Finlay Minerals has completed the acquisition of the SAY Property in British Columbia, Canada, from Electrum Resources.
The deal, announced in June this year, saw Finlay paying C$50,000 to acquire a 100% interest in the SAY Property.
It also allows Finlay the right to buy back half of the 1.5% net smelter royalty, held by Electrum Resources, for C$1.5m.
Spanning 10,587 hectares, the SAY Property is a high-grade copper and silver prospect 140km north of Smithers in British Columbia.
The SAY Property is located within the Bear Lake Corridor of the Stikine Terrane, flanked by American Eagle Gold’s NAK property to the south and Quartz Mountain Resources’ Jake property to the north.
It consists of 18 mineral tenures and is notable for its two primary target areas, Spur and Shel, which exhibit significant molybdenum-copper and copper-silver mineralisation.
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
This region, part of the Stikine Terrane’s Bear Lake Corridor, is an underexplored area with a number of volcanic redbed/sediment-hosted copper-silver showings.
Finlay’s acquisition includes the commitment to pay another C$300,000 to Electrum upon completion of the SAY Property’s feasibility study.
The transaction, which did not involve the payment of finders’ fees and did not result in the creation of any new insiders or control persons, is now pending final approval from the TSX Venture Exchange.
Finlay president and CEO Robert Brown said: “The SAY caught our attention with recent exploration work revealing a > 4.3km trend on the Spur Target with outcrop rock sampling of up to 15.8% Cu [copper] and 993g/t Ag [grams per tonne of silver]. 78 of 129 rock samples collected to date yielded >1% Cu and 59 yielded >100g/t Ag over the 4.3km trend.
“The copper–silver values are associated with structures along a regional NNW [north north-west] 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 3km x 2km 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 programme later this summer.”
