Finlay Minerals Announces Resignation of two Directors

Overview

Finlay Minerals (TSXV:FYL) is an exploration and development company focused on identifying and delineating economic precious and base metals projects in the province of British Columbia. The PIL-Gold, Silver Hope and ATTY properties are all located in northern British Columbia and benefit from the region’s stable government and mining-friendly policies.

Finlay Minerals has explored the PIL property for nearly two decades, revealing nine distinct zones of mineralization on the property. Thanks to recent advancements in exploration technology and expertise, the company believes there is potential to access deep porphyry systems at PIL at depths beyond 1,000 meters below the surface. Finlay Minerals intends to pursue further exploration including a property-wide airborne magnetic survey, detailed geology/alteration/structural mapping, along with rock and soil sampling, to vector into the best copper-gold porphyry targets.

Finlay Mineral’s ATTY property is located in the Toodoggone River area of the Stikine Terrane in north-central British Columbia. The property comprises 3,393 ha located immediately north of the Kemess East and Kemess Underground deposits and six kilometres north of the Kemess South Mine and Mill of Centerra Gold. The Kemess Underground Deposit is currently under construction.

Finlay Mineral’s Silver Hope project is located in central British Columbia. The project claims surround the former Equity Silver Mine, which produced 33.8 million tonnes averaging 0.4 percent copper, 64.9 g/t silver and 0.46 g/t gold between 1981 and 1994. 2020 exploration work has included a property-wide airborne magnetic survey, expanded soil and till geochemistry, and compilation of past geological, geophysical, and geochemical data to define targets similar to the Equity Silver Mine.

Finlay Minerals boasts an experienced management team with a lengthy history of exploration and discovery in British Columbia. Leveraging this experience and technical excellence, Finlay Minerals prefers to target large-scale copper porphyry deposits with the belief that these mineralized systems have the potential to host district-scale resources.

Company Highlights

• Developing a portfolio of copper porphyry and epithermal gold resources in British Columbia
• Management team has significant experience in resources exploration and development, specifically in British Columbia
• British Columbia has long been recognized as a reliable mining jurisdiction with a safe and supportive government
• PIL project is comprised of 13,967 hectares in the Toodoggone River area made up of 39 mineral claims
• Silver Hope project comprises 38 mineral tenures totaling 14,165 hectares in central British Columbia
• Silver Hope claims surround the former Equity Silver Mine, which produced 33.8 million tonnes averaging 0.4 percent copper, 64.9 g/t silver and 0.46 g/t gold
• Management and insiders hold approximately 65 percent of Finlay Minerals

Key Projects

Finlay Mineral’s PIL Project

Finlay Mineral’s flagship PIL project comprises 13,967 hectares located in north-central British Columbia, east of the former Baker silver-gold mine and 35 km northwest of the former Kemess copper-gold open-pit mine. The PIL property is within the Toodoggone mining district, a mineral-rich belt that hosts numerous porphyry copper-gold and epithermal gold-silver deposits.

Finlay Minerals has been exploring the property for over 18 years, making a number of porphyry copper and epithermal silver-gold discoveries. Exploration at PIL has revealed nine distinct zones of mineralization on the property: the NW, Silver Ridge, NE, WG, Central, Gold, Atlas East, Atlas West, Pillar East and PIL South zones.

Mineralization discovered on the property to date has shown the potential for a large, deep-seated alkalic porphyry system which the company intends to explore with further detailed geology, alteration mapping, prospecting, deep IP surveys and deeper drilling to test for porphyry copper and epithermal gold-silver.

Advancements in exploration technologies have helped resource companies to leverage geological and geophysical data to locate larger, deep-seated “feeder” porphyry systems. These improvements have led Finlay Minerals to believe there is potential for the company to access possible deep porphyry systems that are at depths beyond 1,000 meters below the surface. The company believes the PIL project justifies further exploration including deep induced polarization (IP) surveys and deeper diamond drilling.

Modern Exploration

In 2016, Finlay Minerals discovered the Copper Cliff copper-silver occurrence within the Pillar East zone. The outcrop and talus sample grades found in the area are comparable to most operating copper mines in British Columbia. A 10-day hand trenching program was later conducted in 2018 to channel sample significant epithermal gold-silver mineralization at the PIL property. The work aimed to determine if previous rock soil anomalies were related to a single vein or a stockwork system of veins and breccias with economic potential.

