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.
