Majescor, De Beers team up in Madagascar

Best known for its Canadian diamond-exploration assets, Majescor Resources (MAJ-T) is branching out to Africa by striking a joint-venture agreement with De Beers to hunt for diamonds in northern and central Madagascar.

De Beers has spent over $1 million in the past two years exploring for diamonds in the island nation, collecting and processing 102 samples totaling 77 cubic metres.

Majescor says De Beers’ analysis of these samples led to the recovery of 4,378 visually positive kimberlitic indicators, some of which have been confirmed, through microprobing, as having kimberlitic origin.

For its part, since April 2004, Majescor has acquired a 20,000-sq.-km land package in Madagascar in areas deemed to be prospective for diamonds.

The company simply says that its follow-up sampling of the ground has yielded “encouraging results” and further results are coming.

In the new joint venture between the two companies, De Beers will contribute its extensive database and Majescor, some of its land holdings. The two will explore areas of high interest this year and in 2005 on a 50-50 basis.