Field programs budgeted at $500,000 will explore promising kimberlite targets on the land holdings of
The Quebec City-based junior has expanded its land position to more than 3,000 sq. km, pending approval of some 1,200 sq. km of recent applications. The work program at Wemindji, Majescor’s most advanced project, covering 800 sq. km, will include property-wide till sampling and ground investigation of airborne geophysical anomalies. One of the most promising geophysical targets coincides with several anomalous glacial till samples (one of which yielded more than 9,000 indicator grains), as well as several angular kimberlite fragments.
The Wemindji area was previously worked by De Beers’ Canadian exploration subsidiary, which had traced a kimberlite indicator mineral dispersion train through the area but drill-tested nine magnetic anomalies without success. De Beers walked away from the area last July.
Majescor has also homed in on the Otish Mountains area of central Quebec, where it holds 1,090 sq. km next door to a 445-sq.-km block jointly staked by
Both Majescor and Ashton staked their ground on the basis of regional heavy mineral sampling. Majescor collected more than 600 till samples within a 200-by-150-km corridor. The sampling revealed an indicator mineral population dominated by peridotitic garnet, 20-25% of which is classified as G10s.
Ashton flew a geophysical survey over the Otish Mountains region in late 2000 and followed-up with ground geophysics over eight targets in March. These anomalies will be further investigated this summer through sampling and prospecting in preparation of drilling. Majescor recently closed a $546,000 financing by way of a private placement consisting of 1.4 million units priced at 40 apiece. The company now has 11.4 million shares outstanding, or 14 million on a fully diluted basis.
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