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Finlay Minerals announces the Commencement of the 2023 Exploration Program on the PIL Property and provides an Update on the Silver Hope Property
Finlay Minerals announces the Commencement of the 2023 Exploration Program on the PIL Property an...
About this update from Finlay Minerals Ltd.
[{"type":"text","content":"\n \n \n \n Finlay Minerals announces the Commencement of the 2023 Exploration Program on the PIL Property and provides an Update on the Silver Hope Property\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Aug. 9, 2023\n \n \n /CNW/ -\n \n Finlay Minerals Ltd.\n \n (TSXV: FYL) (OTCQB: FYMNF) (\"\n \n Finlay\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that its PIL Property partner, Cascadia Minerals Ltd. (Cascadia), is planning a summer 2023 exploration program on the PIL Property. Cascadia is the newly formed spinout company from the merger of ATAC Resources Ltd. (the original PIL Property optionee) and Hecla Mining Company.\n \n \n Cascadia's President & CEO,\n \n Graham Downs\n \n , stated in its news release dated\n \n August 1, 2023\n \n (\n \n Reference: \"Cascadia Minerals Ltd. Announces\n \n C$2M\n \n Critical Minerals Flow-Through Private Placement\" on\n \n www.sedarplus.ca\n \n \n ), that funding is in place to support geophysical surveys, prospecting, and mapping at the PIL Property in\n \n British Columbia\n \n to prioritize targets for drilling in 2024.\n \n \n Pursuant to the definitive option agreement, Cascadia may exercise the option and acquire a 70% interest in the Property by making aggregate cash payments of\n \n $650,000\n \n and share payments having an aggregate cash equivalent value of\n \n $1,250,000\n \n and incurring an aggregate of\n \n $12,000,000\n \n in exploration expenditures in staged amounts on or before\n \n December 31, 2026\n \n . Following the exercise of the option, Cascadia and Finlay will hold interests in the Property of 70% and 30%, respectively, and a joint venture will be formed. Cascadia is currently in its second year of the 5 year option agreement.\n \n \n The PIL property is centrally placed in the Toodoggone mining district of north-central\n \n British Columbia\n \n and hosts multiple porphyry copper-gold and vein-related gold-silver targets. The PIL Property is neighboured by TDG Gold Corporation's Shasta P...