10:24 AM EDT, 07/15/2024 (MT Newswires) -- Finlay Minerals ( FYMNF ) has closed its acquisition of the SAY Property from Electrum Resource Corporation, which it acquired for $50,000 cash. The SAY Property is located in northern British Columbia and sits within the underexplored Bear Lake Corridor of the Stikine Terrane with American Eagle Gold Corp.'s (AE.V) NAK property to the south and Quartz Mountain Resource's (QZM.V) Jake property to the north.

The SAY Property, which comprises 18 mineral tenures totaling approximately 10,587 hectares, is subject to a 1.5% net smelter return royalty held by Electrum, with Finlay retaining the right to buy back one-half of the royalty (0.75%) for $1.5 million. Finlay will make an additional cash payment of $300,000 if it announces the results of, or publicly files a positive feasibility study on the property