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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Young-Davidson Mines Ltd | TSXV:ODM | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Hot Features
Premium
Majescor Resources Inc. (TSX VENTURE:MJX).
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 law
Majescor Resources Inc. ("Majescor" or the "Company") is pleased to provide the
results of the final two drill holes at the Douvray porphyry copper-gold
prospect, Northeast Haiti:
-- Hole D-017 (Azimuth 070 degrees; Dip: -60 degrees; Depth: 401 m) which
targeted the East Limb of the Douvray prospect has intersected 388.5 m
grading 0.26% Cu, 0.38 g/t Ag, 0.01 g/t Au and 15.07 ppm Mo (from 12.50
m to 401.00 m) (Table 1) including:
-- 278.28 m grading 0.30% Cu, 0.46 g/t Ag; 0.02 g/t Au and 17.58 ppm Mo
(from 122.72 m to 401.00 m);
-- Hole D-013 (Azimuth 070 degrees; Dip:-75 degrees; Depth: 499 m), which
also targeted the East limb and was designed as an undercut to Hole D-
008 has intersected 154.55 m grading 0.26% Cu, 0.61 g/t Ag, 0.03 g/t Au
and 11.33 ppm Mo (from 230.20 m to 384.75 m) (Table 1), including:
-- 46.05 m grading 0.41% Cu, 0.96 g/t Ag; 0.04 g/t Au and 10.41 ppm Mo
(from 277.95 m to 324.00 m).
The Douvray copper prospect core drilling program which ended in July comprised
of 15 holes totalling 5,534.6 m (Table 1). 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, currently under preparation. A map showing the
location of the drill holes at Douvray is available at the Company's WEB site at
www.majescor.com. Drill holes D-013 and D-017, along with results from all
previously released drill intersections and historic drilling at Douvray can be
seen in a 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(R) WEB application.
Mining Exploitation Permits for Douvray and Faille B
The Company also wishes to provide an update on the permitting process for the
Douvray copper-gold prospect and for the Faille B gold prospect. On June 21,
2012, Majescor/SIMACT Alliance Copper Gold Inc. ("SACG"), and Haitian partner
and SOMINE project titleholder SOMINE SA filed two independent technical reports
(non-National Instrument ("NI") 43-101 compliant) to the Haitian Bureau of Mines
and Energy ("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 which expired on June
22, 2012 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, and conditional upon SOMINE SA
honouring other provisions set-out in the Mining Convention, the BME was to
issue the two Mining Exploitation Permits within thirty (30) days of receiving
the two technical reports. On July 19, 2012, SOMINE SA received a formal request
by the BME for additional information regarding the technical reports.
Subsequent to the notice, a series of meetings were held with the BME between
August 29 and October 2 during which revised sections of the technical reports
were presented. Selected other components of the technical studies were further
discussed. Subsequent to the October 2 meeting, SOMINE SA has filed the final
updated technical and source documents in support of its application for the two
Mining Exploitation Permits with the BME. 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 is pending.
Table 1. Summary of best drill intercepts at the Douvray Prospect
----------------------------------------------------------------------------
Hole ID Azimuth Dip From To Width
(m) (m) (m)
----------------------------------------------------------------------------
D-001 250 degrees -70 degrees 77.50 308.50 231.00
including 103.00 200.50 97.50
----------------------------------------------------------------------------
D-002 - -90 degrees 91.50 386.60 295.10
----------------------------------------------------------------------------
D-003 070 degrees -45 degrees 70.50 98.75 28.25
137.75 155.75 18.00
185.75 200.75 15.00
----------------------------------------------------------------------------
D-004 - -90 degrees 36.00 76.60 40.60
----------------------------------------------------------------------------
D-005 - -90 degrees 25.50 238.30 212.80
including 41.60 173.80 132.20
281.80 299.80 18.00
349.30 361.00 11.70
----------------------------------------------------------------------------
D-008 070 degrees -57 degrees 17.00 439.60 422.60
including 54.50 144.50 90.00
including 236.20 287.95 51.75
including 313.45 423.10 109.65
----------------------------------------------------------------------------
D-009 - -90 degrees 70.20 464.50 394.30
including 275.40 382.00 106.60
including 329.50 332.50 3.00
----------------------------------------------------------------------------
D-010 - -90 degrees 225.60 233.80 8.20
247.30 251.80 4.50
311.50 320.50 9.00
355.00 362.50 7.50
394.00 397.00 3.00
----------------------------------------------------------------------------
D-011 070 degrees -70 degrees 56.00 63.50 7.50
84.50 91.50 7.00
286.60 294.80 8.20
332.80 353.80 21.00
----------------------------------------------------------------------------
D-012 070 degrees -85 degrees 8.00 302.00 294.00
including 39.20 89.45 50.25
151.50 172.50 21.00
198.00 226.50 28.50
----------------------------------------------------------------------------
D-013 070 degrees -75 degrees 230.20 384.75 154.55
including 277.95 324.00 46.05
including 330.00 352.15 22.15
----------------------------------------------------------------------------
D-014 070 degrees -70 degrees 15.50 160.50 145.00
including 15.50 27.50 12.00
15.50 71.50 56.00
----------------------------------------------------------------------------
D-015 - -90 degrees 3.60 184.00 180.40
including 3.60 70.00 66.40
including 31.60 67.00 35.40
----------------------------------------------------------------------------
D-016 - -90 degrees 2.00 278.40 276.40
including 2.00 23.00 21.00
including 89.70 149.50 59.80
including 187.00 199.00 12.00
including 261.11 278.40 17.29
----------------------------------------------------------------------------
D-017 070 degrees -60 degrees 12.50 401.00 388.50
