Canamax increasing interest in Kremzar

Canamax Resources plans to pay $9 million for the remaining 50% interest in the Kremzar gold property near Wawa, Ont. The Algoma Steel Corp., which holds the interest through its 93%-owned Kremzar Gold Mines, will get the cash plus a 4% net smelter royalty, payable after payback, Canamax says.

The property is high on Canamax’s list for future production. What started as little more than a promising surface showing in 1983, has blossomed into more than one million tons grading 0.25 oz gold per ton. The deal, which will give Canamax a 100% interest in the property, remains subject to corporate and regulatory approval.