Majescor Resources: Exploration Commences on Brauna Diamond Property in Brazil.MONTREAL -- Majescor Resources Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:MAJ) reports that exploration has started on the Brauna diamond property, which is held on a 40%-60% basis with Vaaldiam Resources. Vaaldiam is the operator of the Joint Venture. The Brauna project is situated in the state of Bahia, in northeastern Brazil. It comprises three exploration concessions which encompass three diamondiferous kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. pipes, or blows associated with a laterally extensive system of kimberlite dykes.Based only on the surface exposures, the pipes range in surface area from 0.50 hectares at the Brauna 7 pipe, to 2.5 hectares at the Brauna 4 pipe.Surface exposures of the kimberlite dyke system indicate widths ranging from 0.7 metres up to 5.0 metres and a strike length of approximately 15 kilometres. The partners have mobilized an exploration crew to the property, which is completing detailed magnetic and electromagnetic surveys to define the kimberlite bodies in advance of a surface sampling and core drilling program expected to start in early November.Initially the surface sampling and drilling program will focus on the delineation of the three known kimberlite pipes, Brauna 3, 4 and 7, in advance of a bulk sampling program expected to start during the first quarter of 2006. Diamonds were first discovered in the Brauna area during the later part of the 19th century, when diamonds were discovered in alluvial al·lu·vi·al adj. Of, relating to, or found in alluvium: alluvial soil; alluvial gold. alluvial Adjective of or relating to alluvium Noun gravels associated with the Itapicuru River The Itapicuru River is a river in Bahia state of eastern Brazil. The Itapicuru rises in the northern part of the state, and flows east to empty into the Atlantic Ocean. , which is situated on Vaaldiam's Brauna property.Diamonds up to 15 carats in size have been reported to have been recovered by garimpeiro miners from gravels within the Itapicuru River and its tributaries.All of the alluvial diamond deposits on the property appear to have been eroded e·rode v. e·rod·ed, e·rod·ing, e·rodes v.tr. 1. To wear (something) away by or as if by abrasion: Waves eroded the shore. 2. To eat into; corrode. from the Brauna kimberlites and the occurrence of these alluvial diamond deposits highlights the potential of the kimberlites in the area. The Brauna kimberlites were initially discovered by De Beers Brasil Ltda. in the early 1990s during a large scale reconnaissance sampling program over a large portion of the San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden craton craton (krā`tŏn): see continent. in northeastern Brazil.Following the discovery of the kimberlites, De Beers completed a limited surface sampling program, which demonstrated that both the kimberlite pipes and dykes on the Brauna property are diamondiferous.The largest diamonds recovered from individual samples were 0.312 carats (from a sample of kimberlite) and 0.495 carats (from an alluvial sample).All of the samples were of limited size with volumes of less than 5 cubic metres Noun 1. cubic metre - a metric unit of volume or capacity equal to 1000 liters cubic meter, kiloliter, kilolitre metric capacity unit - a capacity unit defined in metric terms .Only one of the pipes has been tested by shallow drilling. Vaaldiam acquired a 60% interest in the Brauna property under the terms of a purchase agreement, whereby Vaaldiam paid De Beers Brasil the sum of C$300,000 on behalf of Majescor which represented the balance owed by Majescor under the terms of a purchase agreement between De Beers and Majescor involving the Brauna project.In addition, Vaaldiam issued a total of 150,000 common shares to Majescor. The Company's interest in the Brauna diamond property will be transferred to Tropic Diamonds Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of the Company, along with the rest of the Company's international assets, pursuant to the Company's proposed arrangement announced on October 17, 2005.The Company expects the arrangement to be completed by January or February 2006. This release has been reviewed by Jacques Letendre who is a qualified person under National Instrument 43-101. About the Company: Majescor is an exploration company with a large portfolio of diamond properties in Quebec, as well as projects in Nunavut, the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. , Brazil and Madagascar. To find out more about Majescor Resources Inc. (TSX-V: MAJ), visit our website at www.majescor.com This press release is available on the Majescor IR HUB for investor commentary, feedback and questions.Investors are asked to visit http://www.agoracom.com/IR/Majescor .Alternatively, investors are asked to e-mail all questions and correspondence to MAJ@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and correspondence directly. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. does not accept responsibility for adequa cy or accuracy of this release. Majescor Resources Inc. (TSX VENTURE:MAJ) |
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