Vancouver — Results from
Majestic was attempting to expand on two near-surface gold zones discovered by the Slovakian government in 2000. That program culminated in a shallow drill program that returned intersections of 51.5 grams gold per tonne over 14 metres and 3.1 grams gold over 16 metres. Both of these holes were reported to be open at depth.
Majestic’s holes were all logged by their “qualified person” and split under his supervision. Samples were stored in a locked warehouse and packaged and air-freighted to Acme Analytical Laboratories in Vancouver. The core was assayed using a standard 30-element ICP package, and gold analysis was conducted by fire assay.
The company has suspended property payments and will seek an indefinite extension of its next payment date to allow time to explain the discrepancy in assays. Majestic stands to earn a 75% interest in the Ceske Brezovo gold project by paying $675,000 in cash, issuing 300,000 shares, and spending $6 million on exploration over four years. The junior currently has more than $2 million in its coffers.
In other news, Majestic has entered into a joint venture agreement with the Xinjiang Bureau of Geology and Mineral Resources (XBGMR) in China, according to which the junior can earn a 90% interest in a joint-venture company that will be established to hold the Sawayaerdun gold project in Xinjiang province.
Majestic is required to pay for all the exploration and development costs; it must spend a total of US$2 million over four years. XBGMR will contribute the property and all geological information collected to date in exchange for its interest.
The Sawayaerdun project covers 240 sq. km in the Tian Shan gold belt, which stretches from Inner Mongolia west to Uzbekistan. The gold belt hosts two significant deposits: Muruntau (140 million oz. gold) and Kumtor (13 million oz.).
Gold mineralization at Sawayaerdun is hosted by Silurian-aged carbonaceous phyllites. Zone IV has received the most exploration to date; its surface expression can be traced for over 4 km.
Majestic took 33 continuous chip samples from 8 trenches along a 2-km strike length of Zone IV. All of the samples were 2 metres in length and continuous within each trench. Results include:
— 1.96 grams gold over 12 metres;
— 2.62 grams gold over 10 metres;
— 2.35 grams gold over 8 metres; and
— 3.47 grams gold over 8 metres.
The IV zone has been tested by XBGMR at depth in 16 adits and 11 drill holes and demonstrates good continuity.
Total inferred resources, according to Chinese standards, are 26 million tonnes averaging 1.75 grams gold, hosted within a 2-km section of the IV zone alone. About 15% of this is oxidized. (These estimates were completed by Chinese professionals but not pursuant to National Instrument 43-101 or current CIM guidelines.)
Three additional gold zones have been trenched on surface for a combined length of more than 7.5 km. These zones have not been tested at depth and represent excellent additional targets.
Majestic will begin exploring Sawayaerdun in the first quarter of 2004.
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