For 8:30AM release
May 31, 2007
Symbol: TSX-V:MAJ
Majescor Prepares to Drill "Lac Mantouchiche" Uranium showing in the Otish Mountains & Provides Exploration Update on its Four Quebec Uranium Projects
Montreal, May 31, 2007. Majescor Resources Inc. (“Majescor”) (TSX-V: MAJ) is pleased to report that the Company is preparing to drill its 100%-owned Lac Mantouchiche Uranium Showing, located on the Mistassini property, in the Otish Mountains of Quebec. The Mistassini property is one of two uranium properties held by Majescor in the highly prospective Otish Mountains uranium district which will undergo comprehensive exploration by the Company. The Lac Laparre property, Majescor’s other uranium project in the Otish Mountains has been optioned to partners Santoy Resources Inc. and Melkior Resources Inc. (“Santoy-Melkior”). In the emerging Nunavik region of northern Quebec, Majescor and partner Azimut Exploration inc (“Azimut”) also plan to aggressively pursue their extensive South Rae and West Minto uranium land holdings. Majescor is fully-funded and the Board of Directors have approved an ambitious exploration expenditure program totaling $1.6 million on the three uranium projects the Company operates, while at Lac Laparre, Santoy-Melkior plans to spend $300,000.
Over the past 10 months Majescor has completed a series of eight property transactions designed to transition the Company into a multi-commodity explorer with a strong focus on uranium in Quebec. Majescor now benefits from a stronger financial position and clear business development model and the Company is well poised to advance its projects and deliver results.
OTISH MOUNTAINS URANIUM DISTRICT
Mistassini - Uranium – 100% owned
On the Mistassini property Majescor will be testing its Lac Mantouchiche uranium showing. The Lac Mantouchiche showing is one of the rare uranium occurrences discovered in the Otish Mountains since the end of the Uranium boom days of the 1980s. The drill core occurrence, which grades 0.20% U3O8 over 4.50 m, was discovered by Majescor and partner Superior Diamonds Inc. in 2002, while testing a Diamond target. It has never been followed-up. The 2007 exploration program at Mistassini calls for drilling the extensions of the Lac Mantouchiche showing as well as a targeted program of geological compilation, airborne geophysics and ground follow-up to better define the geological controls on mineralization and to search for new uranium occurrences. The property has also been significantly expanded to include prospective basement terrain in proximity and now comprises 730 map-designated cells, 221 of which are pending. Majescor has retained the services of Inlandsis Consulting of Montreal to complete a geological compilation of the Mistassini property. Geo Data Solutions of Laval has been contracted to survey part of the property at 100 m line-spacing using helicopter-borne magnetometer/radiometric instrumentation. MPH consulting of Toronto will be responsible for data interpretation. The Company is currently in the final stages of negotiations with an Abitibi-based drill contractor for the core drilling program.
Historically, the main thrust of the uranium exploration in northern Quebec has focused on the Otish Mountains Paleoproterozoic sedimentary basin in the search for unconformity-related uranium deposits, as this basin showed geological similarity to the prolific Athabasca Mesoproterozoic sedimentary basin in Saskatchewan. Advances in uranium deposit geology together with significant results recently obtained by Strateco Resources on the nearby Matoush property, where one of the best reported drill intersections to date has been 2.13% U3O8 over 15.2 m (Strateco news release dated February 20, 2007), have highlighted the potential in the Otish Mountains district for economic-grade, vein-type uranium mineralization associated with shear zones.
The Mistassini property is strategically located in a proximal, off-basin position, to host shear zone-related uranium deposits. The property rests on basement rocks, immediately north of the Papaskwasati sedimentary basin, a north-trending spur of the Lake Mistassini basin, itself an equivalent of the Otish Mountains basin located 100 km to the northeast.
Lac Laparre – Uranium – Santoy/Melkior JV can earn-in up to 66.6%
Majescor’s Lac Laparre property consists of 317 map-designated cells covering 14,741 hectares of ground prospective for uranium, strategically located in the Otish Mountains sedimentary basin. Majescor has recently entered into an agreement to option up to a 66 2/3% interest in the uranium rights to a Uranium Joint Venture comprised of Santoy Resources Inc. and partner Melkior Resources Inc.
