Finlay Minerals Ltd. (TSXV: FYL | OTCQB: FYMNF) (“Finlay” or the “Company”) is pleased to announce that Cascadia Minerals Ltd., (“Cascadia”), the optionor of the PIL Property, announced results of their 2024 drilling and surface exploration work on the PIL Property. Exploration results from the PIL Property referenced in this news release are taken from Cascadia’s news release dated October 23, 2024 entitled: “Cascadia Releases 2024 Exploration Results, with Multiple High-Grade Copper-Silver-Gold Discoveries in BC”, which can be found on www.sedarplus.ca.
PIL 2024 Summary-
- Cascadia completed two diamond drill holes totaling 1,759 meters (“m”) at the PIL South target and a property-wide prospecting program evaluating under explored areas;
- Drilling at PIL South returned broad intervals of low-grade copper (“Cu”), gold (“Au”), silver (“Ag”), molybdenum (“Mo”) and zinc (“Zn”) mineralization, with Cu-Au grades increasing towards the bottom of both holes suggesting that the drillholes are distal to a porphyry source;
- PILS-24-006 returned 162.00 m of 0.10% Cu with 0.05 g/t Au, 7g/t Ag, and 0.18% Zn from 749.00 m, including 1.65 m of 1.34% Cu with 0.63 g/t Au and 195 g/t Ag;
- Prospecting identified the Zeus target: a new high-grade Cu-Ag mineralized zone across a 400 x 300m area and a 100 m vertical extent; highlight vein samples from Zeus include 12.25% Cu with 0.26 g/t Au and 329 g/t Ag and 7.13% Cu with 0.29 g/t Au and 247 g/t Ag;
- Prospecting at the undrilled Ben showing, 2.5 km north-west of Zeus, identified a new 300 m long zone of Cu-Ag mineralization, with a highlight sample returning 10.90% Cu with 39.50 g/t Au and 2,680 g/t Ag from outcrop;
- Prospecting on a ridge-top 500 m east of the Atlas target returned high-grade mineralization over 100m, including 5.64% Cu, 0.11 g/t Au and 337 g/t Ag;
- Cascadia has met the Year 3 exploration work requirements and the PIL Option Agreement remains in good standing.
Robert F. Brown, President & CEO of Finlay Minerals states:
“The 2024 deep drilling and surface exploration program at the PIL property continues to enhance and expand the areas of mineralization on the project. Both Finlay and Cascadia teams are continuing their technical reviews of the data to best focus continued exploration and drilling efforts, in particular, at the porphyry copper PIL South target.”
Pursuant to the option agreement, Cascadia 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, Cascadia and Finlay would hold interests in the Property of 70% and 30%, respectively, and a joint venture would 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 heart of 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, Freeport McMoRan – AMARC Resource’s joint venture Joy Property, and Skeena Resource’s Sofia Property and is also 25 km northwest of Centerra Gold’s Kemess South Mine and 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.
