Majescor Enters Option Agreement for Lithium Project in James Bay, Quebec

June 15, 2016

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Majescor Resources (TSXV:MJX) has entered an option agreement to acquire two blocks of claims from a prospect generator, to be called the Rupert lithium project. The claims are located in the James Bay area of Quebec.

As quoted in the press release:

At this time, the project includes two blocks of claims totaling 5.2 square kilometres that are located respectively south east from the Whabouchi lithium deposit of Nemaska and south west from the Cyr deposit which is actively explored by Galaxy Lithium. The claims cover consistent lithium anomalies in lake sediment within a pegmatite field and are road accessible. These anomalies will be tested from surface prospecting and by soil geochemistry.

According to the option agreement, Majescor has the right to buy 100% interest into any of the claims that will return positive exploration results for $20,000 (half cash and half common shares). In counterpart, Majescor will incur $4,000 in exploration expenditure per claim over a two-year period. In the event that Majescor decides to acquire the claims, the Prospector will retain a 1% NSR, 50% of which can be purchased by Majescor for $1 million.

The company also reported that Tucker Barrie is stepping down from his role as president and interim CEO of Majescor, with Andre Audet to take over as interim CEO.

As quoted in the press release, Barrie stated:

Over the last 3 years, we considered many potential opportunities in the natural resources industry, and in the end, the Majescor Board of Directors felt most comfortable with opportunities in Quebec. The Company now has a promising portfolio of early stage gold and lithium properties in Quebec, sufficient finances to advance these properties in the near term, and an excellent management team in place to lead the Company forward.

Click here for the full press release.

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Category: Energy