Finlay Minerals reports on Completion of First Year PIL Property Option Payment by ATAC Resources Ltd.
Finlay Minerals reports on Completion of First
Year PIL Property Option Payment by ATAC
Resources Ltd.
VANCOUVER, BC
,
Jan. 10, 2023
/CNW/ -
Finlay Minerals Ltd.
(TSXV: FYL) (OTCQB: FYMNF)
("
Finlay
" or the "
Company
") is pleased to report that the Year 1 option payments of cash and
shares has been completed by ATAC Resources Ltd. ("ATAC") pursuant to the PIL Property Option
Agreement dated
February 28, 2022
. (
Reference: FYL NR03-22 "Finlay Minerals signs definitive
option agreement for the option of its PIL Property" dated
March 1, 2022
).
Pursuant to the definitive option agreement, ATAC may exercise the option and acquire a 70%
interest in the Property by making aggregate cash payments of
$650,000
and share payments
having an aggregate cash equivalent value of
$1,250,000
, and incurring an aggregate of
$12,000,000
in exploration expenditures in staged amounts on or before
December 31, 2026
.
Following the exercise of the option, ATAC and Finlay will hold interests in the Property of 70% and
30%, respectively, and a joint venture will be formed.
ATAC had a very successful Year 1 exploration field season culminating in better defining numerous
targets on the PIL property using geological and alteration mapping, soil and rock geochemistry, and
induced polarization geophysical surveys in addition to prospecting and the re-sampling of historical
core. (
Reference: ATAC news release dated
October 12, 2022
and filed on SEDAR
). Finlay is
pleased with the 2022 field work and ATAC's commitment to the PIL Property and looks forward to
the upcoming 2023 field season.
The PIL property is centrally placed in the Toodoggone mining district of north-central
British
Columbia
. Multiple porphyry copper-gold and vein-related gold-silver targets have been identified.
The PIL Property is neighboured by TDG Gold Corporation's Sable/Baker Property, Canasil
Resource's Brenda Property, AMARC Resource's/Freeport McMoRan's joint ventured Joy Property
and Skeena Resource's Sofia Property. The PIL Property is 25 km northwest of the former Kemess
South Mine and property and is 15 km east of Benchmark Metal'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 in northern
British Columbia
.
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. 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
results, availability of capital and financing and general economic, market or business conditions,
and the other risk factors described in Finlay's filings with Canadian securities regulators on
SEDAR at
www.sedar.com
. 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.
View original content:
http://www.newswire.ca/en/releases/archive/January2023/10/c6398.html
%SEDAR: 00018019E
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 10-JAN-23