After a disappointing performance in 1990, when the company was forced to close both its Kremzar and Ketza River gold mines, Canamax Resources (TSE) is pinning its hopes on the Golden Highway project in the Harker and Holloway twps. of northeastern Ontario. This spring, Noranda (TSE) plans to launch a $450,000 drilling program on the 400-claim property to follow up “favorable geology” encountered late last year. Results from a 11,210-metre, 37-hole program completed at the end of 1990 include a 2.4-metre intersection grading 7.1 grams gold per tonne.
The Golden Highway project lies approximately two kilometres east of Freewest Resources’ (TSE) Holloway gold project, where the Lightening zone is estimated to contain preliminary reserves of 4.3 million tonnes grading 8.3 grams (0.24 oz.).
It is likely that the results from the Canamax ground represent an offshoot of this gold-rich zone, said Christopher Hodgson, vice-president of exploration for Canamax, after the company’s annual meeting. He said he expects this year’s drilling to be more widespread, covering not only potential eastern extensions of the Lightening zone, but also property to the west of the Freewest claims.
A total of $1 million will be spent on the Golden Highway joint venture in 1991, said Jim Gibson, Noranda’s manager of evaluations. Noranda is earning a 50% interest in the property by making cash payments of $1.65 million and spending $4.5 million on exploration over three years.
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