Majescor and Strateco Plan a Winter Exploration Program and Sign a Definitive Option Agreement for the Mistassini Uranium Property, Otish Mountains, Quebecadmin
Majescor Resources Inc. and Strateco Resources Inc. report that they have executed a definitive option agreement for Majescor’s Mistassini uranium property. The Property is host to the Lac Mantouchiche uranium showing where Majescor drilled an 18.5-metre intersection grading 0.215% U3O8 near-surface in hole MIST-07-03 .
Strateco is currently planning an exploration program for the Property with the aim of outlining the strike and dip extensions of the Lac Mantouchiche uranium prospect by core drilling. As a precursor to the drilling campaign, Strateco plans to complete a 1,000 line-kilometre helicopter-borne geophysical survey over the Property before the end of 2008. The objective of the survey is to collect horizontal gradient magnetic and frequency domain electromagnetic data which will be used to resolve any faults/fractures which may be controlling structures for uranium mineralization both in the area of the Lac Mantouchiche showing and elsewhere on the Property.
A final Option and Joint Venture Agreement between Majescor and Strateco was executed last week. Under the terms of the Agreement, which is subject to regulatory approval, Strateco can earn a 60% interest in Majescor’s uranium rights on the Property by incurring $1.3 million in exploration expenditures over three years, including a firm $500,000 commitment in Year 1.
The Property, for the purpose of the Agreement, is comprised of 171 map-designated claims with a total surface area of 91.15 km2. During the option period, Strateco will be the sole operator for all uranium exploration and will have full and exclusive access to the Property. Northern Superior Resources Inc., which holds 100% of the rights for diamonds and 50.5% of the rights for all mineral substances other than diamonds and uranium, is entitled to a 2.0% Yellow Cake Royalty on the Property.