This is a good example of what can happen with good drill cores. Very nice results for Majescor. Hope WOLV is next.
26, 2012 08:00 ET
Majescor Intersects 0.25% Cu, 0.72 g/t Ag, 0.03 g/t Au and 9.21 ppm Mo over 294 m in Hole D-012 at the Douvray Porphyry Copper-Gold Prospect, Northeast Haiti-Files Application...
...for Two Mining Exploitation Permits
MONTREAL, QUEBEC--(Marketwire - July 26, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.
Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX) is pleased to report that drill hole D-012 which targeted the southeast portion of the Douvray porphyry copper-gold prospect, Northeast Haiti, has intersected 0.25% Cu, 0.72 g/t Ag, 0.03 g/t Au and 9.21 ppm Mo over 294 m (Table 1). Hole D-012, drilled at 070°(Dip = -85°E) to a depth of 302 m aimed to duplicate the results of historical hole ONU-008 drilled by the United Nations Development Program (UNDP) in 1976 as part of its initial assessment of the Douvray prospect. Hole D-012 is located on section, 190 m to the East of drill hole D-008 which recently returned 0.232 % Cu over 422.60 m, the longest copper intercept on the SOMINE project to date (see Majescor Press Release dated May 23, 2012). In addition, chalcopyrite mineralization was intersected in drill holes D-010 (Dip = -90°) and D-013 (Dip = -75° E) drilled from the same platform as D-008 (Dip = -60° E). Samples for these holes have been submitted to Acme Labs analytical services in the Dominican Republic and complete assay results are pending. The mineralization encountered within these four holes conforms to the geometry noted on adjacent cross sections with the stronger copper mineralization (chalcopyrite/bornite) occurring within the mafic volcanic rocks i to a central porphyritic intrusion. A map showing the location of the drill holes at Douvray is available at the Company's WEB site at www.majescor.com
Majescor is also pleased to report that on June 21, 2012, SIMACT Alliance Copper-Gold Inc. ("SACG"), a wholly-owned affiliate of the company and Haitian partner SOMINE SA, holder of the SOMINE project Research Permit, submitted two independent technical reports (non-National Instrument (NI) 43-101 compliant) authored by Montréal-based engineering firm AECOM Inc. to the Haitian Bureau of Mines and Energy ("BME") in Port-au-Prince. The first report is on the Faille B gold prospect and the second is on the Douvray porphyry copper-gold prospect. The technical reports were filed pursuant to SOMINE SA's obligations under the Mining Convention executed with the State of Haiti on May 5, 2005 and valid until March 9, 2020, 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 prospect and host shear structure. The SOMINE Research Permit expired on June 22, 2012. 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).
Daniel Hachey, President & CEO of Majescor stated: "The results from Hole D-012 are consistent with previously released drill results and they continue to demonstrate continuity in widths, depth and grade of the copper and precious metal mineralisation at Douvray, key elements for building volume and tonnage. To date, we have completed 17 holes (6,029.80 m) at Douvray. Our team of consultants, GeoSim Services Inc. and Buscore Consulting Ltd, are currently going through the final verifications on our first NI 43-101 compliant resource estimate at Douvray, slated for release shortly. This first resource estimate will focus on copper exclusively and it will incorporate some historic and all current drill holes up to and including D-008. We are planning an updated resource estimate which will include the remaining nine (9) drill holes at Douvray for release in October of this year. This revised estimate will form the basis of a first NI 43-101 compliant Preliminary Economic Assessment on the SOMINE project to start by year end."
