Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

January 18, 2011 09:00 ET

Majescor, SACG and SOMINE Identify New High Priority Geophysical and Structural Targets Within 10km-Long Copper-Bearing Corridor at the SOMINE Property, Haiti

MONTREAL, QUEBEC--(Marketwire - Jan. 18, 2011) - Majescor Resources Inc. ("Majescor" or the "Company") (TSX VENTURE:MJX), its 100%-owned affiliate company SIMACT Alliance Copper-Gold Inc. ("SACG") and their Haitian partner SOMINE SA are pleased to report the findings from an advanced interpretation of historical airborne geophysical data covering the SOMINE copper-gold Property ("SOMINE Property") located in the North-East mineral district of Haiti. The integration and spatial analysis of airborne magnetic ("MAG"), electromagnetic ("EM") and gamma-ray spectrometer survey data from the two historical surveys has outlined a series of significant geological and structural relationships for exploration within the 10km-long copper-bearing corridor outlined on the SOMINE property in 2009, together with new high-priority targets for porphyry copper systems and epithermal "lode" gold mineralisation throughout the property for follow-up investigation starting in 2011. A copy of the geophysical interpretation report has been filed with the Haitian Bureau of Mines and Energy ("BME") for review and analysis. The findings from this study will also assist the partners in establishing targets to be tested in a 3,500 m core drilling program scheduled to be performed on the property over the next 12 months. 

Highlights of the geophysical study include:

  • The interpretation of buried sub-circular intrusive bodies which may have acted as the heat and metal source for the porphyry copper and epithermal gold systems

  • The interpretation of key geological structures associated with the known copper and gold occurrences. The most important correlations include north-west-trending structures in the vicinity of interpreted buried sub-circular bodies as well as minor north-east structures. One of the significant north-west structures is a greater than 5 km-long fault interpreted to host the Faille-B historical gold prospect. A second, greater than 3 km-long northwest-trending fault is interpreted to mark the western limit of the Blondin and Douvray copper prospects;

  • The production of a geological map of the SOMINE property generated from the geophysical data displaying interpreted ultramafic and intermediate volcanic and felsic (diorite/tonalite/granite) geological units;

  • Recommendations for a first-phase program of ground geophysical surveying targeting three priority sectors of the Property. This program is to comprise over 123 line-km of gradient electrode induced polarisation ("IP") and resistivity measurements on 200m-spaced lines. Detailed lines, using a dipole-dipole or pole-dipole survey, are recommended on the best IP anomalies.

Daniel Hachey, President and CEO states "The reprocessing and interpretation of the two historical airborne geophysical surveys of the SOMINE property has generated new valuable geological and structural information which will guide us in the exploration for additional porphyry copper and lode gold deposits or as we test the extensions of the known prospects. Copper and gold are forecasted to become two of the most highly sought-after commodities in the World in 2011 and interest by major international mining companies for new sources from emerging districts such as the north-east mineral district of Haiti is at an unprecedented level. One of our main objectives for 2011 remains to identify one or more economic porphyry copper or lode gold deposits on 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. The property is host to 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 (see Majescor press release dated July 7, 2009). This northwest-trending corridor not only holds the historical Blondin and Douvray copper-gold prospects, the historical Faille B gold prospect, as well as a series of historical copper occurrences at Dos Rada, but also over one hundred new copper showings in outcrop, including Vein 37 ("Grosse Veine") a minimum 20 m by 20 m exposure of a 1-3 m thick copper-bearing quartz vein with spots assays of up to 5.80% Cu and up to 71.3 g/t Au (see Majescor press release dated November 5, 2009). The showing, located 1.3 km southeast of the historical Douvray porphyry copper prospect, consists of a massive quartz vein hosting up to 20% copper-bearing minerals. As previously reported, copper mineralization is ubiquitous, but irregular in grade, across the mineralized vein. Prospecting work conducted within the copper-bearing corridor in 2009 also led to the discovery of a new a minimum 650 m-long by 300 m-wide copper-mineralised zone in fractured and altered mafic volcanics. copper-rich zone in outcrop This zone known as "Ti-Toro" extends southeast and along strike from the Dos Rada historical copper area. Reconnaissance prospecting and geochemical sampling conducted in 2008 at Ti-Toro by SOMINE SA in 2008 had uncovered 16 copper-bearing showings in outcrop, with spot sample copper grades ranging from 1.53% to 13.28% Cu (see Majescor press release dated October 6, 2010).

