Majescor adds ground in Lac de Gras area

Majescor Resources (MAJ-V) has inked a deal to acquire Tyler Resources‘ (TYS-V) interests the Carat and Kelsey diamond exploration joint ventures with Diamondex Resources (DSP-V).

Majescor can take a 29.91% interest in the Carat project and a 32.66% stake in the Kelsey diamond project by paying a total of $300,000 in cash, issuing 300,000 shares, and 200,000 warrants by Jan. 23, 2006. The two- and three-year warrants are exercisable at between 40-55.

Also under the deal, Tyler will retain an interest of 8.3% in Majescor’s net profits from the Carat property and about 8.4% from Kelsey.

The 380-sq.-km Carat property is situated immediately north of the BHP Billiton‘s (BHP-N) Ekati mine claims, and is home to at least one known kimberlite pipe, which previously surrendered two diamonds from 242 kg of crater facies material.

The 670-sq.-km Kelsey property sits on the eastern boundary of Gahcho Ku held by De Beers, a subsidiary of Anglo American (AAUK-Q) with 51%, Mountain Province Diamonds (MPV-T) with 44.1%, and Camphor Ventures (CFV-V) with 4.9%. Some 8,570 line-km of airborne and ground-based geophysical surveying, mapping, property-wide till sampling has been completed on the Kelsey property.

Meanwhile, elsewhere in the Northwest Territories, Diamondex has budgeted an initial $2.5 million for exploration on the Lena West project, 200 km southeast of Inuvik. The company has retained Fugro to fly 32,500 line-km magnetic surveying over the southern permit areas. The program will begin in mid-February. Ground geophysical surveying and drilling will follow up on previously defined targets in the second quarter.

During 2003, three diamonds measuring 0.5-0.8 mm along their longest axis were derived from at total of 1,054 stream sediment samples. The stones were sourced from three separate drainage areas. Most of the samples also yielded pyrope garnet, picroilmenite and chromite grains.

Heading way south, Tyler has completed it’s acquisition of CDG Investments 40% interest in the Bahuerachi copper-gold property in Mexico, for about 13.4 million shares at a deemed price of 6 per share.

Tyler, the project operator, now owns a 88.69% interest in the property; the original vendor retains 11.3%. The deal also sees CDG’s stake in Tyler grow to about 26%.

The 33-sq.-km property comprises two exploitation concessions (Bahuerachi and Bahuerachi Dos) and one exploration concession (Bahuerachi Tres), all situated on the Reforma mineralized trend in southwestern Chihuahua. So far, seven significant zones have been outline on the property’s mineralized porphyry-style complex.