VANCOUVER, BC, June 26,
2024 /CNW/ - Finlay Minerals (TSXV: FYL)
(OTCQB: FYMNF) ("Finlay" or the "Company") is pleased
to report that it has entered into an agreement (the "Purchase
Agreement") for the 100% purchase of the SAY Property (the
"SAY") 140 km north of Smithers,
BC.
Robert F. Brown, President &
CEO of Finlay Minerals, states:
"Initial rock sampling along the open-ended, and virtually
unexplored, Spur Target Area has discovered high-grade
copper-silver values associated with regional structures and a
magnetic-high trend. The Spur Trend along with the Shel
porphyry copper mineralization, mark the SAY Property as an
excellent exploration project, all within the prodigious Stikine
Terrane rocks of northern British
Columbia.
Finlay management looks forward to conducting an exploration
program in the near future to further evaluate and generate new
targets."
The SAY property covers 10,587 hectares (99.17km2) of
highly prospective ground and hosts multiple styles of high-grade
copper ± silver and molybdenum-copper mineralization in two known
target areas:
- the Spur Target area has outcrop rock sampling with up
to 15.8% copper ("Cu") and 993 g/t silver ("Ag") in
predominantly structurally-hosted Cu and Ag mineralization, with
78 of 129 rock samples collected to date yielding >1% Cu and
59 yielding >100 g/t Ag which have been sampled over 4.3
km along the Tsaytut Ridge. The Spur Trend is associated with a
55 km long NNW trending regional magnetic high feature along which
regional structural and redbed-type Cu-Ag, and porphyry Cu showings
exist.
- the Shel Target area hosts a 3 km x 2 km circular
magnetic anomaly with a coincident surface gossanous zone and a
copper-molybdenum ("Mo") soil geochemical anomaly. Historic
drilling intersected low grade Cu-Mo exemplified by 59.3 m assaying 0.08% Cu and 0.107% Mo from
77.7 m in hole 79-1 (Reference: BC
Mineral Assessment Report 8075).
- Both the Spur and Shel Target areas are within the
underexplored Bear Lake Corridor of the Stikine Terrane which hosts
several volcanic redbed / sediment-hosted Cu ± Ag showings and
prospects including the Copperline and Red Spring prospects. The
Stikine Terrane hosts first tier porphyry Cu-Au-Ag-Mo and
associated Au-Ag structurally controlled vein deposits in the
Golden Triangle (Red Chris and
Brucejack Mines, Newmont Corp.), Toodoggone (former Kemess Mine,
Centerra Gold Ltd.) and Skeena Arch (former Granisle Mine,
Amarc-Boliden).
- Within the Bear Lake corridor,
active porphyry Cu-Au exploration projects include the NAK property
of American Eagle Gold Corp., 90km to the south, and the Jake
property of Quartz Mountain Resources Ltd., 50km to the north of
the SAY Property.
- For further information on the SAY, CLICK HERE to
view the SAY Technical Presentation.
Pursuant to the Purchase agreement, Finlay will acquire the SAY
Property, for consideration of CDN$50,000. The SAY property is currently
subject to a 1.5% net smelter return royalty held by the vendor,
Electrum Resources Corporation ("Electrum"), with Finlay
retaining the right to buy back one-half of the NSR royalty (0.75%)
for an aggregate payment to Electrum of CDN$1,500,000. Lastly, upon completion of a
feasibility study on the SAY, Finlay will make an aggregate payment
to Electrum of CDN$300,000.
The Transaction is subject to acceptance by the TSX Venture
Exchange (the "TSXV") pursuant to TSXV Policy 5.3. No
finders' fees will be paid in connection with the Transaction and
no new insiders or control persons will be created.
Electrum and Baril Developments Ltd., each of which is a
private British Columbia company
controlled by Ilona B. Lindsay and
Dr. John A. Barakso, and a personal
trust of which John J. Barakso is
the sole trustee and of which Ilona B.
Lindsay and Dr. John A.
Barakso are beneficiaries, are the registered holders, in
the aggregate, of more than 20% of the voting rights attached to
the Company's issued and outstanding common shares. In addition,
each of Ilona B. Lindsay and Dr.
John A. Barakso is a director and/or
officer of the Company. As a result, the Transaction constitutes a
"related party transaction" within the meaning of TSXV Policy 5.9
and Multilateral Instrument 61-101 – Protection of Minority
Security Holders in Special Transactions ("MI
61-101"). The Company is relying on the exemptions from the
formal valuation and minority shareholder approval requirements of
MI 61-101 provided by subsections 5.5(a) and 5.7(1)(a) of MI
61-101, on the basis that, at the date of the Transaction, neither
the fair market value of the SAY Property to be acquired pursuant
to, nor the fair market value of the consideration for, the
Transaction exceeded 25% of Finlay's market capitalization as
determined in accordance with MI 61-10.
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 three properties in northern British
Columbia. In addition to the SAY Property, the
Company has three properties:
- The Silver Hope Property covers 213.11
km2 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
km2 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.
- The PIL Property, which covers 170 km2
in the heart of the Toodoggone region, has numerous porphyry Cu-Au
± Ag targets and associated epithermal Au-Ag mineralization. The
property is in Year 3 of a 5-year option to Cascadia Minerals Ltd.,
on completion of which Cascadia would acquire a 70% interest in the
PIL. Following the exercise of the option, Cascadia and
Finlay would hold interests in the Property of 70% and 30%,
respectively, and a joint venture would be formed.
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 & 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
Finlay's properties. 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, 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 financial 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.