Finlay Minerals purchases high-grade copper-silver SAY Property
"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
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 BearLake 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 inthe Golden Triangle (Red Chris and Brucejack Mines, Newmont Corp.), Toodoggone (formerKemess Mine ,Centerra Gold Ltd. ) and Skeena Arch (formerGranisle 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
The Transaction is subject to acceptance by the
Qualified Person:
About
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 fromHouston, 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,
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.
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