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Finlay Minerals reports completion of field work at its PIL Property including sample results of 18.4% copper, 78.3 g/t gold, and 2,830 g/t silver

Press Release

Vancouver, BC – October 13, 2022 – Finlay Minerals Ltd. (TSXV: FYL | OTCQB: FYMNF) (“Finlay” or the “Company”) is pleased to announce that ATAC Resources Ltd. (“ATAC”), the optionor of the PIL Property, has announced results of their Phase 1 surface exploration work on the PIL Property, located in the heart of British Columbia’s Toodoggone district. This work program included prospecting, mapping, and Induced Polarization (“IP”) geophysical surveys. Phase 2 work was recently completed, including follow-up prospecting, mapping, and re-sampling of historical core, with results pending. ATAC’s news release dated October 12, 2022, with the exploration result details, was filed on the SEDAR profile of ATAC Resources Ltd. and can be found on www.SEDAR.com.

Exploration Highlights *:

  • Prospecting returned high-grade samples, including 78.3 g/t gold with 2,830 g/t silver at the Atlas target and 18.4% copper with 111 g/t silver at the Spruce target;
  • Sampling at the PIL South target returned strong mineralization in outcrop, including 3.9% copper and 601 ppm molybdenum in a large underexplored 2.3 x 1.5 km copper-gold ± silver-lead-zinc soil anomaly;
  • Geophysical surveys identified a strong chargeability response underlying the PIL South target area within propylitically-altered volcanic rocks, and
  • Crews have recently completed a Phase 2 program, including additional prospecting at PIL South and Atlas, and re-sampling of historic Atlas core.

Robert F. Brown, President & CEO of Finlay Minerals states:

“The 2022 PIL exploration has advanced the PIL South, Copper Cliff and Copper Ridge porphyry, and the Atlas and Spruce epithermal vein targets. ATAC has easily exceeded the first-year option requirements and we look forward to further successful efforts. Finlay is pleased with the results and target sizes.”

The first phase of exploration work at PIL included prospecting, mapping, hyperspectral alteration sampling, soil sampling, and IP surveys. A total of 295 rock samples and 589 soil samples were collected and sent for assaying; 10 line-kms of IP were also completed on the Spruce, PIL South and Copper Ridge targets. (*Reference: ATAC Resources Ltd. news release dated October 12, 2022, filed on SEDAR and found at www.SEDAR.com.)

Pursuant to the option agreement, ATAC 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, ATAC and Finlay will hold interests in the Property of 70% and 30%, respectively, and a joint venture will 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 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, Canasil Resource’s Brenda Property, AMARC Resource’s Joy Property and Skeena Resource’s Sofia Property. The PIL Property is also 25 km northwest of the former Kemess South Mine and 15 km east of Benchmark Metal’s Lawyer’s Project.

About Finlay Minerals Ltd.

Finlay is a TSXV company focused on exploration for base and precious metal deposits in northern British Columbia.

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

For further information, contact:

Finlay Minerals Ltd.
Ilona Lindsay, Vice President, Corporate Relations,
Tel: 604-684-3099
[email protected]

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