Majescor aims drills at Wemindji

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 total $977,500 and will be used to advance the Wemindji and Portage projects.

As part of a joint-venture agreement at the Portage property, BHP Diamonds contributed $377,500 by buying 350,000 units priced at $1.05 each. A unit consists of one share and one warrant exercisable at $1.40 for two years.

The wholly owned subsidiary of BHP Billiton (BHP-N), which recently completed an 8,500-line-km airborne geophysical survey, can earn up to a 56% interest in the grassroots project from Majescor by funding all costs through to production. Till sampling is under way.

The SIDEX Limited Partnership added $380,000 to the junior’s till by picking up 633,334 units priced at 60 each. A unit consists of one share and half a warrant. A full warrant 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 consists of one share and one warrant, with a whole warrant 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 area was previously worked by the Canadian exploration subsidiary of De Beers Consolidated Mines, which had traced a kimberlite indicator mineral train. De Beers drilled nine magnetic anomalies without success before walking away in July 2000.

The junior will conduct ground geophysics over eight targets, several of which host highly anomalous glacial till samples and one of which has been found to yield more than 9,000 indicator grains. Drilling is expected to begin later this month.