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.
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