Majescor Resources Inc.
TSX VENTURE : MJX

Majescor Resources Inc.

January 31, 2012 08:00 ET

Majescor and Somine Report 0.60% Cu (0.66% Cu Equivalent(i)) Over 212.8 M in Drill Hole D-005 at the Douvray Porphyry Copper-Gold Prospect, Northeast Haiti; Drilling Started at Blondin Prospect

MONTRÉAL, QUEBEC--(Marketwire - Jan. 31, 2012) -

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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 final assay results for the near-surface primary sulphide zone in drill holes D-003, D-004, and D-005 at the Douvray copper-gold prospect on their SOMINE porphyry copper-gold and epithermal vein gold-silver project in Northeast Haiti. Analytical results for the oxide and oxide-sulphide transition zones in holes D-003, D-004, and D-005 are pending and will be reported in a subsequent release.

Hole D-005 was drilled at -90º to a depth of 391.0 m with the following results:

  • Primary Sulphide Zone: 0.60% Cu, 0.08 g/t Au, 0.88 g/t Ag over 212.80 m, or 0.66% Cu equivalent(i) over 212.80 m (from 25.50 m to 238.30 m); including:
    • 0.74% Cu, 0.09 g/t Au, 1.02/t Ag over 132.20 m, or 0.81% Cu equivalent(i) over 132.20 m (from 41.60 m to 173.80 m);

Drill hole D-005 is located 430 m northwest from hole D-001 and 440 m northwest from hole D-002 at the Douvray prospect which returned 231 m grading 0.50% Cu (0.56 wt.% Cu equivalent(i)) and 295.1 m grading 0.78% Cu (0.87 wt% Cu equivalent(i)) in the sulphide zone, respectively (see Majescor News Releases dated December 13, 2011 and January 10, 2012).

Daniel F. Hachey, President and CEO of Majescor states: "We are very pleased with the latest results from the SOMINE drilling programme. The excellent near-surface sulphide zone intercepts from hole 5, located over 430 m from the equally impressive holes 1 and 2, are just starting to demonstrate the potential for strike-length continuity of the copper-gold mineralisation within the porphyry system. We are still waiting for more data from Acmelabs on hole 3 which should arrive shortly. We are also looking forward to the arrival in mid-to-late February of a second, more powerful drill capable of reaching 600 m depth, which will expedite the process of getting a first National Instrument ("NI") 43-101 compliant resource estimate for the SOMINE project."

The table below provides full details and other notable intercepts in holes D-003, D-004 and D-005 at the Douvray prospect:

Hole Azimuth Dip From
(m)
To
(m)
Width
(m)
Cu
(%)
Ag
(g/t)
Au
(g/t)
Cu
(%
Eq*)
D-003 070
(degrees)
-45
(degrees)
70.50 98.75 28.25 0.35 0.55 0.01 0.36
D-003 070
(degrees)
-45
(degrees)
137.75 155.75 18.00 0.38 0.58 0.22 0.52
D-003 070
(degrees)
-45
(degrees)
185.75 200.75 15.00 0.34 0.22 0.01 0.35
D-004 - -90
(degrees)
36.00 76.60 40.60 0.31 0.65 0.06 0.35
D-005 - -90
(degrees)
25.50 238.30 212.80 0.60 0.88 0.08 0.66
including - -90
(degrees)
41.60 173.80 132.20 0.74 1.02 0.09 0.81
D-005 - -90
(degrees)
281.80 299.80 18.00 0.34 1.76 0.14 0.44
D-005 - -90
(degrees)
349.30 361.00 11.70 1.36 4.09 0.19 1.53

(i) Cu equivalent calculated using US$3/lb Cu; US$25/oz Ag; US$1200/oz Au

The 3,500 m Phase 1 drill program for the SOMINE project is part of a broader 10,000 m drilling program targeting the Blondin - Douvray - Dos Rada porphyry copper-gold system and new nearby exploration targets. The drilling is designed to (a) confirm historical drill results reported by St. Geneviève Resources Ltd ("St. Geneviève") in the late 1990's; (b) test the lateral and at-depth extensions of the copper-gold mineralisation through step-out and deeper drilling as well as establish the broader porphyry system footprint; and (c) start the process of defining NI 43-101-compliant "Inferred" mineral resource estimates for the project. Phase 1 of the drill program is proceeding well with the purpose of twinning five holes (~1,600 m) at the Douvray prospect, thereby confirming the historical St. Geneviève drill results. The balance of the Phase 1 drilling will target the historical Blondin porphyry copper-gold prospect (first hole completed, B-001, Dip -90º, depth: 278 m) and a number of new showings discovered during the 2011 field season. These positive results will lead the project into a Phase 2 drill program consisting of approximately 6,500 m, which will further develop the potential resources at the Douvray and Blondin prospects, and continue to test the numerous nearby targets contained within the SOMINE project. To expedite the drilling, Majescor and SOMINE SA have executed a follow-up drill contract with Palo Verde Drilling Ltda of Guatemala for a second, more powerful, man-portable diamond drill core rig that is capable of reaching depths of 600 m. Mobilization to the SOMINE project for the second drill rig is scheduled for the second week of February.

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 (the operator of the SOMINE project) 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 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 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 Québec (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 NI 43-101. This press release has been reviewed by Marc-André Bernier, M.Sc., P.Geo. (Québec and Ontario), Director or 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

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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