Precious Metals

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Finlay Minerals Ltd. (TSXV: FYL) (" Finlay " or the " Company ") is pleased to announce that, due to strong investor demand for its non-brokered private placement previously announced on June 17, 2021 (the " Private Placement "), the Company has agreed to increase the size of the Private Placement from $2,000,000 to up to $2,635,000 .

Under the increased Private Placement, the Company will sell up to: (i) 18,166,666 units (each, a " NFT Unit "), at a price of $0.09 per NFT Unit, with each NFT Unit comprising one common share of the Company and one common share purchase warrant (each, a " Unit Warrant "); and (ii) 8,333,333 flow-through units (" FT Units "), at a price of $0.12 per FT Unit, with each FT Unit comprising one common share of the Company which qualifies as a "flow-through share" within the meaning of the Income Tax Act ( Canada ) and one Unit Warrant.  Each Unit Warrant shall entitle the holder thereof to acquire one additional common share of the Company (each, a " Warrant Share ") at an exercise price of $0.135 per Warrant Share for a period of twenty-four months from the issuance of each such Unit Warrant.

For further information regarding the Private Placement, please refer to the News Release dated June 17, 2021 , a copy of which is available on the Company's SEDAR profile at www.sedar.com .

About Finlay Minerals Ltd.

Finlay is a TSX Venture Exchange company focused on exploration for base and precious metal deposits in northern British Columbia . The Company's properties are:

  • the Silver Hope Property, which surrounds the former Equity Silver Mine, includes the 2020 newly discovered Equity East target, porphyry copper-molybdenum mineralization discovered in 2010, along with three silver-copper mineralized zones, in a contiguous trend with the mined-out deposits of the former Equity Silver Mine (71 million oz. silver, 185 million lbs. copper and 508,000 oz. gold; Reference : http://minfile.gov.bc.ca/Summary.aspx?minfilno=093L++001 ).
  • the ATTY Property which is contiguous to the north side of the Kemess East deposit and adjacent to the Kemess Underground deposit of Centerra Gold Inc., and
  • the PIL Property, which is adjacent to Sable Resource's Baker Mine, has eight known copper-gold-molybdenum porphyry mineralized zones including several gold-silver epithermal structural systems.

Qualified Person:

Robert Brown , P.Eng. is the qualified person as defined by National Instrument 43-101 and has approved the technical content of this news release.

Finlay Minerals Ltd. trades under the symbol "FYL" on the TSX Venture Exchange. 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 and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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. Forward-looking statements in this news release include statements regarding, among others, the anticipated size of the Private Placement.   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, and 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 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.

Cision View original content: http://www.newswire.ca/en/releases/archive/June2021/25/c1457.html

News Provided by Canada Newswire via QuoteMedia

TSXV:FYL

Finlay Minerals

Overview

Finlay Minerals (TSXV:FYL, OTCQB:FYMNF) 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. In March 2022, Finlay announced that it had entered into a definitive option agreement for the option of a 70 percent interest in its wholly owned PIL Property to ATAC Resources Ltd. (“ATAC”) exercisable for consideration totaling $1.9 million and $12 million of work. ATAC’s 2022 exploration plans will focus on the Copper Ridge target with detailed geological and alteration studies, and IP geophysics to develop drill 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

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 45 percent of Finlay Minerals.

Key Projects

PIL Project

PIL Project

Finlay Minerals’ flagship PIL project comprises 13,965 hectares located in north-central British Columbia and is neighboured by TDG Gold Corporation’s Sable/Baker Property, Canasil Resources’ Brenda Property, AMARC Resources Joy Property and Skeena Resources’ Sofia Property. The PIL Property is also 25km northwest of the former Kemess South Mine and 15 km east of Benchmark Metal’s Lawyer’s Project.

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 20 years, making several 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.

In March 2022, Finlay announced that it had entered into a definitive option agreement for the option of a 70 percent interest in its wholly owned PIL Property to ATAC Resources Ltd. (“ATAC”) exercisable for consideration totaling $1.9 million and $12 million of exploration work 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 percent and 30 percent, respectively, and a joint venture will be formed.

