A $500,000 exploration program is slated for the Kremzar gold proper ty, operated by Canamax Resources. Joint venture partner Kremzar Gold Mines says it will participate on a 50/50 basis.
The property is located about 25 miles northeast of Wawa, Ont. An additional 264,000 tons of reserves were recently outlined (N.M., Sept. 1/86) and reserves now stand at 1.1 million tons grading 0.235 oz gold per ton.
The exploration program, of which Kremzar’s share will be $250,000 includes a 3,000 metre drill program to test for extensions of the mineralization and other known gold occurrences on the property and a final feasibility study.
The Algoma Steel Corp. owns 78.72% of Kremzar’s common shares and will acquire about 1,667,000 additional common shares.
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