Majestic Gold Greatly Increases Resources at Its Songjiagou Project
April 23 2010 - 1:41PM
Marketwired
Majestic Gold Corp. (TSX VENTURE: MJS) ("Majestic") is pleased to
announce the results of an updated resource estimate on its
Songjiagou Project.
The revised resource is:
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Grade Au
Method Category Tonnes(i) (g/t)(ii) Contained oz Au
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Kriging Indicated 24,929,869 1.251 1,002,694
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Kriging Inferred 28,133,107 1.883 1,703,174
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Inverse Distance 2 Indicated 23,665,831 1.280 973,919
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Inverse Distance 2 Inferred 26,089,673 1.762 1,477,970
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Nearest Neighbour Indicated 21,408,861 1.531 1,053,804
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Nearest Neighbour Inferred 24,190,043 2.430 1,889,879
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(i) Calculations conducted using 0.4 g/t cut-off
(ii) Gold grades were capped at 40 g/t
Gold resources were estimated using Gemcom 6.2 software and gold
grades were interpolated into the block model by three methods:
ordinary kriging, inverse distance squared ("ID2"), and nearest
neighbour ("NN"). In all three methods, percent models (percent of
a block within the geological solid) were used. ID2 and NN were
used as checks on the credibility of ordinary kriging.
In 2006, Wardrop Engineering Inc. ("Wardrop") prepared a
National Instrument 43-101 ("NI 43-101") compliant, resource
estimate of the Songjiagou deposit. On the basis of additional data
collected during 2006, Wardrop prepared an updated estimate in late
2007. The current report updates the 2007 Songjiagou estimate and
takes into account assay results from surface core drilling and
trenching that were carried out since 2007, as well as depletion
from surface mining since the time of the last estimate. Depletion
attributable to underground mining during the same interval has
been negligible.
Mr. Greg Mosher has made an inspection of the cores at site as
part of the due diligence for the updated resource calculation and
NI 43-101 report.
The revised estimate represents in excess of a 138% increase in
the tonnage and a 112% increase in contained gold in the Indicated
category and a 15% increase in tonnage in the Inferred category but
a 228% increase in Contained ounces.
"We are extremely encouraged by the results of the revised
estimate as it further supports the theories of our exploration
teams over the past years. We have been extremely fortunate to have
had a terrific team of geologists contribute their knowledge and
expertise to this project. They have been responsible for advancing
the project from an exploration project to its current status,"
stated Rod Husband, president of Majestic. "We look forward to
completing the acquisition of the remaining interest in the project
and executing our plans to expand on the current mining operations,
and confirming the economics of this project."
Majestic is aggressively pursuing a pre-feasibility study with
Wardrop Engineering with the goal to expanding the operation from
the current 1,400 tonnes per day open pit and underground operation
to at least a 5,000 tonnes per day open pit operation.
More detailed information concerning the revised resource can be
found in the 2010 Technical Report on the Songjiagou Property to be
posted at www.sedar.com. A summary of significant information added
to the database since the 2007 estimate can be found on the
Company's website at www.majesticgold.net.
The geological and technical information contained in this news
release has been reviewed and approved by Greg Mosher, P. Eng, of
Wardrop Engineering, and Mike Hibbitts, P.Geo., who are qualified
persons under the definitions established by National Instrument
43-101.
On Behalf of the Board of Directors
MAJESTIC GOLD CORP.
Rod Husband, P.Geo, President
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes,
etc. Forward-looking statements address future events and
conditions and therefore, involve inherent risks and uncertainties.
Actual results may differ materially from those currently
anticipated in such statements.
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.
Contacts: Majestic Gold Corp. Investor Relations (604) 681-4653
or 1-866-282-8398 (604) 568-4902 (FAX) info@majesticgold.net
www.majesticgold.net
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