Majescor Resources has reported that partner Strateco Resources has begun a new core drilling program at the company’s Mistassini uranium property, located in the Otish Mountains mineral district of northern Quebec.
The Mistassini property, under option to Strateco, is host to the Lac Mantouchiche uranium showing where in November 2007, the company drilled an 18.5m intersection grading 0.215% U3O8 at a vertical depth of 47m in hole MIST-07-03.
This new phase of drilling by Strateco will comprise of 1000m from 10 holes, each approximately 100m in length.
The drilling program, designed based on new structural and geological interpretation, aims to continue testing the strike and dip extensions of the Mantouchiche showing as well as that of a new uranium-bearing zone discovered in the hanging wall of the showing in 2009 ( 11.6m grading 0.21% U3O8 in drill hole MIST-09-03).
Under the terms of the agreement signed between Stateco and Majescor in 2008, Strateco can earn a 60% interest in Majescor’s uranium rights on the property by spending $1.3m in exploration expenses over three years.
The goal of the Mistissini uranium property exploration program remains to discover one or more near-surface economic uranium deposits set in an off-sedimentary basin basement setting.