Detailed channel sampling at PIL returned 102 rock samples from 14 trenches scattered along 500 meters of the 800-meter epithermal trend. The 2018 program identified nine new mineralized structures. Priority trench T2 was excavated at the site and returned a grab sample grading 19.95 g/t gold and 423 g/t silver. Trench T1 targeted a 0.5-meter quartz breccia boulder 40 meters north of T2 that assayed 6.57g/t gold and 13.1g/t silver.

Moving forward, Finlay Minerals intends to continue to explore the PIL property in order to improve its understanding of mineralization in the region. According to a May 2020 release, Finlay Minerals plans to conduct a property-wide, detailed airborne magnetic survey to detect structural features, rock types and alteration associated with porphyry systems. The company intends to follow-up this work with a summer program of geology-alteration-structure mapping, rock sampling and deep IP survey work over the resulting primary porphyry targets.

Finlay Mineral’s Silver Hope Project

Finlay Mineral’s Silver Hope copper-silver-gold project is located approximately 40 kilometers southeast of the town of Houston in central British Columbia. The property benefits from nearby infrastructure including year-round access via a service road to the former Equity Silver Mine. The project comprises 38 mineral tenures covering approximately 14,165 hectares. The claims that make up the Silver Hope project surround the past-producing Equity Silver Mine which operated from 1981 until 1994. Equity produced 33.8 million tonnes averaging 0.4 percent copper, 64.9 g/t silver and 0.46 g/t gold.

Modern Exploration

Finlay Minerals explored the Silver Hope property from 2010 to 2014, which resulted in the discovery of the Main Deep Horizon copper-silver-gold mineralization which has been interpreted as the southern continuation of the Equity Silver Mine. During this time Finlay Minerals also discovered a copper-molybdenum porphyry west of the Main Deep zone in an area known as the West Horizon. This early exploration work allowed Finlay Minerals to conduct a number of drill programs between 2004 and 2014, which revealed zones of mineralization across the property.

In 2018 Finlay Minerals conducted a deep induced polarization survey on the Silver Hope property. The focus of the survey was to target the suspected source of the copper-silver-gold occurrences found along a geological trend that extends south from the former Equity Silver Mine deposits. The company identified prominent chargeability and resistivity anomalies from near the Equity Silver property boundary down through the West Horizon, Hope, Superstition and Gaul zones found at Silver Hope.

In 2019 Finlay Minerals conducted follow-up exploration work at the Silver Hope project including 3D induced polarization (IP), magnetotelluric surveys and soil geochemical surveys. The deep Volterra 3D IP, resistivity and associated MT survey revealed deep targets that extended over 600 meters below the Main and Deep Horizon stock-work and vein mineralization. Additional chargeability and resistivity anomalies were identified near the Equity Silver property boundary at the north end of the property that continued south through the West Horizon, Hope, Superstition and Gaul zones. Two Finlay drill holes cut to 400 meters deep have encountered mineralization.

In May 2020 Finlay Minerals announced its plans to complete a property-wide detailed airborne magnetic survey in order to detect structural features, rock types, and alteration associated systems of mineralization. The company intends to follow-up on this work with a comprehensive program of till and rock sampling and deep IP surveys over priority targets. A limited drill program is planned to test the continuity of known high-grade mineralization in addition to new prospective targets.

Finlay Mineral’s ATTY Project

Finlay Minerals ATTY property is located in the Toodoggone River area of the Stikine Terrane. Both the Stikine and Quesnel Terranes are known to host calc-alkaline to alkaline porphyry copper-molybdenum-silver-gold occurrences and mines, in addition to porphyry-related gold veins. The ATTY project comprises 12 mineral claim tenures covering a total of 3,393 hectares located directly north of the Kemess East Deposit and the Kemess Underground Mine.

The contiguous block claims that make up the ATTY property are located approximately 10 kilometers north-northwest of the former Kemess copper-gold mine. The property adjoins Centerra Gold’s Kemess project, where the Kemess Underground deposit is under construction. The ATTY property was previously optioned to Serengeti Resources in 2018, with the company terminating the option agreement in June 2020. Moving forward, Finlay Minerals intends to compile all exploration information, including Serengeti’s data, to fully assess the deep porphyry-related copper-gold-silver potential in the area.

