Majescor strikes deal

Majescor Resources (MAJ-V) was granted a 3-year option to explore the Fenelon property in the Casa Berardi sector of northwestern Quebec exclusively for diamonds.

Property owners International Taurus Resources (ITS-V) and Fairstar Explorations (FFR-T) are gearing up to resume surface test mining on a zone of higher-grade gold mineralization at Fenelon, 50 km northeast of the Selbaie mine. Taurus owns a 62% stake in the 72-sq.-km property, with the remainder held by Fairstar.

Should it choose to exercise the option, Majescor would be required to make a one-time cash payment of $22,500. The option calls for $125,000 in exploration expenditures spread over three years and an initial advanced royalty payment of $25,000. The Taurus and Fairstar joint venture will retain a 5% gross overriding royalty on any future diamond production.