Xemac Resources acquires diamond properties

Vancouver — Xemac Resources (XEM-M) plans to try its hand at diamond exploration in the Nemiscau-Otish mountains area of northern Quebec.

The company recently acquired 10 diamond exploration properties — nine via map-staking and one by way of a purchase agreement with Montreal-based Ditem Explorations (DIT-M).

The properties are all located close to where Ditem recovered several macrodiamonds from kimberlite dykes at Beaver Lake. Majescor Resources (MAJ-M) has also reported finding significant indicator minerals in the area, including numerous G10 pyrope garnets at the Eastmain project.

Xemac says its most significant acquisition from Ditem is the Barou River property. The 60-claim, 3,100-ha property is situated in the Tichegami River area in the Otish Mountain structural corridor, which is a crustal-scale feature considered favourable for the emplacement of deep-seated kimberlitic dykes.

The property is one of four blocks staked by Ditem following an airborne magnetic survey, which was completed earlier this year and outlined numerous clusters of small magnetic anomalies. Some of the clusters are situated on Xemac’s optioned property.

According to their agreement, Xemac is required to pay $50,000 and issue 200,000 shares to Ditem and spend $400,000 on exploration over the next two years. Ditem will retain a 2% net diamond royalty, 1% of which can be purchased by Xemac for $500,000.

The remaining nine map-staked claim blocks are located between the village of Nemiscau and the Otish Mountains. They cover 2,476 ha. These were staked to cover isolated magnetic anomalies identified from regional geological and geophysical compilation work.