OTTAWA, ONTARIO–(Marketwired – July 19, 2016) – Majescor Resources Inc. (“Majescor” or the “Company”) (TSX VENTURE:MJX) is pleased to update its exploration activities on three projects in Quebec.
Montagne B Lithium
The Company has completed an initial sampling program on the property located eight and twelve kilometres southwest of Nemaska lithium’s Whabouchi deposit. Approximately 37 samples were collected from surface and sent to ALS Minerals (Val d’Or) lab for assaying lithium, tantalum, beryl, and other elements.
Rupert Lithium 45 Properties
Majescor has mobilized a crew to start exploration work on its recently announced option on two blocks of claims. The properties are located southeast from the Whabouchi lithium deposit of Nemaska and southwest from the Cyr deposit which is actively explored by Galaxy Lithium. The exploration program will consist of surface sampling, mapping, trenching, and soil geochemistry. The program will follow up on the consistent lithium anomalies in lake bottom sediments within a pegmatite field. Both properties are easily accessible by road.
Eastmain Gold Project
The Company has mobilized a crew to start its prospecting program to follow up on 12 high priority gold targets (figure 1). The properties, which cover 2,752 hectares, are located near the new Route 167, 320 kilometres north of Chibougamau. They are within the favourable Opinaca metasedimentary subprovince, which has numerous gold mines, deposits, and occurrences, including Goldcorp’s Eleonore gold mine (plus-eight million ounces gold in production), Eastmain Resources’ Eau Claire gold deposit (900,000 ounces Au, at feasibility) and the Eastmain gold mine (250,000 ounces Au, open at depth and along strike). The region is very active and considered one of the most favourable for new gold discoveries in Canada.
The targets were identified by Diagnos Inc. who conducted a regional Computer Aided Resource Detection System (“CARDS”) analysis in early 2016. The system uses pattern recognition algorithms to analyse compiled digital exploration data and to identify areas with similar geological signatures to known areas of gold mineralization.
André Audet, Interim CEO of Majescor, commented: “This will be a very active summer for Majescor. I am looking forward to report on the results of our exploration programs and to further advance our gold and lithium projects in Quebec.”
The technical content of this release was reviewed by Grigor Heba, P. Geo., a qualified person as defined by the National Instrument 43-101.
About Majescor Resources Inc.
Majescor has an option agreement with Genius Properties Ltd. and two other vendors to purchase 100% of the Montagne B lithium properties (approximately 708 hectares), located about 12 km southwest of Nemaska Lithium’s world class Whabouchi lithium deposit in central Quebec. Majescor also plans to work on its Eastmain gold properties in the James Bay area of Quebec.
Additional information about the Corporation is available under Majescor’s profile on SEDAR at www.sedar.com.
This news release contains certain “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or are events or conditions that “will”, “would”, “may”, “could” or “should” occur or be achieved. This news release contains forward-looking statements, pertaining to, among other things, the following: the resumption of the trading of Majescor shares on the TSX Venture Exchange. Statements regarding future production, capital expenditures and development plans are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks, regulatory changes and certain other known and unknown risks detailed from time to time in Majescor’s public disclosure documents, copies of which are available on Majescor’s SEDAR profile at www.sedar.com.
Although Majescor believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance. Majescor’s actual results may differ materially from those expressed or implied in forward-looking statements and readers should not place undue importance or reliance on the forward-looking statements. Statements including forward-looking statements are made as of the date they are given and except as required by applicable securities laws, Majescor disclaims any intention or obligation to publically update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the 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.
Figure 1 is available at the following link : http://media3.marketwire.com/docs/Fig1_1063060.pdf
Interim CEO of Majescor Resources Inc.