Majescor gets option for 131 mining claims from Diagnos in Quebec

22 November 2016 (Last Updated November 22nd, 2016 18:30)

Majescor Resources has acquired an option for 131 mining claims from the Kimberlite-Extension route 169 project from Diagnos.

Majescor Resources has acquired an option for 131 mining claims from the Kimberlite-Extension route 169 project from Diagnos.

The 131 claims comprise 6,875ha and include 37 kimberlite targets generated by Diagnos's Computer-Aided Resource Detection System (CARDS) for detecting anomalies.

Several of these targets are situated beside the Quebec's first diamond mine, the Renard Diamond project and the kimberlite sites discovered by Stornoway Diamond Corporation on its Adamantin site.

CARDS uses pattern recognition algorithms to assess digitally compiled exploration data and identify targets with similar attributes to that of kimberlites from the Renard cluster owned by Stornoway.

"From January to March, CARDS methodology was used to evaluate 23,912km² in the Northern Quebec region."

From January to March, CARDS methodology was used to evaluate 23,912km2 in the Northern Quebec region between the 50th and the 55th parallels. It used a mosaic of two levelled and merged airborne magnetic-spectrometric surveys from the South LG4 and the High Eastmain areas, James Bay.

Data procured from Quebec government Sigeom database Stornoway technical reports were used as training material to characterize 12 known kimberlite pipes from the Renard and Beaver Lake clusters.

Kimberlite Similarity algorithm and the Positive-Negative algorithm- two different models were generated at a 60m resolution over the South LG4-High Eastmain modelling area.

Under the deal, Majescor will pay C$50,000 ($37,264) in cash and issue 2.5 million common shares to Diagnos.

The agreement requires Majescor to spend a minimum of C$150,000 ($111,556) on exploration work on the acquired targets in the first year after completion of the agreement.

By the second year mark, Majescor needs to spend a total of C$300,000 ($223,132), including the first year exploration work funding.

Majescor CEO André Audet said: “With this project, Majescor returns to its roots, the exploration of diamonds in Quebec.

"The addition of Mr Jacques Letendre to its board of directors and Majescor's extensive kimberlite exploration data base for the province bode well for our chances of success in the coming months.”