Mark Kolebaba, President and Chief Executive Officer of Diamonds North Resources, affirmed that Banks Island is believed to be amongst Canada’s top three diamond properties, the other two being Amaruk and Hepburn. Also, it has the potential of a huge diamond mind akin to the Ekati or Diavik mines.
With this, Majescor explores another of its initiative in business developments and intends to focus on Quebec and Madagascar as a multi-commodity explorer.

By buying Montreal based Majescor Resources Inc’s 50 per cent stake in the Banks Island Diamond project, Diamonds North Resources Ltd., is now the 100 per cent owner of the 1.2 million acres of exploration permits, on the northeast corner of Banks Island in the Northwest Territories. According to the 50:50 joint venture with Majescor, Diamonds North has offered it, 1 million common shares and a 1.5 per cent royalty stake on diamonds, metals or other minerals produced by the project. Also, Diamonds North is allowed to buy out one half of the royalty, for C$1 million, (US$953) at any time.

Until now, a survey of 10 per cent has exposed 65 targets on the property, including a 12-14 hectares high-priority target. The shares offered by Diamonds North, will be purchased by Majescor through a warrant, at a price of US$1.50 per share, valid for two years, after Diamonds North confirms the high priority target to be a 200 meter diameter kimberlite pipe, of 80 million tones capacity, giving Majescor six months to implement the warrant before its expiry.