OTTAWA, ONTARIO--(Marketwired - Sept. 23, 2015) -
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Majescor Resources Inc. ("Majescor" or the "Corporation") (TSX VENTURE:MJX) is pleased to announce the acquisition of 172 claims in the James Bay, Quebec.
The new claims, which cover 2752 ha, are located near new Route 167, 320 km N of Chibougamau. They are within the favorable Opinaca metasedimentary Subprovince, which has numerous gold mines, deposits and occurrences, including Goldcorp's Eleanore Gold Mine (8+M oz Au, in production), Eastmain Resources' Eau Claire gold deposit (0.9M oz Au, at feasibility) and the Eastmain (Resources) Gold Mine (0.25M oz Au, open at depth and along strike). The region is very active, and considered one of the most favorable for new gold discoveries in Canada.
The claims were acquired using DIAGNOS' property Computer Aided Resource Detection System (CARDS) to target the gold potential in the James Bay area of Quebec. The CARDS system uses powerful pattern recognition algorithms to analyse digitally compiled exploration data, and identifies areas (targets) with geochemical, geological and geophysical signatures similar to areas of known mineralization. The Eastmain database modelling included: 1) levelled and merged airborne magnetic surveys of the James Bay area; 2) topography; and 3) over 800 compiled assays (356 with Au = 1 g/t Au) from Quebec government-registered drill hole assays and surface samples. Based on analysis, and on known lithology and structural geology in the region, over 12 high priority gold targets have been identified and staked.
Under the terms of purchase and sale agreement with DIAGNOS, Majescor will purchase a list of targets on the areas of interest by issuing 1,400,000 common shares as well as, a 2% royalty on the net return of the smelting revenues associated with the minerals and concentrates to be extracted from the concessions identified by DIAGNOS. The purchase agreement stipulates that Majescor may, at any time, reduce the royalty from 2% to 1% by paying DIAGNOS $1,000,000 in cash.
About Majescor Resources Inc.
Majescor was incorporated under the Canada Business Corporations Act on February 23, 1996 and is a TSX-V listed junior resource (mining) company. Majescor holds a 0.5% gross operating royalty for the Brauna #3 kimberlite diamond project, currently being developed by Lipari Mineração Ltda. a private Brazilian mining company in Bahia, Brazil.
Additional information about the Corporation is available under Majescor's profile on SEDAR at www.sedar.com.
Reader Advisory Regarding Forward-Looking Statements
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.
