Finlay Minerals reports completion of the 2023 field work at its PIL Property by Cascadia Minerals including sample results of 9.01% copper, 0.26 g/t gold, and 212 g/t silver, and plans for drilling in 2024
Finlay Minerals reports completion of the 2023
field work at its PIL Property by Cascadia
Minerals including sample results of 9.01%
copper, 0.26 g/t gold, and 212 g/t silver, and
plans for drilling in 2024
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 km
2
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 km
2
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.
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http://www.newswire.ca/en/releases/archive/January2024/11/c5394.html
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For further information:
Finlay Minerals Ltd., Ilona Lindsay, Vice President, Corporate Relations,
Tel: 604-684-3099, [email protected]
CO: Finlay Minerals Ltd.
CNW 08:30e 11-JAN-24