Greenstone, Canamax in Que. joint venture

By spending $1 million over three years, Canamax Resources can earn a 50% interest in 50 Gwillim East claims of Greenstone Resources, located near Chibougamau, Que.

Greenstone President Ian Park, says a letter of intent has been signed for such a deal. Once Canamax has earned its interest, the project would proceed as a 50/50 joint venture, with Canamax as operator. Mr Park notes that the Gwillim East claims share a boundary with the Gwillim gold mine, a gold producer in the early 1980s, and that the East property is crosscut by the Gwillim Lake Fault zone, which appears to be related to the Gwillim mine gold deposit.

A drill hole in 1965 intersected a mineralized structure 12.5 ft wide, assaying 0.1 oz to 0.04 oz gold per ton, the Greenstone president said.