ATAC’s 2022 exploration plans will focus on the Copper Ridge target with detailed geological and alteration studies, and IP geophysics to develop drill targets. A drilling permit application was submitted in the spring of 2022 by ATAC and is being processed for the PIL.

The exploration program will focus on detailed geological and alteration studies, in addition to IP geophysics to develop drill targets. Permitting for future drilling has been submitted to the Ministry of Mines & Energy and Low Carbon Innovation. Follow-up mapping and sampling are also planned at the Copper Cliff target which hosts a 25m continuous talus sample that assayed 1.04 percent Cu. Other targets will be investigated depending on time and budget.

Silver Hope Project

Silver Hope Project

Finlay Minerals’ Silver Hope copper-silver-gold project is located approximately 70 km 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 41 mineral tenures covering approximately 15,900 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.

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 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 completed a property-wide detailed airborne magnetic survey in order to detect structural features, rock types, and alteration associated systems of mineralization. The company also did follow-up on this work with a comprehensive program of till and rock sampling and deep IP surveys over priority targets.

In 2021, Finlay completed 1,968m of drilling in nine holes on the Main Trend with all holes intersecting significant mineralization.

The Company also conducted 23.4 line kilometers (km) of IP surveys over the newly discovered Equity East and Allin Zones that lay east of the former Equity Silver Mine. In addition to the rock and soil sampling completed, Finlay identified a 3.5km by 3.5km soil anomaly in the Equity East Zone that is coincident with a magnetic high signature from the 2020 airborne magnetic survey.

In 2022, Finlay will conduct a 2,000m drill program with seven to nine drill holes planned for the Equity East, Allin, and Gaul Zones (MAIN Trend), in addition to in-fill Induced Polarization (IP) surveys on the Equity East and Allin Zones.

The planned 2,000m drill program will evaluate some of the high-priority, undrilled targets within the Equity East and Allin Zones. The Equity East and Allin targets are combined geochemical, and geophysical anomalies strongly associated with the Goosly Intrusive Complex (GIC).

ATTY Property

ATTY Property

Finlay Minerals’ ATTY property is 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 tenures covering a total of 3,393 hectares which adjoin Centerra Gold’s Kemess project. Centerra Gold’s Kemess Project is comprised of three components: the Environmental Assessment approved Kemess Underground Deposit which is currently under construction, the Kemess East Deposit which is contiguous with the ATTY Property and the former Kemess South copper-gold mine which is approximately 10km south of the ATTY.

In 2022 Finlay conducted geological work focused primarily in the KEM and Attycelley areas, with soil sampling and prospecting also completed north of the Valley Target and in the Fog/Mess area. KEM represents a Cu-Au porphyry target 1.8 km north of the Kemess North Trend which hosts the Kemess Underground and Kemess East porphyry deposits.

On July 11, 2022, Finlay announced the enlargement of its ATTY Property with the purchase of the contiguous and adjacent ATG Property from Electrum Resource Corporation. Pursuant to the Purchase Agreement, Finlay will acquire the ATG Property, which comprises three mineral tenures totaling approximately 1,105 hectares, for consideration consisting of 1,750,000 fully paid common shares of Finlay. This transaction is subject to the approval of the TSX Venture Exchange.

Management Team

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.

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 and Director

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 of experience in corporate and securities law predominantly with junior natural resource companies.

John A. Barakso - Director

Dr. John Barakso is a retired dentist. He is also a director in the Barakso family companies.

Kristina Walcott - Independent Director

Kristina Walcott has worked in various capacities in the mining and mineral exploration industry over the past 20 years. Prior to her appointment as President and CEO of Freegold Ventures Limited in 2009, and a director in 2010, Ms. Walcott was Freegold Venture’s Vice President, Business Development from March, 2005 where she was responsible for identifying and acquiring new business opportunities in the mining sector.

Wade Barnes - Vice President, Exploration and QP

Wade Barnes is a principal of Tripoint Geological Services and was instrumental in the discovery and delineation of the Kemess East deposit and moving the Kemess Underground deposit towards pre-feasibility for AuRico Metals. For his efforts in the Toodoggone, Mr. Barnes was co-recipient of the AMEBC’s H.H. “Spud” Huestis Award in 2016 for excellence in Prospecting and Mineral Exploration.


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