Fin Resources (ASX:FIN) found a 38-meter sulfide mineralization zone within the targeted iron formation at the Cabin Lake project in Canada upon completion of the first drill hole of its maiden drilling campaign, according to a Friday filing with the Australian bourse.

The first drill hole was completed to a depth of about 56 meters, with assays expected in four to six weeks, the filing said.

The rig is now mobilizing to the second hole as part of the planned 1,500-meter program, per the filing.

Shares fell 4% in morning trade on Friday.