VANCOUVER, BC, Nov. 12,
2024 /CNW/ - Finlay Minerals Ltd. (TSXV:
FYL) (OTCQB: FYMNF) ("Finlay" or the "Company") is pleased
to announce that Cascadia Minerals Ltd., ("Cascadia"), the optionor
of the PIL Property, announced results of their 2024 drilling and
surface exploration work on the PIL Property. Exploration results
from the PIL Property referenced in this news release are taken
from Cascadia's news release dated October
23, 2024 entitled: "Cascadia Releases 2024 Exploration
Results, with Multiple High-Grade Copper-Silver-Gold Discoveries in
BC", which can be found on www.sedarplus.ca.
PIL 2024 Summary-
- Cascadia completed two diamond drill holes totaling 1,759
meters ("m") at the PIL South target and a property-wide
prospecting program evaluating under explored areas;
- Drilling at PIL South returned broad intervals of
low-grade copper ("Cu"), gold ("Au"), silver ("Ag"), molybdenum
("Mo") and zinc ("Zn") mineralization, with Cu-Au grades increasing
towards the bottom of both holes suggesting that the drillholes are
distal to a porphyry source;
- PILS-24-006 returned 162.00
m of 0.10% Cu with 0.05 g/t Au, 7g/t Ag, and 0.18% Zn
from 749.00 m, including
1.65 m of 1.34% Cu with 0.63 g/t Au
and 195 g/t Ag;
- Prospecting identified the Zeus target: a new high-grade Cu-Ag
mineralized zone across a 400 x 300m area and a 100
m vertical extent; highlight vein samples from Zeus include
12.25% Cu with 0.26 g/t Au and 329 g/t Ag and 7.13% Cu
with 0.29 g/t Au and 247 g/t Ag;
- Prospecting at the undrilled Ben showing, 2.5 km north-west of
Zeus, identified a new 300 m long zone of Cu-Ag
mineralization, with a highlight sample returning 10.90% Cu with
39.50 g/t Au and 2,680 g/t Ag from outcrop;
- Prospecting on a ridge-top 500 m east of the Atlas target
returned high-grade mineralization over 100m, including 5.64% Cu, 0.11 g/t Au and 337
g/t Ag;
- Cascadia has met the Year 3 exploration work requirements and
the PIL Option Agreement remains in good standing.
Robert F. Brown, President &
CEO of Finlay Minerals states:
"The 2024 deep drilling and surface exploration program at
the PIL property continues to enhance and expand the areas of
mineralization on the project. Both Finlay and Cascadia teams
are continuing their technical reviews of the data to best focus
continued exploration and drilling efforts, in particular, at the
porphyry copper PIL South target."
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 would hold interests in the Property of 70% and 30%,
respectively, and a joint venture would 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 heart of 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 Property is neighboured by TDG Gold Corporation's Sable/Baker
Property, Freeport McMoRan - AMARC Resource's joint venture Joy
Property, and Skeena Resource's Sofia Property and is also 25 km
northwest of Centerra Gold's Kemess South Mine 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.
About Finlay Minerals Ltd.
Finlay is a TSXV company focused on exploration for base and
precious metal deposits with four properties in northern
British Columbia:
- The ATTY Property covers 4,498 hectares (ha) 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-venture 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;
- The PIL Property, which covers 13,965 ha in the heart of
the Toodoggone region, has numerous porphyry Cu-Au ± Ag targets and
associated epithermal Au-Ag mineralization;
- The Silver Hope Property covers 21,690 ha 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 >2 km 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, and
- The SAY Property covers 15,234 ha and is located
140 km north of Smithers, B.C. The
SAY Property is within a 135 km-long belt of relatively unexplored
Stikine Terrane from American Eagle Gold's NAK and Amarc
Resources/Boliden Minerals Canada's Duke Cu-Mo-Ag-Au porphyry
prospects in the south to the Red Spring sediment hosted Cu-Ag
mineralized showing in the north. The SPUR and SHEL zones are the
most advanced targets on the property. The SPUR is a high-grade
Cu-Ag structural controlled vein and breccia target extending for
4.3 km with assays up to 15.8% Cu and 993 g/t Ag. The SHEL target
area is a Cu-Mo porphyry identified by historic mapping and
drilling.
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.