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Majescor Enters into an Option Agreement for the Rupert Lithium Project in the James Bay Area of Québec and Announces Management Changes
OTTAWA, ONTARIO--(Marketwired - June 15, 2016) - Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX) is pleased to announce that it has ente
About this update from Windfall Geotek Inc.
[{"type":"text","content":"OTTAWA, ONTARIO--(Marketwired - June 15, 2016) - Majescor Resources Inc. (\"Majescor\" or the \"Company\") (TSX VENTURE:MJX) is pleased to announce that it has entered into an option agreement with a Prospector to acquire two blocks of claims thus initiating the \"Rupert Lithium project\". 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. André Audet, interim Chief Executive Officer (\"CEO\") of Majescor states, \"The Rupert Lithium project represents excellent exploration targets as it is up ice from strong and consistent lithium lake sediment anomalies.\" Management Changes: The Company announces that Mr. C. Tucker Barrie is stepping down from his role as President and interim CEO of Majescor. Mr. André Audet, currently a Director of the Company, will temporarily fill the CEO position on an interim basis. On his departure, Mr. 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.\" Mr. Barrie will remain as a technical advisor to the Company as he dedicates more time to his Economic Geology consultancy. The Board wishes him well in his other endeavours. About Majescor Resources Inc. Majescor has an o...