Majescor Outlines High-Priority Uranium Targets at Baker Lake, Nunavut: Ground Follow-up Program to Start in Septemberadmin
Tuesday, August 5th 2008
Majescor Resources Inc. is pleased to report the results from the reprocessing of proprietary geophysical data from a 6,302 line-km airborne magnetic, electromagnetic and gamma-ray spectrometric survey flown in 2006 across portions of the Company’s 100%-owned Baker Lake uranium property. The Baker Lake property is located in the East Thelon basin area of Nunavut. Majescor acquired 100% of the mineral rights on the property from De Beers Canada Inc. in June 2008 (see Majescor press release dated June 19, 2008).
A total of 2,394 discrete radiometric anomalies(1) ranging up to 11.95 ppm U and forming 74 clusters of anomalies were defined over four survey blocks. “High-Priority” (2) uranium radiometric anomalies have been outlined in all four blocks. The strongest of these are recorded in the South block, host to nine out of ten of the property’s historical uranium in bedrock showings, including the JB/79 Showing (6.71 m of 0.13% U3O8). Of particular interest, only two of the known uranium showings have a corresponding airborne radiometric anomaly, suggesting potential for a number of additional uranium discoveries. Based on government surficial sediment distribution maps, a large proportion of the high-priority anomalies are interpreted to lie on bedrock-dominated terrain.
– South Block: 33 clusters of uranium anomalies identified, nine of which contain “high-priority” (2) uranium targets for follow-up investigation. – North Block: 15 clusters of uranium anomalies identified, four of which contain “high-priority” uranium targets for follow-up investigation. – East Block: 11 clusters of uranium anomalies identified, nine of which contain “high-priority” uranium targets for follow-up investigation.
– West Block: 15 clusters of uranium anomalies identified, five of which contain “high-priority” uranium targets for follow-up investigation.
(1) An anomaly is defined as a radiometric value equal or greater than the mean of individual survey uranium radiometric readings + 2 standard deviations
(2) A “high-priority” anomaly (or target) is defined as a radiometric value equal or greater than the mean of individual survey block radiometric readings + 3 standard deviations
The Baker Lake property lies 30 km to the South of the Kiggavik group of uranium deposits held predominantly by Areva Resources Canada Inc. The property’s geological setting is considered favourable to host Kiggavik-style uranium deposits associated with fault zones in off-basin basement rocks. In 2007, a structural study of the Baker Lake property and surrounding area using high resolution satellite imagery identified four priority areas within the property for uranium exploration.
Majescor is committed to moving the Baker Lake uranium project forward. To this effect, the Company has undertaken a comprehensive review and analysis of previous exploration results on the property in view of prioritizing targets for ground follow-up. A focused ground exploration program on the property is scheduled to start in September. This program will aim to investigate a number of the “high priority” remotely sensed uranium targets (geophysical targets defined by consultant MB Geosolutions of Quebec-City; satellite imagery structural targets outlined by consultant Terrageos of Montreal) and of the numerous mineralized bedrock, boulder and soil geochemistry targets listed in a NI 43-101 compliant report completed on the uranium property in 2007.
In other news, the Company has applied to the TSX Venture Exchange in order to issue common shares to SIDEX corresponding to the interest payment relating to the $150,000 unsecured convertible debenture private placement announced on January 22, 2007. The term of the unsecured convertible debenture is 36 months with a nominal interest rate of 12%, payable twice a year in cash or in shares.
Majescor is a dedicated uranium explorer focusing on emerging uranium districts. In addition to the Baker Lake property, Majescor’s project portfolio includes four uranium exploration projects in Quebec: South Rae and West Minto (under option from Azimut Exploration Inc.); Mistassini (100%-owned; under option to Strateco Resources Inc); and Lac Laparre (100%-owned; under option to Santoy Resources Inc. and Otish Energy Inc.). All four Quebec projects will undergo systematic ground exploration in 2008 with the aim of testing high-priority geophysical, geochemical and/or prospecting targets outlined in 2007.