Quebec’s diamond rush continues

Dianor Resources (DOR-V) has inked a deal to acquire 7 claim blocks totalling 39.5 sq. km in the James Bay area of Quebec.

On signing the deal, Dianor paid $10,000 in cash and issued 100,000 shares to a private geologist. The company must also pay another $10,000 and issue another 100,000 shares on the deal’s first anniversary. The property is subject to a 2% gross overriding royalty.

The claims lie in the intersection of the Wemindji – Caniapiscau structural corridor and the southwest trending Kapuskasing structural zone.

Previous glacial till sampling on the property yielded kimberlite indicator minerals, a single G-9 pyrope garnet and one chrome diopside. The property also hosts circular bulls-eye shaped magnetic targets, outlined by a ground geophysical survey, about 100 metres up-ice of the indicator minerals.

Dianor plans to resample the area that surrendered the indicator minerals.

Elsewhere in the region, Maude Lake Exploration (MAU-V) has inked an option deal to acquire a 65-sq.-km. package of prospective diamond properties in the Otish Mountains area.

Under the deal, Maude Lake can acquire a 100% interest in the properties by issuing 250,000 shares and paying $32,505 in cash. The company has also committed to spend at least $500,000 on exploration before 2005. The deal is subject to regulatory approval.

The properties are host to at least 40 new exploration targets identified by geophysical and geological surveying and satellite imagery. Part of the land package is subject to the approval of the Quebec Department of Natural Resources.

With the new deal, Maude Lake’s landholdings in the area climb to about 150 sq. km. The company intends to launch a program focused mainly on till sampling on the properties over the next few months. The company is also looking at further acquisitions in the region.

Last summer, Dianor reported the discovery of a microdiamond measuring 0.1 by 0.1 by 0.08 mm in bedrock on its Yasinski North property in the region. The stone was recovered from a 13.6-kg sample of lamprophyre dyke and is described as a yellow, clear octahedral-cube.