Finlay Minerals completes acquisition of the Copper & Silver SAY Property
Pursuant to the Purchase Agreement, Finlay acquired the SAY Property, which comprises 18 mineral tenures totaling approximately 10,587 hectares, for consideration consisting of
The SAY Property is subject to a 1.5% net smelter return royalty held by Electrum (the "NSR Royalty"), with Finlay retaining the right to buy back one-half of the NSR Royalty (0.75%) for an aggregate cash payment to Electrum in the amount of
No finders' fees were paid in connection with the Transaction and no new insiders or control persons were created. The Transaction is subject to the final approval of the TSXV.
" The SAY caught our attention with recent exploration work revealing a > 4.3 km trend on the Spur Target with outcrop rock sampling of up to 15.8% Cu and 993 g/t Ag. 78 of 129 rock samples collected to date yielded >1% Cu and 59 yielded >100 g/t Ag over the 4.3 km trend. The copper - silver values are associated with structures along a regional NNW trending magnetic trend. Blow out zones associated with structural junctions have been noted to 125m across and will be detail sampled for grade-width bulk tonnage potential.
The second SHEL target also hosts an intriguing 3 km x 2 km circular magnetic anomaly with a coincident surface gossanous zone and a copper - molybdenum soil geochemical anomaly. We are planning and looking forward to our inaugural exploration program later this summer."
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About
Finlay is a TSXV company focused on exploration for base and precious metal deposits in northern
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,
President & CEO
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 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 the exploration plans of the Company on the SAY Property and obtaining regulatory approval for the Transaction. 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 results, availability of capital and financing and general economic, market or business conditions, and the other risk factors described in Finlay's filings with Canadian securities regulators on SEDAR+ at www.sedarplus.ca. 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.
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