Majescor Outlines Two Significant Uranium-Bearing Outcrop Zones Within 30 km-Long Prospective Corridor at South Rae, Nunavik, Quebecadmin
Friday, August 8th 2008
Majescor Resources Inc. is pleased to report that detailed ground radiometric surveying within the 30 km-long prospective corridor identified in 2007 on the South Rae property, under option from Azimut Exploration Inc. (“Azimut”) (CDNX:AZM.V), has outlined two uranium-bearing outcropping zones greater than 4 km long by up to 400 m wide. At the Qairajutait Zone, located at the north end of the 30 km-long prospective corridor, hand-held spectrometer readings taken along lines on a 30 m-spaced grid in the vicinity of last year’s best grab sample (0.65% U3O8) defined a 4.7 km long by 200-400 m wide uranium-bearing zone hosting several new showings as defined by spectrometer readings ranging from 1,500 to 27,000 counts per second (“CPS”).
Additional systematic ground radiometric surveying focussed on an area located 21 km southeast of the Qairajutait Zone called the Tunulic Zone, where assays of up to 0.50% U3O8 were recovered from grab samples in 2007. The detailed ground surveying at the Tunalic Zone succeeded in outlining a 5 km by up to 400 m wide outcrop zone, hosting new showings with spectrometer readings ranging from 2,100 to 14,000 CPS.
Anomalous radiometric readings ranging from 1,000 to 10,000 CPS were also recorded along a 60 m-long outcrop zone located approximately 4 km to the east-southeast of the Qairajutait Zone. Geochemical sampling results for this zone and for both the Qairajutait and Tunulic outcrop zones are expected in October.
Marc-Andre Bernier, President and CEO states: “Early stage regional exploration in the Ungava region of Nunavik continues to point to the presence of an emerging uranium district in Canada. South Rae is the third property in the Ungava Bay area where kilometre-scale uranium-bearing outcrop zones have been discovered. At AREVA’s Cage property, located 150 km to the northeast of South Rae, 14 mineralized zones were uncovered with grades of up to 9.34% U3O8 (source: MNRF-Quebec assessment report GM 63422). On the adjacent North Rae property held by Azimut, eight outcropping uranium mineralized zones with a total cumulative length of 12 km and grades of up to 3.3% U3O8 have been discovered.”
A detailed examination of the first vertical derivative airborne magnetic data indicates that the Qairajutait Zone, the eastern extension of the Qairajutait Zone and the Tunulic Zone all fall within the same magnetic low area bounded on both sides by well defined and continuous narrow magnetic highs. This restricted magnetic low area continues to the north of the Qairajutait Zone for at least 33 km on the property, and to the south of the Tunulic Zone for at least another 15 km. The mineralization in the Qairajutait Zone, as well as in the Tunulic Zone is generally confined to pegmatites and pegmatitic granite dykes intruding biotite gneisses and migmatites, an environment that appears to be similar to the uranium mineralization at Azimut’s Cirrus Zone. Based on these findings, three shallow inclined core drill holes (total 147 m) were completed with the Company’s recently purchased heliportable drill rig. The drill program was designed to start testing the continuity of the surface mineralization within the first 50 m from the surface and to evaluate the performance of the drilling equipment. Anomalous radiometric readings were recorded (200-2,400 CPS) over core lengths varying from 0.5 m to 1.45 m. Drill core assay results are also expected in October.
Majescor is targeting Rossing-type, large tonnage, intrusion-related uranium deposits amenable to open pit mining at South Rae.
References to ground radiometric survey results refer to the use of Radiation Solution RS-120 and RS-125 hand held spectrometers for ground surveying and of a Mount Sopris HLP-2375 down-hole gamma probe for drilling. Results from these units provide an indication of uranium mineralization. The readings may be affected by uranium mobility and disequilibrium. These factors should be considered when interpreting spectrometer readings whilst waiting for confirmation drill core assay results.
In other news, the Company reports that the TSX has approved the issuance of 78,261 Majescor common shares at a deemed price of $0.115 per share to SIDEX, corresponding to a $9,000 interest payment relating to the $150,000 unsecured convertible debenture announced on January 22, 2007. The shares are subject to a 4 month hold period.
Majescor is a dedicated uranium explorer focusing on emerging uranium districts. Majescor’s project portfolio includes four uranium exploration projects in Quebec and one in the Baker Lake basin in Nunavut. The Quebec properties include South Rae and West Minto (under option from Azimut); 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.