Canabrava Enters The Quebec Diamond Play Through Majescor; Options The New Mistassini Project Near The Otish Mountains.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 5, 2001 Canabrava Diamond Corporation (CDNX CDNX See Canadian Venture Exchange (CDNX). :CNB CNB Czech National Bank CNB Centro Nacional de Biotecnologia CNB City National Bank CNB Citizens National Bank CNB Croatian National Bank CNB Chloronitrobenzene CNB Corresponsales No Bancarios (Spanish, Colombia) .) is pleased to announce that it has entered into an option agreement with Majescor Resources Inc. (CDNX:MAJ.) regarding Majescor's new Mistassini Project near the Otish Mountain region in Quebec. The Project totals 1,216 sq. km with an additional 494 sq. km still pending approval with the Ministry of Natural Resources Quebec. This extensive land package stretches from the northern tip of Lake Mistassini Lake Mistassini (in French: Lac Mistassini) is the largest natural lake by surface area in the province of Quebec, Canada, with a total surface area of approximately 2,335 km² [1] and a net area (water surface area only) of 2,164 km². to the western limit of the Otish Mountains and is in close proximity to the winter road leading to the abandoned Eastmain gold mine. The area has seen intense staking activity in the last few months by numerous exploration companies including Ashton Mining Canada and its joint venture partner Soquem. Of significance, Ashton/Soquem recently drilled two kimberlitic bodies on their Otish property, 85km north of Mistassini and adjacent to Majescor's Portage Portage (1, 2 pôr`təj; 3 pôr`tĭj). 1 Town (1990 pop. 29,060), Porter co., NW Ind., a suburb of Gary, on Lake Michigan; inc. 1959. Project. Reconnaissance sampling completed by Majescor during 2001 has identified a number of kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. indicator mineral dispersion trains, which have been successfully covered by the Mistassini claims. The newly identified indicator trains are distinct in terms of chemistry and assemblage assemblage: see collage. assemblage Three-dimensional construction made from household materials such as rope and newspapers or from any found materials. from those occurring at Portage and therefore are indicative of a different source. The diamond potential of the Mistassini area is confirmed by the recovery of macro diamonds from the nearby Beaver Lake Beaver Lake may refer to:
Under the terms of the Agreement, Canabrava can earn a 50% interest in the Mistassini Project by incurring $1,350,000 in exploration expenditures within three years, paying $25,000 and issuing 100,000 shares to Majescor. Majescor will be the operator of the Project and will propose work programs and budgets for approval by the management committee. The agreement is subject to regulatory approval and the shares issued to Majescor shall be subject to a twelve month hold period. Both parties are unrelated and no finders fee will be paid. Canabrava is actively exploring for diamonds in Brazil and Canada. The Company is 45.6% owned by Southwestern Resources Corp. (SWG-T). Majescor is an exploration company with the largest diamond portfolio in Quebec. The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion