Juniors nix merger talks

By mutual agreement, International CanAlaska Resources (ICA-V) and Holmer Gold Mines (HGH-T) have decided not to pursue the merger proposal they floated earlier this summer.

Both juniors say their boards concluded that the proposed merger “would not be in the best interest of either company.”

Holmer plans to continue drilling its wholly owned property in Ontario’s Timmins camp. A 6,000-ft. program will test a deposit with a resource of 1.5 million tons averaging 0.27 oz. gold per ton. The program will test the updip extension of the known zones at shallow depths. Holmer is also active in Cuba, where it is developing the Loma Hierro silver deposit in joint venture with a local company.

CanAlaska is active in Ontario’s Timmins camp, where it recently began an early-stage program to test for possible extensions of known zinc-copper mineralization found at a nearby property.