Canamax Resources (TSE) has terminated its option on a gold property held by Glimmer Resources (VSE). Following the completion of a $450,000 exploration program, which included 17 diamond drill holes, Canamax returned the property to Glimmer after receiving poor results.
Glimmer management feels that the property, located in Barnet Twp., Ont., has several strong targets which remain untested. A $300,000 program is required.
The company has also completed an option agreement on 520 acres of ground in Beatty and Hislop twps. Ont., which straddle the Destor Porcupine fault. Glimmer has also optioned two claim blocks in the Yukon to Imperial Metals Corp (TSE) which will explore the properties for gold.
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