- Finlay Minerals (TSXV:FYL) has announced a drilling program has begun at the PIL Property in British Columbia
- Its partner, Cascadia Minerals will be conducting the exploration
- Cascadia is a newly formed spinout company from the merger between ATAC Resources and Hecla Mining Company
- Shares of Finlay Minerals are unchanged at C$0.03
Finlay Minerals (TSXV:FYL) has announced a drilling program has begun at the PIL Property in British Columbia.
In a news release, the company said its partner, Cascadia Minerals, will be conducting the exploration activities.
Cascadia Minerals was formed out of a merger between ATAC Resources Ltd. and Hecla Mining Company. ATAC Resources was the original PIL Property optionee.
Located in the Toodoggone mining district of north-central British Columbia, the PIL Property is host to multiple porphyry copper-gold and vein-related gold-silver targets.
The property is also neighboured by TDG Gold Corporation’s Shasta Property, Canasil Resource’s Brenda Property, AMARC Resource’s/Freeport McMoRan’s joint ventured Joy Property and Skeena Resource’s Sofia Property.
Earlier in August, Cascadia Minerals announced a raise of C$2 million in funding in order to support geophysical surveys, prospecting and mapping at the PIL Property and to prioritize targets for drilling in 2024.
Cascadia Minerals also has the option to acquire a 70 per cent interest in the property by making cash payments of $650,000 and share payments having an aggregate cash equivalent value of $1.25 million and incurring an aggregate of $12 million in exploration expenditures in staged amounts by the end of 2026.
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