Management Team

John Barakso, Chairman of the Board and Director

Mr. Barakso has a Masters degree in Geochemistry from the University of British Columbia and has 50 years of experience in grassroots exploration in British Columbia. He is a co-finder of the Kemess, Equity Silver, Huckleberry and Alice Arm Molybdenum deposits while working as Geochemist with Kennco Explorations (Western) Ltd. and Chief Geochemist for Anaconda American Brass. He was also the founder of Min-En Laboratories, Electrum Resource Corporation, Barakso Consultants and Finlay Minerals Ltd. Mr. Barakso has worldwide experience in the conceptualization and discovery of ore deposits and has authored and co-authored 27 published scientific papers.

Robert Brown, President, CEO and Director

Mr. Brown is a Professional Engineer with a degree in Engineering Geology from Queen’s University. His 40 years of experience in the mining industry includes 15 years with Lac Minerals Canada, and culminating in the position of VP Exploration for 12 years with Great Panther Silver Ltd. overseeing and directing exploration efforts at three mines sites and various exploration projects. Mr. Brown has also held senior management positions in the junior mining sector working on projects throughout the Americas, Eastern Europe and Indonesia, primarily with porphyry copper and epithermal gold deposits. He is a Qualified Person (QP) as defined by National Instrument 43-101.

Richard T. Dauphinee, CFO and Director

Mr. Dauphinee is a retired Chartered Accountant after 32 years of public practice; for 28 years he was a partner of Rick Dauphinee Ltd., Chartered Accountants and previously, he was a founding partner of Watson Dauphinee & Masuch, Chartered Accountants in Vancouver.

Warner Gruenwald, Vice President, Exploration and Director

Mr. Gruenwald has a Bachelor of Science degree in Geology from the University of British Columbia and has 35 years of exploration experience ranging from grassroots to advanced-stage exploration programs focused on precious and base metals. Mr. Gruenwald has operated as an independent consultant since 1985 and is the president of Geoquest Consulting Ltd. He is a Qualified Person (QP) as defined by National Instrument 43-101.

Alvin Jackson, Independent Director

Mr. Jackson has over 40 years of worldwide experience in mineral exploration and development. During his career, he has been directly involved with the exploration drilling and pre-feasibility studies on two major gold deposits (Detour Lake, Ontario and Golden Cross in New Zealand) and one porphyry copper deposit (Huckleberry, British Columbia), all of which subsequently became producers. Currently, Mr. Jackson serves as Director and Vice President, Exploration and Development of Freegold Ventures as well as a director of Canasil Resources and International Samuel Exploration.

Ilona Barakso Lindsay, Vice President, Corporate Relations

Ms. Lindsay has a Bachelor of Science degree in Microbiology from the University of British Columbia and has 15 years of experience in the mineral exploration field. She has been with the Company for 10 years and has been responsible for tenure management, accounting, corporate administration and recently, financings. Ms. Lindsay is also a director in the Barakso family companies.

David Schwartz, Corporate Secretary and Director

Mr. Schwartz has Bachelor of Commerce and Juris Doctor degrees from the University of British Columbia. He is a retired Barrister, Solicitor, Arbitrator and Notary with over 40 years experience in corporate and securities law predominantly with junior natural resource companies.

Peter Tegart, Independent Director

Mr. Tegart has a Bachelor of Science degree in Geology from the University of British Columbia and has over 45 years of experience as a geologist and mining executive. He has served as Western Manager for Serem Ltd. and Vice President, Exploration for Cheni Gold Mines.

Mr. Tegart has also been in charge of exploration, feasibility and production for the Moris Mine in Mexico formerly in production by Hochschilds of Peru. He was additionally responsible for resource definition and feasibility of the Lawyers Gold mine in BC and the acquisition of Manhattan Mineral’s Tambo Grande Project in Peru. Mr. Tegart served as President and CEO for Frontier Pacific Mining Corporation which was acquired by Eldorado Gold in 2009. He continues to be involved with several junior mining companies including Finlay Minerals Ltd.