Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

April 11, 2012 08:00 ET

Majescor Confirms 154 g/t Silver (4.49 oz/ton) Over 12 m in Sulphide Zone in Hole B-001, Blondin Porphyry Copper-gold Prospect, Northeast Haiti

Includes high grade intervals of 869 g/t silver (25.35 oz/ton) and 301 g/t Ag (8.78 oz/ton) over 1.5 m

MONTREAL, QUEBEC--(Marketwire - April 11, 2012) -

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Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX) is pleased to confirm final silver assay results for a high-grade intercept in drill hole B-001 at the Blondin porphyry copper-gold prospect, on its SOMINE porphyry copper-gold and vein gold-silver project in Northeast Haiti. Blondin is the second porphyry target on the SOMINE project which also includes the Douvray porphyry copper-gold prospect (see Majescor press release dated February 6, and March 13, 2012).

Hole B-001 is located approximately 2 000 m to the Northwest of the Douvray prospect and it was drilled at an angle of -90° to a depth of 287 m. Hole B-001 returned the following intercept in the sulphide zone:

  • 154 g/t Ag (4.49 oz/ton) and 0.30% Cu over 12 m (from 269.5 m to 281.5 m), including:

    • 869 g/t Ag (25.35 oz/ton) and 0.61% Cu over 1.5 m (from 269.5 m to 271.0 m); and

    • 301 g/t Ag (8.78 oz/ton) and 0.28% Cu over 1.5 m (from 280.0 m to 281.5 m)

Daniel Hachey, President & CEO of Majescor commented that: "This significant silver-enriched interval in the sulphide zone in hole B-001 is in addition to previously announced high silver assays in the oxide zone whereby the Company intercepted 72.4 g/t Ag in the first 15.0 m from surface. Additional holes are planned at Blondin in the latter part of the year, but right now the priority is to complete infill drilling at the Douvray prospect in order to define our first National Instrument (NI) 43-101 compliant resource estimate on the SOMINE project. During this quarter, we are also expecting preliminary metallurgical tests results for copper at Douvray and for gold and copper at the Faille B gold prospect. This work was commissioned last year in an effort to fast-track the development of the SOMINE project towards a first NI 43-101-compliant Scoping Study on the SOMINE project starting in 2013."

To date, Majescor has completed 12 holes for 4,066 m at the SOMINE project as part of its initial two-phase core drill program (total 10,000 m) including 3 holes at the Blondin prospect (Table 1). A second Palo Verde Drilling Ltda drill rig was mobilized to the project in March to coincide with the beginning of Phase 2 of the drill program (6,500 m). Both drills are currently positioned on the Douvray prospect.

Majescor is also pleased to report that a three-dimensional copper grade distribution model has been generated for the Douvray porphyry copper-gold prospect using selected historical and all recent core drilling results. This first pass grade distribution model is currently being used to guide the Company in positioning infill drill holes at a drill spacing that will aid in increasing confidence when defining continuity of the copper mineralization, a key step in the process to delineate a NI 43-101 compliant resource estimate. The images of the models, together with a map showing the location of the drill holes, are posted on the Company's Website at www.majescor.com.

The grade distribution model was generated with Gemcom's Surpac™ Version 6.2.2 geological modelling software using 5 m x 5 m x 5 m block sizes, a 1 m composite length for drill hole assays, inverse distance squared interpolation method with a sample search distance of 100 m (horizontally and vertically) and with no grade capping. Historic drill holes that did not have adequate quality control data were not used in this grade distribution estimation. The interpolation was constrained by a three dimensional grade shell that represents the extent of the known mineralization. The next planned version of the model will integrate lithology along with copper grades providing valuable insight into grade distribution, the geometries of rock types and their spatial relationships.

Table 1 Summary of significant sulphide zone Cu-Ag intercepts at the Blondin prospect

Hole ID From (m) To (m) Width (m) Total Depth (m) Cu (%) Ag (g/t) Ag (oz /ton)
B-001 173.00 269.50 96.5 287 0.453 0.621 -
B-001 269.50 281.50 12.0 287 0.296 154 4.49
includes 269.50 271.00 1.5 287 0.614 869 25.35
includes 280.00 281.50 1.5 287 0.282 301 8.78
B-002 * - - - 351 - - -
B-003 43.50 69.00 25.5 288 0.216 0.33 -

*Hole B-002 contained no significant intercepts

SIMACT Alliance Copper Gold Inc. ("SACG"), Majescor 100%-held subsidiary, is the operator of the SOMINE exploration program, per its agreement with partner and 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 AcmeLabs' 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 G601 and 1D01 methods. Any samples registering >1 wt % Cu is reanalysed using a four-acid total digestion by ICP-ES (Code 8TD-Cu). AcmeLabs 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. 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 licenses to exploration licences (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 (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 Marc-André Bernier, M.Sc., P.Geo. (Québec and Ontario), Director of Majescor and a qualified person under NI 43-101.

To find out more about Majescor Resources Inc. (TSX VENTURE: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:

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.

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