Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

August 28, 2012 08:00 ET

Majescor Intersects 180.4 m of 0.32% Cu, 0.59 g/t Ag, 0.05 g/t Au and 16.76 Ppm Mo in Hole D-015 at Douvray, Northeast Haiti - Results Show Near-Surface Copper Enrichment Cap

MONTREAL, QUÉBEC--(Marketwire - Aug. 28, 2012) -

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Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX) is pleased to report that drill hole D-015 which targeted the apex of the Douvray porphyry copper-gold prospect, Northeast Haiti, has intersected 180.4 m grading 0.32% Cu, 0,59 g/t Ag, 0,05 g/t Au and 16,76 ppm Mo (from 3.6 m to 184.0 m; Table 1). Hole D-015 (Dip = -90º; Depth: 200 m) aimed to replicate the results of historical hole ONU-001 (Dip = -90°; Depth: 188.8 m) drilled by the United Nations Development Program (UNDP) in 1975 as part of its initial assessment of the Douvray prospect. Hole D-015 was also designed to test the ridge-top area between the East and West mineralisation limbs in search for a connective zone. In addition to confirming the inter-limb continuity of the copper mineralisation within the first 200 m, Hole D-015 results indicate the occurrence of a near-surface copper enrichment zone consisting of 66.4 m grading 0.48% Cu, 0.89 g/t Ag, 0.08 g/t Au and 9.00 ppm Mo (from 3.6 m to 70.0 m; Table 1). A similar pattern of near-surface copper-enrichment within the sulphide zone was intersected in Hole D-014 (Azimuth: 070º; Dip = -70ºE; Depth: 236 m) drilled 105 m to the southwest of Hole D-015 and comprising of 56.0 m of 0.71% Cu, 1.24 g/t Ag, 0.21 g/t Au and 15.64 ppm Mo (from 15.5 m to 71.50 m; see Majescor Press Release dated August 21, 2012). The near-surface copper enrichment cap appears to be part of a shell around the central porphyry system. This shell outcrops at the apex of the topographic ridge marking the divide between the East and West limbs of the Douvray prospect. A map showing the location of the drill holes at Douvray is available at the Company's WEB site at www.majescor.com. Drill hole D-015, along with results from previously released drill intersections and historic drilling at Douvray can be seen in a new three-dimensional ("3D") model of the Douvray prospect available at www.corebox.net. Sectional view of the drilling can also be seen within the CoreBox® WEB application Section ID = 00785).

Majescor is also pleased to report that is has received the results from thin section petrology work conducted on selected mineralised core samples from the Douvray copper-gold prospect. The petrology results show that the most important ore minerals are bornite and chalcopyrite. Digenite and covellite are also present as primary minerals. Silver is present in the telluride mineral hessite. Also notable is the relative high quantity of accessory calcite and carbonate associated with the copper mineralization. The principle copper minerals, and indeed the sulphide minerals in general, have very low abundances of other trace metals together; this is corroborated by ICP data for trace metals routinely analyzed in drill core in the Douvray porphyry copper gold system (See Photomicrographs A and B at www.majescor.com).

Daniel Hachey, President & CEO of Majescor states "The confirmation that copper mineralisation extends between the East and West limbs at Douvray together with higher grades in the upper sulphide zone are significant in that these features suggest the presence of a copper-enriched cupola around the central porphyry body whereas previously it was thought that the mineralisation was concentrated in two steep strongly mineralized chutes on opposite sides. The outcropping of this cupola along the ridge crest is a very favourable feature for the design of a "conceptual" starter open-pit focussing on the higher near-surface copper grades and with a low stripping ratio. The petrology results are also significant in that they show the mineralization is very clean containing very little in the way of deleterious minerals that could be considered a smelter penalty. Also, the abundance of calcite and carbonate together with the low pyrite content of the mineralization within the Douvray porphyry copper-gold system will help buffer acid generation in any future mine tailings and low waste rock impoundments."

Table 1. Summary of best intercepts in Holes D-015 and D-014

Hole Azimuth Dip From (m) To
(m)
Width (m) Cu (%) Au (g/t) Ag (g/t) Mo
(ppm)
D-015 - -90 Degrees 3.60 184.00 180.40 0.32 0.05 0.59 16.76
Including 3.60 70.00 66.40 0.48 0.08 0.89 9.00
Including 31.60 67.00 35.40 0.59 0.08 1.20 15.04
D-014 070 Degrees -70 Degrees 15.50 160.50 145.00 0.38 0.14 0.71 9.21
Including 15.50 71.50 56.00 0.71 0.21 1.24 15.64
15.50 27.50 12.00 1.98 0.84 3.26 5.98

The Douvray copper prospect core drilling program comprised of 15 holes totalling 5,534.6 m. Analytical results for holes D-010, D-013, D-016 and D-017 are pending. The results from all 15 holes will form the basis of the Company's first National Instrument (NI) 43-101 compliant resource estimate at Douvray to be released this fall.

The Corebox® 3D model and sectional views of the Douvray prospect (www.corebox.net) highlight the extent of copper gold and silver mineralization underneath the ridge forming the topographic high that is over 200 m above the alluvial plane. Geological 3D modelling of the Douvray copper mineralization using Gemcom's Surpac™ resource modelling software (under license to CanMineX Enterprises Ltd.) displays features of a "typical" porphyry copper deposit with a steep walled cylindrical central core comprised mostly of felsic porphyritic intrusive rock surrounded by mafic volcanic rocks. The Douvray mineralization occurs as disseminations or stockwork structures that appear to be concentrated in two steeply dipping (65 to 70º) strongly mineralized chutes on opposing sides of the centrally mineralized porphyry stock where higher grade copper mineralization is focused in the mafic volcanic lithologies spatially associated with the porphyry stocks. Significant mineralization also occurs above the core giving an overall northwest/southeast trending anticlinal geometry to the copper mineralization.

Through the Corebox® Google Earth® plug-in, it can also be seen that the Douvray prospect is located at a horizontal distance of 11.68 km southeast of a deep water port under construction at the Caracol industrial park (www.ute.gouv.ht/caracol/index.php/).

SIMACT Alliance Copper Gold Inc. ("SACG"), a 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 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 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.

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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