The geological setting of the Lac Laparre property is analogous to Strateco’s Matoush property, located to the southwest. The property is located 16 km to the northeast and on trend with Santoy-Melkior’s Marc-André uranium occurrence which is currently being drill-tested.
The Santoy-Melkior Joint Venture will be the initial operator of the Lac Laparre project and will conduct an early spring lake sediment geochemical sampling program on the property.
NUNAVIK DISTRICT, NORTHERN QUEBEC
South Rae – Uranium – Option to acquire up to 65% from Azimut
The South Rae property is located on the eastern side of Ungava Bay, 130 km southeast of the town of Kuujjuaq. The property consists of six claims blocks totaling 2,080 cells with a surface area of 959 km2. The claim blocks covers a strong, regional-scale uranium anomaly in lake-bottom sediments which has never been investigated. The bedrock underlying the property, composed of tonalitic and granitic gneiss with late Archean granitic and pegmatitic intrusions, has the potential to host uranium deposits similar to Rössing in Namibia or Madawaska in Ontario. The target is a high-tonnage uranium deposit amenable to open pit mining.
The South Rae property is located about 80 km south of Azimut and Northwestern Mineral Ventures’ North Rae property, where during the course of the initial reconnaissance, more than 20 radioactive outcropping zones and related uranium occurrences grading of up to 0.59% U3O8 were discovered over an area of 759 km2. On the George River property to the southeast of South Rae, Freewest Resources Canada reported finding four new uranium zones, including the Stewart Lake trend where grades up to 0.45% U3O8 were recorded in surface samples. The George River property is situated on-trend with the district-scale lake bottom sediment uranium anomaly at South Rae. Majescor and Azimut believe that South Rae is part of the same district-scale uranium target as North Rae and may represent comparable exploration potential.
Majescor has secured Fugro Airborne Surveys of Mississauga, Ontario to fly part of the property at 200 m line spacing using a helicopter-borne DIGHEM EM/magnetic/radiometric instrumentation. Lake sediment geochemical sampling and ground prospecting will be performed on selected areas of the property by IOS Services Géoscientifiques, the team who performed the field work during the initial prospecting program on the North Rae property in 2006. The exploration strategy for South Rae aims at generating drilling targets for 2008.
West Minto – Uranium – Option to acquire up to 65% from Azimut
The West Minto property is located in west-central Nunavik, 110 km east from the Hudson Bay coastline, and 150 km east-southeast of the town and airport of Inukjuak. It consists of two claim blocks totaling 918 cells with a surface area of 416 km2. Like South Rae, West Minto covers a strong regional-scale uranium anomaly in lake-bottom sediments extending over a cumulative length of 60 km. A sharply contrasted uranium geochemical anomaly, with values in excess of 100 ppm U along an almost continuous 36-km long zone, constitutes the core axis of the project. The West Minto property lies along a major structure marked by a magnetic signature which is well correlated with the uranium anomaly. The project area is characterized by late Archean intrusive rocks, as well as felsic volcanics and sedimentary rocks probably of Proterozoic age. The target type is, as for South Rae, large tonnage, intrusion-related uranium deposit amenable to open pit mining.
Majescor has signed a contract with Geo Data Solutions of Laval, Quebec to fly the entire property at 100 m line-spacing using helicopter-borne magnetometer/radiometric instrumentation for an estimated total of 4,610 line-km. Lake sediment geochemical sampling will also be performed on selected areas of the property by IOS Services Géoscientifiques. The effort is meant to generate follow-up and drilling targets for 2008.
This press release has been approved by Marc-André Bernier, P.Geo., President and CEO of Majescor, acting as the “Qualified Person” for the company under National Instrument 43-101.
Majescor Resources is a dynamic and well funded exploration company with uranium properties in Quebec’s Otish mountains, two large uranium projects in the Nunavik region of northern Quebec, as well as a significant uranium interest in the Thelon Basin of Nunavut through its ownership position in Uranium World Energy. In addition to uranium, Majescor has the largest portfolio of
Diamond properties in Quebec, as well as
Diamond projects in Nunavut, in the Northwest Territories and in Madagascar. Majescor has further diversified its property portfolio by recently acquiring gold and base metal properties in Quebec and in Madagascar.
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