Majescor Options Montagne B Lithium Properties, Quebec
OTTAWA, ONTARIO--(Marketwired - May 25, 2016) - Majescor Resources Inc. ("Majescor" or the "Corporation") (TSX VENTURE:MJX) has entered into an option agreement with Genius Properties Ltd. and two other vendors to purchase 100% of the Montagne B lithium properties (approximately 708 hectares), located 8 and 12 km southwest of Nemaska Lithium's World Class Whabouchi lithium deposit in central Quebec.
The Montagne B properties are subject to a 2% NSR 50% of which can be purchased by Majescor for $1 million. Majescor will issue 2,500,000 (two million five hundred thousand) of its common shares to Optionors as soon as the appropriate approvals from the TSX Venture and relevant securities commissions, and additional 2,500,000 (two million five hundred thousand) common shares within 6 (six) months of signing. The common shares will have a 4-month hold period. Majescor will also make a cash payment of $25,000 upon successful completion of a non-flow through private placement of a minimum of $200,000, with an additional $25,000 payable six months after completion of the private placement.
The Montagne B properties were originally staked by Osisko Exploration (Virginia Gold Mines Inc.) in 2003, at the same time when Osisko acquired the Montagne A property from Inco. Since that time, the Montagne A property has been developed into Nemaska Lithium's World Class Whabouchi lithium deposit (28 million tonnes Measured and Indicated Resources at 1.57 wt.% Li2O: (see www.nemaskalithium.com). The Whabouchi deposit comprises a granitic pegmatite dike that extends for 1.2 km and is up to 40 m wide at surface. In comparison, the Montagne B properties have at least two untested granitic pegmatite dikes that each extend for over 3 km and 1.6 km in length each. The Montagne B pegmatites are part of a large and highly prospective dike swarm of differentiated pegmatites with lithium, tantalum, niobium, and beryllium that extends over a strike length of 110 km. To management's knowledge, the Montagne B properties have never been explored for these commodities.
Nemaska is fast-tracking the Whabouchi lithium deposit through feasibility studies, and has recently announced that it has acquired a modular mill to produce lithium concentrate to feed its Phase 1 lithium hydroxide plant (Nemaska Lithium Press Release April 29, 2016).
C. Tucker Barrie, Majescor's CEO commented: "We plan an initial prospecting program on the two properties in the early summer that will be at least partially supported by a helicopter from the main Nemaska road which comes within 6 km on one of the two properties. Samples will be analyzed for lithium, tantalum, niobium, and beryllium by XRF and by ICP-MS, along with a suite that contains other base and precious metals. Follow-up prospecting and trenching will occur once initial results are in. We are excited to have gained these excellent properties in one of the most favorable locations for Li-Ta pegmatites globally".
Majescor management notes that with: 1) relatively easy access near a Hydro Quebec sub-station, 2) proximity to Nemaska's Whabouchi deposit at feasibility, 3) location within a known world class lithium pegmatite district, and 4) occurrences of very large pegmatite dikes, the Montagne B properties are highly prospective for the discovery and development of significant lithium deposits.
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.
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.
Contact
Majescor Resources Inc.
C. Tucker Barrie
President and Interim CEO
613-241-5333
613-421-8406
barriect@sympatico.ca
www.majescor.com