Iriana joins Quebec diamond chase

Iriana Resources (IR-T) is the latest company to join forces with Majescor Resources in the Otish Mountains diamond play in north-central Quebec, after signing an option agreement to acquire a 50% stake in four diamond properties, which combine to form the Portage Extension project.

The properties, which total about 250 sq. km, are situated near the main block of the Portage project, where BHP-Billiton (BHP-N) recently completed an 8,500-line-km airborne geophysical survey. The major can earn up to a 56% interest in the project from Majescor by funding all costs through to production.

To earn its half-interest in the Portage Extension project, Iriana must pay Majescor $35,000 on signing and commit to spend at least $100,000 exploration during the first year and a total of $750,000 over the three-year option period.

The Portage Extension project is also not far from joint venture partners Ashton Mining of Canada (ACA-T) and Soquem‘s recent discovery of a second kimberlitic rock, which has proved to be “significantly diamondiferous”. The two pipes are situated about 5km from the Portage property boundary.

In other news, Iriana plans a winter drilling program on its holdings, totalling about 2,700 sq. km, in the centre of the Manitoba diamond play. There, the company is partnered with Troymin Resources (TYR-V) and ManQuest Resources. The properties contain about fifty kimberlite targets, seventeen of which have been classified as priorities.