Business & Finance
Thu, October 15, 2009Wed, October 14, 2009Tue, October 13, 2009Mon, October 12, 2009Fri, October 9, 2009Thu, October 8, 2009Wed, October 7, 2009Tue, October 6, 2009Mon, October 5, 2009Sun, October 4, 2009Fri, October 2, 2009Thu, October 1, 2009Wed, September 30, 2009Tue, September 29, 2009Mon, September 28, 2009Majescor Resources Inc.: Majescor and SACG Discover a New Copper-Gold Showing and Outline a Distinct 650 m-Long by 300 m-Wide C
Published in Business and Finance on Tuesday, October 6th 2009 at 12:37 GMT by Market Wire
MONTREAL, QUEBEC--(Marketwire - Oct. 6, 2009) - Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX) and partner SIMACT Alliance Copper Gold Inc. ("SACG") are pleased to report the discovery of a new copper-bearing showing on the SOMINE copper-gold property located in the North-East mineral district of Haiti. During the course of systematic grid prospecting work, a massive quartz vein hosting up to 20% copper-bearing minerals was uncovered 1.3 km southeast of the historical Douvray porphyry copper prospect. The showing, known as "Grosse Veine", has been stripped over a 20 m by 20 m surface area and the mineralisation remains open in all directions. A total of 56 assay readings were systematically taken across the quartz vein using a NitonTM hand-held x-ray fluorescence ("XRF") analyser and 7 grab outcrop samples were collected for geochemical analysis. Copper mineralization is ubiquitous, but irregular in grade, across the mineralized vein. Preliminary assay results recently received from Acme Analytical Laboratories have confirmed the anomalous Niton readings, with copper values for 5 out of 7 of the quartz vein samples ranging from 1.65% to 5.80%. The quartz vein also contains appreciable amounts of gold and silver, with 6 of the 7 grab samples registering above 1 g/t Au, (including 3 samples with greater than 10 g/t Au; final assay results pending), and silver ranging from 2 to 23 g/t.
In addition, systematic prospecting and a re-interpretation of geochemical data from the 2008 SAGC exploration program has confirmed the presence of a minimum 650 m-long by 300 m-wide copper-bearing zone in fractured and altered mafic volcanics. This new zone, known as "Ti-Toro", extends southeast and along strike from the previously reported Dos Rada historical copper area. Reconnaissance prospecting and geochemical sampling conducted in 2008 at Ti-Toro had uncovered 16 copper-bearing showings in outcrop, with spot sample copper grades raging from 1.53% to 13.28% (these samples were analysed for multi-elements using atomic absorption spectroscopy (partial or total digestion) at Laboratoire Expert Inc. of Rouyn-Noranda). The mineralisation at Ti-Toro consists of malachite, chalcopyrite, pyrite, hematite, limonite and/or magnetite in fracture fillings and in quartz veins. Systematic geochemical sampling and mapping of the Ti-Toro zone is underway.
Both the Grosse Veine copper-gold showing and the Ti-Toro copper-bearing zone lie within a 10 km long by up to 3.8 km wide copper-bearing corridor defined by historical regional stream sediment, soil and rock geochemistry data on the SOMINE property (see Majescor press release dated July 7, 2009). This northwest-trending corridor holds the historical Blondin and Douvray copper-gold prospects; the historical Faille-B gold prospect; a series of historical copper occurrences at Dos Rada, together with over one hundred other new copper showings in outcrop. A map showing the location of the corridor and of the various prospects and showings is available on the Company's website at [ www.majescor.com ], along with pictures of the Grosse Veine copper-gold showing.
Marc-Andre Bernier, President and CEO of Majescor states: "The discovery of the Grosse Veine copper - precious metal showing, together with the identification of the Ti-Toro copper-bearing zone to the southeast of, and along strike with the historical Douvray copper prospect is further evidence of the existence of a multi-kilometre-long copper-bearing system on the SOMINE property. The Grosse Veine prospect differs markedly from the other new occurrences found to date in the mineralized corridor and it may represent a distal epithermal system to the Douvray porphyry copper prospect. Additional discoveries of copper and gold are expected as Majescor and SAGC systematically explore the full length of the SOMINE property".
The SOMINE property lies within a highly prospective Mesozoic-Cenozoic volcanic-intrusive arc trend which contains numerous epithermal gold and porphyry copper occurrences in Haiti as well as the World-Class Pueblo Viejo gold-copper mine in the adjacent Dominican Republic.
All rock samples were submitted to Acme Analytical Laboratories' ("Acmelabs") facility in Port-au-Prince for sample preparation and then forwarded to Acmelabs' analytical facility in Vancouver for multi-element (ICP-ES: aqua regia digestion) and precious metals (fire assay fusion with an ICP-ES finish) analysis. Standard quality control protocols were applied.
SOMINE property
SIMACT Alliance Copper Gold Inc holds title to 68.7% of all the issued and outstanding shares of SOMINE SA, a company incorporated under the laws of the Republic of Haiti. SOMINE in turn, has 100% title to the SOMINE property.
The SOMINE property consists of a Research Permit covering 50 km2, the mineral rights and obligations of which have been assigned under a Mining Convention executed with the State of Haiti on May 5, 2005 and valid until March 9, 2020. SACG 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. SACG has requested the conversion of the Prospecting Permits into Research Permits (50 km2 each) and has filed all technical and source documents in support of its application with the Haitian Bureau of Mines and Energy.
The 2009 SOMINE property exploration program will also include core drilling of at least one of the historical prospects. Plans are currently underway to mobilise the drill from the Dominican Republic onto the property.
The terms of the Agreement with SAGC are detailed in Majescor's Press Release dated April 23, 2009.
About SACG
SIMACT Alliance Copper Gold Inc. is a Montreal-based private company headed by a group of Canadian financiers and Haitian-American developers. The alliance aims to promote sustainable mineral development initiatives in Haiti by creating synergies between the Canadian financial and mining communities and the North American Haitian Diaspora.
About Majescor
Majescor is a junior explorer focusing on emerging mineral districts. Other than Majescor's 10% equity position in SAGC with an option to acquire the remaining 90% interest, Majescor's project portfolio includes two uranium exploration projects in Quebec: Mistassini (100%-owned; under option to Strateco Resources Inc.) and Lac Laparre (100%-owned; under option to Virginia Energy Resources Inc.). In addition to uranium, Majescor owns 100% mineral rights to four gold and base metal properties in Madagascar (under option to Sunridge Gold Corp.).
This press release as been prepared by Marc-Andre Bernier, P.Geo, Director of Majescor, acting as the "Qualified Person" for the Company under National Instrument 43-101.
To find out more about Majescor Resources Inc. (TSX VENTURE:MJX), SIMACT Alliance Copper Gold Inc. and the SOMINE copper-gold property, please visit our website at [ 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
