release include
statements regarding, among others, the exploration plans for
the PIL Property. Although Finlay believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, exploration
successes, and continued availability of capital and financing and
general economic, market or business conditions. These
forward-looking statements are based on a number of assumptions
including, among other things, assumptions regarding general
business and economic conditions, the timing and receipt of
regulatory and governmental approvals, the ability of Finlay and
other parties to satisfy stock exchange and other regulatory
requirements in a timely manner, the availability of financing for
Finlay's proposed transactions and programs on reasonable terms,
and the ability of third-party service providers to deliver
services in a timely manner. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Finlay does not assume any
obligation to update or revise its forward-looking statements,
whether as a result of new information, future or otherwise, except
as required by applicable law.
SOURCE Finlay Minerals Ltd.
