Majescor intersects 17.5 m of 2.59 g/t Au, 0.95 g/t Ag and 0.14% Cu in Hole FB-012 at Faille B vein gold prospect, Northeast Haiti – Includes sub-intercept of 3.9 m grading 8.96 g/t Au, 1.50 g/t Ag, and 0.22% Cu
Thursday, September 20, 2012
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Montréal, QC, September 20, 2012. Majescor Resources Inc. (“Majescor” or the “Company”) (MJX: TSX-V) is pleased to report that drill hole FB-012 which targeted the historical “Central Zone” of the Faille B vein gold prospect, Northeast Haiti, has intersected 17.5 m grading 2.59 g/t Au, 0.95 g/t Ag and 0.14% Cu (from 58.0 m to 75.5 m). Hole FB-012 (Azimuth: 026o; Dip -50o; Depth: 131.0 m) also contains a series of significant sub-intercepts including 3.9 m grading 8.96 g/t Au, 1.50 g/t Ag and 0.22% Cu (Table 1).
Hole FB-012 is the second of five shallow drill holes (total: 639.50 m) recently completed at Faille B. The principal objectives of the core drilling program were to begin replicating key historical holes within the Central Zone in preparation for a first National Instrument (NI) 43-101 compliant resource estimate for Faille B; to map trace element geochemical signatures across the entire length of the core; and to start the step-out drilling process in order to test the down-hole continuity of the gold mineralisation. Final drill assay results for holes FB-010, FB-011, FB-013 and FB-014, including five over-limit Au assays, are pending. A map showing the location of the five drill holes at Faille B is available on the Company’s Website at www.majescor.com.
Daniel Hachey, President and CEO of Majescor states: “The first drill results to come out of Faille B are encouraging in that they demonstrate the gold potential of the Central Zone, add copper and silver as potentially recoverable by-products, and indicate additional gold potential down plunge for the array of gold-bearing veins. The fact that Faille B it located along a tectonic zone that trends into Unigold and Goldquest projects and significant gold prospects in the Dominican Republic certainly raises awareness about the potential of the Haitian portion of this major southeast-trending structure to become a new gold-bearing district on the island of Hispaniola”.
The Faille B gold prospect is located 1.8 km to the south of the Company’s Douvray copper-gold prospect, and along trend with recent gold discoveries by Unigold and Goldquest in the Dominican Republic located between 45 km to 86 km to the southeast. The quartz vein and shear hosted gold prospect was discovered by the United Nations Development Programme (“UNDP”) in 1983 and was drill tested by the UNDP between September 1985 and May 1987 (the UNDP also excavated >15 trenches across the strike of the quartz-gold vein system). A total of 31 drill holes (3,186 m) tested the Faille B shear structure over a strike length of 1.8 km utilizing a hole spacing of between 60 m to 250 m. Drill hole depths ranged from 44 m to 190 m and apart from two sub-vertical holes, all other holes were inclined between -54o to -60o (hole FB-012 is a duplicate of historical hole RF-05 drilled by the UNDP in October of 1985 to a depth of 86.05 m). The UNDP drilling programme outlined mineralization over a 1.0 km strike length, with a northwest-southeast trend, and dipping 45o to 60o to the southwest. Initial, non-NI 43-101 compliant gold resources estimates were calculated down to a depth of 110 m (refer to NI 43-101 qualifying report by Barrie (2009) posted on www.sedar.com and at www.majescor.com). Subsequent drill holes by partner SOMINE SA in 2009 and now by Majescor/SOMINE (total of 15 drill holes) were positioned perpendicular to the plane formed by the southwest dipping array of veins in order to test lateral and vertical continuity. The host rocks at Faille B comprise of propylitically altered and foliated dacite feldspar porphyry and andesite, with minor sulphide content. The gold mineralization at Faille B is within and adjacent to a quartz carbonate vein array up to 30 m wide which contains visible pyrite, chalcopyrite, and sphalerite.
Table 1. Summary of best intercepts in Hole FB-012
Hole ID Azimuth Dip From To Width Au g/t Ag g/t Cu % Zn %
FB-012 026o -50o 29.00 42.00 13.00 0.36 1.04 0.16 0.10
includes 33.00 34.50 1.50 1.31 1.50 0.22 0.09
FB-012 58.00 75.50 17.50 2.59 0.95 0.14 0.04
includes 58.00 61.90 3.90 8.96 1.50 0.22 0.02
includes 63.20 63.45 0.25 1.60 5.30 0.85 0.01
includes 71.00 72.50 1.50 1.21 1.10 0.21 0.03
includes 74.00 75.50 1.50 4.41 0.20 0.16 0.03
FB-012 83.00 93.20 10.20 0.39 0.47 0.08 0.24
includes 87.50 93.20 5.70 0.50 0.64 0.08 0.41
includes 91.50 92.50 1.00 1.53 1.70 0.17 1.65
SIMACT Alliance Copper Gold Inc. (“SACG”), a Majescor 100%-held subsidiary, is the operator of the Faille B exploration program, per its agreement with partner and SOMINE project title holder, SOMINE SA.
