Vancouver — Majescor Resources (MAJ-M) has closed a $546,000 financing, paving the way for the junior to advance the Wemindji diamond project in the James Bay area of Quebec.
“This financing gives us the opportunity to maintain our aggressive exploration approach in the James Bay Area,” says Andr Audet, the company’s president. “Our results to date have drawn tremendous interest to the area from major and junior companies.”
The non-brokered private placement consists of 1.365 million units priced at $0.40 each. A unit includes one share and one warrant exercisable at $0.52 for 18 months.
Majescor was spun off from base metal explorer Virginia Gold Mines (VIA-T) as a diamond exploration vehicle. It was taken public in February 2000.
The junior has homed in on the Wemindji and Eastmain areas of northern Quebec.
Wemindji is 40 km east of James Bay and some 100 km southwest of Radisson. It consists of four contiguous exploration permits totalling 630 sq. km and covers a former exploration permit of Monopros. This area lies at the juncture of the northeastern projection of the Kapuskasing structural zone and an 800-km-long zone of weakness. The latter is characterized by a series of grabens infilled with Lower Proterozoic-age sediments.
Previous work by a De Beers subsidiary included airborne geophysics, glacial till sampling and core drilling. Monopros defined a 32-km-long indicator mineral dispersion train, but drill-tested nine magnetic anomalies without success.
Wemindji is accessible year-round by an all-weather road that connects to the paved Matagami-Radisson Highway. Majescor completed a 1,700-line-km airborne geophysical survey over some of the best indicator mineral anomalies in March 2000 and followed up by taking 319 till samples.
One magnetic anomaly corresponds to a 30-kg till sample that yielded numerous angular fragments of kimberlite and more than 9,000 indicator grains, including keliphyte-rimmed garnets and perovskite-mantled ilmenites. Other samples in the vicinity returned high indicator counts that ranged from 56 to 523.
On a regional level, the indicator mineral suite is dominated by ilmenite and garnet. G10s account for more than 4% of the pyropes.
The financing will be used to launch a $500,000 field program at Wemindji. The junior aims to define drill targets and follow up on a number of other possible kimberlitic sources identified through last year’s regional surface sampling program.
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