VANCOUVER, BC, Nov. 28,
2024 /CNW/ - Finlay Minerals (TSXV: FYL) (OTCQB:
FYMNF) ("Finlay" or the "Company") is pleased to
announce that it has received proceeds of $200,000 pursuant to the exercise of 2,000,000
warrants (the "Warrants") at an exercise price well above the
current market price.
An insider of the Company, Ilona Barakso
Lindsay, exercised the Warrants, which were acquired through
a private placement transaction completed in 2023, with an exercise
price of $0.10 and an expiry date of
May 29, 2025.
Ms. Lindsay acquired these securities for investment purposes
and may choose to exercise the remaining warrants in the warrant
series at her discretion.
No new insiders or control persons were created with this
warrant exercise.
"I am very pleased to continue supporting Finlay despite the
challenging market conditions. Our recent exploration success on
the SAY Project demonstrates our commitment to creating shareholder
value," stated Ms. Lindsay.
"In 2024, we completed a Controlled Source Audio-frequency
Magnetotellurics (CSAMT) survey on the Silver Hope Property, which
indicates the potential expansion of the Main and West Cu-Mo
porphyry mineralized zones. This survey also identified East Trends
1 & 2 and Dina East as viable
new drill targets.* Additionally, we acquired the highly
prospective copper and silver SAY Project in northern British Columbia."
A recently completed program on the SAY Project discovered the
AG Zone - a 200-meter by 200-meter zone characterized by
multi-directional copper-silver (Cu-Ag) mineralized brittle
fracturing. Notably, a 9.5-meter chip sample assayed at 0.94% Cu
and 18.1 g/t Ag, while another 4.5-meter chip sample assayed at
0.85% Cu and 35.3 g/t Ag. The AG Zone remains open to the west and
south. **
Due to these highly encouraging results, the Company staked an
additional 4,665 hectares (ha), increasing the size of the property
by 44%. Planning is underway for a substantial and systematic
exploration program in 2025 aimed at expanding the new AG Zone,
identifying the source of the Cu-Ag mineralizing system, and
further evaluating the Cu-Ag fracture mineralization along the 4.3
km long SPUR Trend.
References:
*
Reference Finlay News Release NR10-24 dated July 30, 2024 entitled: "Finlay Minerals
confirms Targets on the Silver Hope from completed CSAMT
Geophysical Survey."
**
Reference Finlay News Release NR13-24 dated November 20, 2024 entitled: "Finlay Minerals
samples 1.17% Cu and 103.5 g/t Ag across 21.7 meters of a
Continuous Chip Sample on the SAY Property."
Qualified Person:
Wade Barnes, P. Geo. and Vice
President, Exploration for Finlay Minerals and a qualified person
as defined by National Instrument 43-101, has approved the
technical content of this news release.
About Finlay Minerals Ltd.
Finlay is a TSXV company focused on exploration for base and
precious metal deposits with four properties in northern British
Columbia. In addition to the SAY, the Company has two
Toodoggone Properties and the Silver Hope Property surrounding the
past-producing Equity Silver Mine.
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 & 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,
including all statements regarding future exploration plans at the
Company's mineral properties, 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. 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 several 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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SOURCE Finlay Minerals Ltd.
