Finlay Minerals has agreed to acquire the SAY Property, a high-grade copper and silver prospect located 140km north of Smithers in British Colombia, Canada, from Electrum Resources.
Under the agreement, Finlay will pay C$50,000 ($36,530) to acquire a 100% stake in the SAY Property, which spans 10,587ha.
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At present, the property is subject to a 1.5% net smelter return royalty held by Electrum Resources.
Finlay retains the right to buy back half of this royalty for C$1.5m.
Upon completion of the SAY property’s feasibility study, Finlay will make a payment of C$300,000 to Electrum.
The SAY Property is known for its high-grade copper (Cu) ± silver (Ag) and molybdenum-copper mineralisation across two primary target areas, Spur and Shel.
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By GlobalDataThese areas lie within the Stikine Terrane’s Bear Lake Corridor, an underexplored region with several volcanic redbed/sediment-hosted Cu ± Ag showings.
Finlay president and CEO Robert F Brown said: “Initial rock sampling along the open-ended, and virtually unexplored, Spur Target Area has discovered high-grade copper-silver values associated with regional structures and a magnetic-high trend.
“The Spur Trend along with the Shel porphyry copper mineralisation mark the SAY Property as an excellent exploration project, all within the prodigious Stikine Terrane rocks of northern British Columbia.
“Finlay management looks forward to conducting an exploration programme in the near future to further evaluate and generate new targets.”
This transaction is subject to TSX Venture Exchange approval.
The SAY Property is located in a relatively unexplored corridor of the prolific Stikine Terrane, positioned between Toodoggone District and the Skeena Arch.