Majescor and its affiliate SACG, in collaboration with their Haitian partner SOMINE SA, have designed a comprehensive exploration program for the SOMINE property starting in 2011. This program follows the recommendations set forth in a National Instrument ("NI") 43-101 Technical Report (the "Report") (available on www.sedar.com). Phase I of this program, estimated at $1.2 million, will comprise of the following: Re-establishing of an exploration camp; extending surface grids; continued soil and rock chip sampling on grids; ground geophysical surveying (IP surveys) on the grids in areas not previously surveyed; a 3,500 m – 15 hole drill core drilling campaign focussing on new priority targets and historical copper-gold prospects; as well as initial environmental baseline studies for subsurface and surface groundwater, noise and dust levels, and year-round weather conditions. 

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.

Geophysical data processing and analysis

The advanced geophysical interpretation work was performed by consultant MBGeosolutions of Québec-city. Two (2) historical airborne geophysical surveys were used for the advanced interpretation: A helicopter-borne magnetic, electromagnetic and gamma spectrometer survey (200m-spaced lines oriented north-south) flown by Aerodat in 1995 on the behalf of previous partner of SOMINE SA; and a recently-flown proprietary airborne magnetic ("MAG") and gamma-ray spectrometric survey. The historical geophysical survey datasets were acquired by Majescor under the terms of the agreement executed with SIMACT Alliance Copper Gold Inc ("SACG") and its principal shareholders on April 22, 2009 (see Majescor press release dated April 23, 2009). The Aeromagnetic datasets were filtered in order to enhance sub-surface features like geological contacts, structural lineaments or intrusive related sub-circular fractures. A series of grey shaded relief images of the first vertical derivative ("1VD") were generated. Using these images, the high magnetic ridges were manually extracted as the first step of a magnetic lineament study. The following step in the analytical procedure comprised of the interpretation of the magnetic lineaments possibly associated with discordant or concordant geological structures. The interpretation work shows the geometrical relationship between magnetic ridges, truncation and/or displacement of magnetic units and finally the change in the magnetic texture on aeromagnetic images. The grey shaded relief images of the 1VD were also used to interpret lithology and structure together with the presence of sub-circular features. These sub-circular features are interpreted as buried intrusions. 

The SOMINE property was covered by a frequency domain EM survey. Only a partial dataset from this survey was available for reprocessing. Images of the resistivity at 4600Hz and 935Hz were generated and overlaid with drainage and topography as part of the data integration process leading to the final geological interpretation. In both cases, MBGeosolutions concluded that the apparent resistivity images expressed the close relationship between high resistivity and outcrops, and low resistivity and alluvial valleys. 

The property was also surveyed by gamma-ray spectroscopy. A series of colour images were generated for uranium, thorium and potassium. In general, the uranium image does not show any spatial correlation with other datasets. The thorium and potassium images show a more interesting distribution. High thorium and potassium values have generated spectrometric domains which correlate with magnetic domains and/or topographic features. These high Th-K domains are interpreted to reflect felsic intrusive/extrusive rock units or felsic sedimentary units. Using the potassium image, geological domains reflecting K-rich lithologies were also interpreted but were not used in the final data integration.

MAG, EM and gamma spectrometer data processing, colour images and interpretations of the two airborne geophysical surveys over the SOMINE property were overlaid and integrated together in order to define significant geological and structural relationships and identify priority targets in the property for follow-up investigation (ground geophysical surveying and prospecting).

Faille B gold prospect testing

Majescor is also waiting for SOMINE SA (a) the final core drilling results and technical report from the 2009 drill campaign at the Faille B gold prospect as well as (b) the results of a feasibility study for an initial, small-scale near-surface gold mining and recovery operation at Faille B.

About 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. SOMINE SA 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 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 property. 

About Majescor Resources Inc.

Majescor is a junior explorer focusing on emerging mineral districts. In addition to the SOMINE property, Majescor's project portfolio includes the Mistassini uranium exploration projects in Quebec (100%-owned; under option to Strateco Resources Inc.) the Besakoa gold and base metal property in Madagascar (100%-owned; under option to Sunridge Gold Corp.). 

This press release as been prepared by Marc-André 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., 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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