including 122.72 401.00 278.28
including 122.72 143.30 20.58
including 219.90 261.50 41.60
including 306.00 355.50 49.50
including 370.50 397.40 26.90
----------------------------------------------------------------------------
NR: Not reported
Table 1. Summary of best drill intercepts at the
Douvray Prospect
--------------------------------------------------
Hole ID Cu Au Ag Mo
(%) (g/t) (g/t) ppm
--------------------------------------------------
D-001 0.50 0.06 1.47 NR
0.83 0.10 2.66 NR
--------------------------------------------------
D-002 0.78 0.10 2.82 50.00
--------------------------------------------------
D-003 0.35 0.01 0.55 NR
0.38 0.22 0.58 NR
0.34 0.01 0.22 NR
--------------------------------------------------
D-004 0.31 0.06 0.65 NR
--------------------------------------------------
D-005 0.60 0.08 0.88 NR
0.74 0.09 1.02 NR
0.34 0.14 1.76 NR
1.36 0.19 4.09 NR
--------------------------------------------------
D-008 0.232 0.03 0.42 NR
0.310 0.03 0.51 NR
0.384 0.08 0.66 NR
0.300 0.04 0.60 NR
--------------------------------------------------
D-009 0.32 0.12 1.34 NR
0.68 0.40 3.27 NR
0.45 6.29 4.45 NR
--------------------------------------------------
D-010 0.48 0.02 0.96 4.47
0.36 0.45 0.47 10.40
0.31 0.01 0.60 21.25
0.35 0.08 0.72 26.24
0.43 0.01 0.70 27.65
--------------------------------------------------
D-011 0.39 0.01 0.51 NR
0.49 0.01 0.41 NR
0.44 0.21 2.16 NR
0.29 0.10 1.69 NR
--------------------------------------------------
D-012 0.25 0.03 0.72 9.21
0.38 0.06 0.77 14.87
0.24 0.03 0.70 7.54
0.30 0.01 0.76 9.19
--------------------------------------------------
D-013 0.26 0.03 0.61 11.33
0.41 0.04 0.96 10.41
0.24 0.03 0.60 8.73
--------------------------------------------------
D-014 0.38 0.14 0.71 9.21
1.98 0.84 3.26 5.98
0.71 0.21 1.24 15.64
--------------------------------------------------
D-015 0.32 0.05 0.59 16.76
0.48 0.08 0.89 9.00
0.59 0.08 1.20 15.04
--------------------------------------------------
D-016 0.35 0.05 1.34 27.13
0.47 0.03 2.90 1.59
0.56 0.04 2.04 10.96
1.08 0.09 3.04 18.50
0.82 0.19 3.27 176.92
--------------------------------------------------
D-017 0.26 0.01 0.38 15.07
0.30 0.02 0.46 17.58
0.48 0.01 0.40 12.28
0.32 0.01 0.39 18.15
0.51 0.05 1.07 47.96
0.31 0.02 0.65 5.48
--------------------------------------------------
The Corebox(R) 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(TM) 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 degrees to 70 degrees ) 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(R) Google Earth(R) 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.
Douvray and Blondin prospect near-surface drill bit silver contamination
In its press releases dated February 12 and March 13, 2012, the Company reported
high silver values in the near-surface (less than 15 m) portion of the oxide
zone at the Douvray and Blondin porphyry copper-gold prospects. Upon subsequent
inspection of the assay data, Majescor management noted that high silver values
in the near-surface oxide zone were accompanied by anomalously high levels of
tungsten. Tungsten is commonly present in high strength alloy steel used in
drill bits and in steel jaw crushers used by analytical laboratories.
Accordingly, select drill sample pulps and rejects with high silver and tungsten
values from the Douvray core drilling program were submitted for investigation
to Overburden Drilling Management ("ODM") of Ottawa, Ontario, a laboratory
specialised in the mineralogical analysis and interpretation of overburden
surveys. Also, as a preventive measure, high silver values from the near-surface
oxide zone have been removed from the drill database (n = 12, in a database of n
= 3200, or 0.0375% of the silver analyses at Douvray) and from the Majescor
Website and are not included in the Corebox(R) 3D model for Douvray.
Furthermore, all assay values above the sulphide-oxide interface have been
excluded in the NI 43-101 resource estimate currently underway for the Douvray
prospect.
On September 27, 2012, Majescor received ODM's report which confirmed suspicions
that contamination from the drill bits occurred in the near-surface oxide zone
at Douvray. The ODM report is posted on the Company's Website at
www.majescor.com.
C. Tucker Barrie, Ph.D., P. Geo. and Vice-President of Exploration for Majescor
states "Upon recognising the pattern of anomalous Ag-W values in drill core from
the near-surface oxide zone at Douvray and Blondin, precautionary measures were
immediately implemented including removing any high Ag values from the drill
hole database and mandating Overburden Drilling Management to investigate the
potential for drill bit or steel crusher contamination. ODM's report clearly
demonstrates the presence in drill core rejects of drill bit steel pieces
containing not only high silver but also fine diamonds used as an abrasive for
drilling, definitively answering questions about the source for the high silver
assays."
Mr Barrie further states that: "This is a highly unusual situation, but it is
not unprecedented. ODM has conducted a similar study recently for another
mineral exploration company that encountered the same problem. We are posting
the ODM report on our Website for clarity, and to provide others who encounter
such a situation with a path toward resolving drill bit silver contamination
issues. In any case, our upcoming NI 43-101 resource estimate will focus
exclusively on the sulphide zone at Douvray, which has not been not affected by
the silver contamination."
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 greater than 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 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.).
This press release has been prepared by Marc-Andre Bernier, M.Sc., P.Geo.
(Ontario and Quebec), technical adviser and a 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.
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.
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