Vancouver — A series of financings has paved the way for Majescor Resources (MAJ-V) to ramp up exploration at two promising diamond properties in northern Quebec.
The non-brokered private placements tallied $977,500 and will be used to advance the Wemindji and Portage projects.
As part of the joint-venture agreement at the Portage property, BHP Diamonds contributed $377,500 by buying 350,000 units priced at $1.05 each. A unit holds one share and one warrant, which is exercisable at $1.40 for a two-year period.
BHP recently completed an 8,500-line-km airborne geophysical survey over the property. The wholly owned subsidiary of BHP Billiton (BHP-N) can earn up to a 56% interest in the grassroots project from Majescor by funding all costs through to production. A program of detailed till sampling is continuing.
The SIDEX Limited Partnership added $380,000 to the junior’s till — the financial one, not the glacial one — by picking up 633,334 units at 60 each. A unit holds one share and one-half warrant, which is exercisable at 78 for a year and a half.
The remaining $225,000 was added when an arm’s length party purchased 535,725 units priced at 42 each. One unit holds one share and one warrant, which is exercisable at 55 for a year and a half.
Majescor just completed an airborne geophysical survey on its Wemindji property, 40 km east of James Bay in northern Quebec. The Wemindji area was previously worked by the Canadian exploration subsidiary of De Beers Consolidated Mines, which had traced a kimberlite indicator mineral train through the area. De Beers drilled nine magnetic anomalies without success before walking away in July 2000.
The junior aims at running ground geophysics over 8 priority targets, several of which host highly anomalous glacial till samples (one of which yielded more than 9,000 indicator grains), leading to a drill program slated to start later this month.
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