VANCOUVER, BC, Oct. 13,
2022 /CNW/ - Finlay Minerals Ltd. (TSXV:
FYL) (OTCQB: FYMNF) ("Finlay" or the "Company")
is pleased to announce that ATAC Resources Ltd. ("ATAC"), the
optionor of the PIL Property, has announced results of their Phase
1 surface exploration work on the PIL Property, located in the
heart of British Columbia's
Toodoggone district. This work program included prospecting,
mapping, and Induced Polarization ("IP") geophysical surveys. Phase
2 work was recently completed, including follow-up prospecting,
mapping, and re-sampling of historical core, with results
pending. ATAC's news release dated October 12, 2022, with the exploration result
details, was filed on the SEDAR profile of ATAC Resources Ltd. and
can be found on www.SEDAR.com.
Exploration Highlights
*:
- Prospecting returned high-grade samples, including 78.3 g/t
gold with 2,830 g/t silver at the Atlas target and 18.4%
copper with 111 g/t silver at the Spruce target;
- Sampling at the PIL South target returned strong mineralization
in outcrop, including 3.9% copper and 601 ppm molybdenum in a
large underexplored 2.3 x 1.5 km copper-gold ±
silver-lead-zinc soil anomaly;
- Geophysical surveys identified a strong chargeability
response underlying the PIL South target area within
propylitically-altered volcanic rocks, and
- Crews have recently completed a Phase 2 program, including
additional prospecting at PIL South and Atlas, and re-sampling of
historic Atlas core.
Robert F. Brown, President &
CEO of Finlay Minerals states:
"The 2022 PIL exploration has advanced the PIL South,
Copper Cliff and Copper Ridge
porphyry, and the Atlas and Spruce epithermal vein targets.
ATAC has easily exceeded the first-year option requirements and we
look forward to further successful efforts. Finlay is
pleased with the results and target sizes."
The first phase of exploration work at PIL included prospecting,
mapping, hyperspectral alteration sampling, soil sampling, and IP
surveys. A total of 295 rock samples and 589 soil samples were
collected and sent for assaying; 10 line-kms of IP were also
completed on the Spruce, PIL South and Copper Ridge targets.
(*Reference: ATAC Resources Ltd. news release dated
October 12, 2022, filed on SEDAR and
found at www.SEDAR.com.)
Pursuant to the option agreement, ATAC 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, ATAC 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 Property is
neighboured by TDG Gold Corporation's Sable/Baker 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 the former Kemess South Mine and 15 km east of
Benchmark Metal's Lawyer's Project.
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) accept
responsibility for the adequacy or accuracy of this
release.
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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, including, without limitation, statements regarding the
anticipated benefits and completion of the Option Agreement and the
continued exploration work on the PIL Property.
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 risks
that the Company will not receive the necessary regulatory or stock
exchange approvals, market prices, exploration results,
availability of capital and financing, 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 (including stock
exchange 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.
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SOURCE Finlay Minerals Ltd.