Finlay Minerals reports on Completion of the Second Year PIL Property Option Terms by Cascadia Minerals Ltd.
Finlay Minerals reports on Completion of the
Second Year PIL Property Option Terms by
Cascadia Minerals Ltd.
VANCOUVER, BC
,
Jan. 3, 2024
/CNW/ -
Finlay Minerals Ltd.
(TSXV: FYL) (OTCQB: FYMNF)
(
"
Finlay
" or the "
Company
") is pleased to report that Cascadia Minerals Ltd. ("
Cascadia
") (formerly
ATAC Resources Ltd.) has fulfilled its Year 2 obligations pursuant to the PIL Property Option
Agreement (the "
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
on
www.sedarplus.ca
).
Pursuant to the Option Agreement, Cascadia may exercise the option to acquire a 70% interest in
the Property by making aggregate cash payments of
$650,000
, 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 Agreement, Cascadia and Finlay would hold interests in the Property of 70% and 30%,
respectively, and a joint venture would be formed.
Results of the 2023 PIL field work program will be reported by Cascadia when all results are
received and duly compiled.
The PIL Property is located in the heart of the Toodoggone mining district of north-central
British
Columbia
. Multiple porphyry copper-gold and vein-related gold-silver targets have been identified on
the PIL and it is neighboured by TDG Gold Corporation's Sable/Baker Property, Canasil Resource's
Brenda Property, AMARC Resources/
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 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 two
additional 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 year-round 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 and Director
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.
View original content:
http://www.newswire.ca/en/releases/archive/January2024/03/c6439.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 03-JAN-24