Core sampling, analysis and quality control
Core samples from the SOMINE Project are cut in half using a rock saw. The half samples are sent to Acme Labs’ sample preparation and expediting facility in the Dominican Republic (www.acmelab.com). All analytical work is performed at Acme’s laboratory in Santiago, Chile. All samples are analyzed by Agua Regia digestion, 1DX2 ICP-MS method. Any sample registering >1 wt % Cu is re-analysed using a four-acid total digestion by ICP-ES (Code 8TD-Cu), and any sample returning a value of greater than 100 ppb gold is re-analysed using gold Fire Assay AA finish. Acme Labs is an ISO 9001:2008 qualified assayer that performs and makes available internal assaying controls. Quality control protocols in place by Majescor/SACG consist of the insertion of one blank, one reject duplicate and one of three different certified reference standard materials in every batch of 20 samples. Core recovery in the mineralized zones has been averaging greater than 90% to date.
About the SOMINE Project
The SOMINE project consists of a Research Permit covering 50 km2, the mineral rights and obligations of which have been assigned under a Mining Convention executed between SOMINE SA and the State of Haiti on May 5, 2005 and valid until March 9, 2020. The Research Permit expired on June 22, 2012. On June 21, 2012 SOMINE SA filed two independent technical reports (non-NI 43-101 compliant) to the Haitian Bureau of Mines and Energy (the “BME”) in Port-au-Prince. The technical reports were filed pursuant to SOMINE SA’s obligations under the Mining Convention and in support of SOMINE SA’s application to have the 50 km2 SOMINE Research Permit converted to: one (1) 25 km2 Mining Exploitation Permit covering the Blondin-Douvray-Dos Rada porphyry copper system which contains the Douvray porphyry copper-gold prospect; and one (1) 20 km2 Mining Exploitation Permit covering the Faille B vein gold-copper prospect and host shear structure. Under the terms of the Mining Convention (Article 17), and conditional upon SOMINE SA honouring other provisions set-out in the Mining Convention, upon receiving the two technical reports, the BME has thirty (30) days to issue the two Mining Exploitation Permits. Under Haitian mining law, a Mining Exploitation Permit is valid for five (5) years and is renewable until the start of commercial mining at which time the permit shall be converted to a Mining Concession (valid for 25 years; renewable). The award by the BME of the two Mining Exploitation Permits to Majescor/SACG partner and title-holder SOMINE SA is pending.
SOMINE SA has also carried-out systematic soil sampling and prospecting work over four Prospecting Permits encompassing four 100 km2 areas lying to the East, South and Southeast of the permit subject to the Mining Convention. SOMINE SA has requested the conversion of 3 of 4 Prospecting Permits to Research Permits (50 km2 each) and has filed all technical and source documents in support of its application with the Haitian Bureau of Mines (“BME”).
About SIMACT Alliance Copper Gold Inc. and SOMINE SA
SIMACT Alliance Copper Gold Inc. (“SACG”) is a 100%-held subsidiary of Majescor. SACG is the majority shareholder of SOMINE SA, a registered Haitian corporation holding 100% of the mineral rights to the SOMINE project. SOMINE SA has designated SACG as the Technical Operator of the SOMINE project exploration programme.
About Majescor Resources Inc.
Majescor Resources Inc. is a junior explorer focusing on emerging mineral districts. In addition to the SOMINE project, Majescor's project portfolio includes the Mistassini uranium exploration projects in Quebec (under Joint-Venture: 40 % Majescor and 60% Strateco Resources Inc.) the Besakoa gold and base metal property in Madagascar (50%-50% joint venture with Sunridge Gold Corp.).
Dale Schultz M.Sc., P.Geo. (Manitoba and Saskatchewan), of Buscore Consulting Ltd (www.buscore.net) is the qualified person responsible for the technical data in this press release in compliance with National Instrument (“NI”) 43-101. This press release has been reviewed by C. Tucker Barrie, Ph.D., P.Geo. (Ontario), Vice President Exploration, a Director of Majescor and a qualified person under NI 43-101.
To find out more about Majescor Resources Inc. (TSX-V: MJX), SIMACT Alliance Copper Gold Inc., the SOMINE copper-gold Property as well as the Company’s Mistassini uranium and Besakoa copper/gold properties, please visit our website at www.majescor.com, or contact us directly at:
Daniel Hachey
President & CEO
Majescor Resources Inc.
dan@majescor.com
Tel: 905.206.1604
Fax: 613.241.7817
www.majescor.com
Forward-Looking Statements
This News Release may contain or refer to "forward-looking statements" which reflect Management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities. These statements reflect Management's current beliefs at the time of this news release and are based on information currently available to Management. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Majescor Resources inc., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Management’s expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.
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