1.5 m.. not 10.5m you got screwedthis will be ugly tomorrow fellows... hope for you they will cancell all trades
CORRECTION FROM SOURCE: Majescor and SOMINE Intersect 77 g/t Au Over 10.5m at Faille B, NE Haiti and Majescor Announces the Closing of the 2nd Tranche of a Non-Brokered PP for $510,000
8/18/2011 4:14:08 PM - NFD
MONTREAL, QUEBEC, Aug 18, 2011 (Marketwire via COMTEX News Network) --
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
NOTE: This press release replaces that issued this morning, August 18, 2011, as it contains a correction to the intersection for DDH FB-09-09, which should read 537g/t Au over 1.5 m, and not over 10.5m.
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 on drilling of the Faille B gold prospect on the SOMINE project, NE Haiti. The drill program took place in December 2009, but analyses and results were delayed due to the earthquake of January 2010 in Port-Au-Prince. Since that time, care has been taken to ensure that the samples were properly stored, accounted and retrieved before shipment to a reputable laboratory facility, Acme Analytical Laboratories of Vancouver BC, for analysis. Drill hole FB-09-09 returned a significant intersection of 77 g/t Au uncut over 10.5 metres (see details below).
The Faille B orogenic gold vein prospect is located 1.8 km south of the Douvray Cu-Au deposit on the project. Previous work by a team from the United Nations in the 1970s and 1980s drilled 16 drill holes and excavated greater than 15 trenches across the strike of the quartz-gold vein system that cuts altered volcanic rocks. The UN team revealed that the system is exposed at surface for approx. 300 m along a NW strike, and up to 100 m across strike, and is open along strike and at depth. Surface sampling by the UN and by SOMINE SA geologists have yielded numerous high grade values (see MJX press release dated Nov. 5 2009). The UN drilling cut vein gold mineralization to a true depth of 100m, and reported a resource (non NI 43-101 compliant) of 1.07 MT @ 2.36 g/t Au, or 81,196 oz. Au, to that depth. The purpose of the drill campaign was to test the extensions of the known historical prospect.
Significant intersections from the 9 DDH of the Somine drill campaign are as follows:
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Depth in Width in
Hole # meters g/t Au Wt.%Cu meters g/t Ag
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DDH FB-09-01 27.0-42.0 0.14 0.07 15.0
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DDH FB-09-02 87.9-101.5 0.14 0.13 13.6
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DDH FB-09-03 20.4-21.4 1.95 0.63 1.0
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DDH FB-09-04 21.0-25.5 3.91 1.52 4.5 10.0
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34.5-36.0 0.80 1.50
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DDH FB-09-05 36.5-38.0 1.00 0.26 1.5
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DDH FB-09-06 57.5-63.5 3.00 0.36 6.0
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120.5-122 1.68 0.29 1.5
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DDH FB-09-07 49.4-54.5 3.00 1.41 5.1 10.0
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68.0-74.0 1.00 0.71 6.0
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DDH FB-09-08 No significant values
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DDH FB-09-09 92.0-102.5 77.00(i) 0.17 10.5 11.7
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Including
98.0-99.5 537.00(i) 0.21 1.5 79.0
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(i)uncut
The high grade sample from DDH FB-09-09 is being re-submitted for analysis.
Majescor is presently evaluating these new data along with the historical UN data to determine whether the Faille B represents a stand-alone project, which could be developed ahead of the Douvray and Blondin porphyry Cu-Au prospects on the property.
Dale Schultz, M.Sc. P. Geo (Manitoba and Saskatchewan) of Buscore Consulting, Quito Ecuador, and C. Tucker Barrie, Ph.D., P. Geo., Vice-President Exploration, Majescor, are the qualified people for this press release in compliance with National Instrument 43-101. Drill core samples from the Somine project were sent to the ACME Lab's preparation facility in Maimon, Dominican Republic for processing and are analyzed in ACME Lab's laboratory in Vancouver, Canada (ISO 9001:2008 certified). Core samples were analyzed by methods 3B02 (Fire assay fusion Au Pt Pd by ICP-ES) and 7AR2 (1:1:1 Aqua Regia digestion ICP-ES multi element analysis). For samples that returned values greater than 10 g/t for 3B02, method G6Gr (Screen Metallic) is used.
Closing of the 2nd Tranche of a Non-brokered Private Placement
Majescor is also pleased to announce that it has completed the second tranche of a non-brokered private placement of 2,550,000 units (the "Units") at a price of
.20 for gross proceeds of $510,000. Each Unit consists of one common share of the Company (a "Common Share") and one-half common share purchase warrant. Each whole warrant entitles its holder to acquire one additional Common Share of the Company at a price of
.35 per share until August 12, 2013. The proceeds will be used to advance the Company's exploration program on the SOMINE Copper-Gold project in Haiti and fund its general working capital.
The Company has paid cash commission totalling $37,600 and issued 188,000 non-transferable agent warrants, each warrant entitling the holder to acquire one Common Share of the Company at a price of
.25 per share until February 12, 2013. All securities issued in the private placement are subject to a four month plus one day hold period expiring on December 13, 2011.
About the SOMINE Project
The SOMINE project consists of a Research Permit covering 50 km(2), 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 km(2) 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 km(2) 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 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 (100%-owned; under option to Sunridge Gold Corp.).
This press release as been prepared by C. Tucker Barrie, Ph.D., P. Geo., Vice-President, Exploration for Majescor who is a qualified person 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.
SOURCE: Majescor Resources Inc.
Daniel Hachey President & CEO Majescor Resources Inc. 905.206.1604 613.241.8632(FAX) dan@majescor.com www.majescor.com
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