Majescor Resources Inc. has entered into an option agreement with Genius Properties Ltd. and two other vendors to purchase 100% of the Montagne B lithium properties, located 8 and 12 km southwest of Nemaska Lithium's World Class Whabouchi lithium deposit in central Quebec.
The Montagne B properties are subject to a 2% NSR 50% of which can be purchased by Majescor for $1 million. Majescor will issue 2,500,000 (two million five hundred thousand) of its common shares to Optionors as soon as the appropriate approvals from the TSX Venture and relevant securities commissions, and additional 2,500,000 (two million five hundred thousand) common shares within 6 (six) months of signing. The common shares will have a 4-month hold period. Majescor will also make a cash payment of $25,000 upon successful completion of a non-flow through private placement of a minimum of $200,000, with an additional $25,000 payable six months after completion of the private placement.
The Montagne B properties were originally staked by Osisko Exploration (Virginia Gold Mines Inc.) in 2003, at the same time when Osisko acquired the Montagne A property from Inco. Since that time, the Montagne A property has been developed into Nemaska Lithium's World Class Whabouchi lithium deposit (28 million tonnes Measured and Indicated Resources at 1.57 wt.% Li2O: (see www.nemaskalithium.com). The Whabouchi deposit comprises a granitic pegmatite dike that extends for 1.2 km and is up to 40 m wide at surface. In comparison, the Montagne B properties have at least two untested granitic pegmatite dikes that each extend for over 3 km and 1.6 km in length each. The Montagne B pegmatites are part of a large and highly prospective dike swarm of differentiated pegmatites with lithium, tantalum, niobium, and beryllium that extends over a strike length of 110 km. To management's knowledge, the Montagne B properties have never been explored for these commodities.
Nemaska is fast-tracking the Whabouchi lithium deposit through feasibility studies, and has recently announced that it has acquired a modular mill to produce lithium concentrate to feed its Phase 1 lithium hydroxide plant (Nemaska Lithium Press Release April 29, 2016).
C. Tucker Barrie, Majescor's CEO commented: "We plan an initial prospecting program on the two properties in the early summer that will be at least partially supported by a helicopter from the main Nemaska road which comes within 6 km on one of the two properties. Samples will be analyzed for lithium, tantalum, niobium, and beryllium by XRF and by ICP-MS, along with a suite that contains other base and precious metals. Follow-up prospecting and trenching will occur once initial results are in. We are excited to have gained these excellent properties in one of the most favorable locations for Li-Ta pegmatites globally".
Majescor management notes that with: 1) relatively easy access near a Hydro Quebec sub-station, 2) proximity to Nemaska's Whabouchi deposit at feasibility, 3) location within a known world class lithium pegmatite district, and 4) occurrences of very large pegmatite dikes, the Montagne B properties are highly prospective for the discovery and development of significant lithium deposits.