(TheNewswire)
Vancouver, British Columbia –TheNewswire -- January 30, 2024 - Majestic Gold Corp. ("Majestic" or the "Company")(TSX.V:MJS ) ( FSE:A0BK1D)announces that it has filed a technical report titled "QualifiedPerson’s Report for the Songjiagou Gold Project, ShandongProvince, People's Republic of China" (the "Report")dated December 14, 2023 by SRK Consulting China Ltd.
The Report includes a updated resource estimate ofIndicated and Inferred Resources as well as possible Reserves atSongjiagou Gold Project as of June 30, 2023 are as follows:
Resource Estimate in the Report datedJune 30, 2023 | |||||
Open Pit | Underground | ||||
Indicated | Inferred | Indicated | Inferred | ||
(0.30 g/t Au) cutoff | (0.30 g/t Au) cutoff | (0.70 g/t Au) cutoff | (0.70 g/t Au) cutoff | ||
34.2 MT @ 1.1 g/t Au | 36.7 MT @ 0.95 g/t Au | 1.6 MT @ 1.38 g/t Au | 3.0 MT @ 1.24 g/t Au | ||
Mineral Reserve Statement in theReport dated June 30, 2023 | |||||
Open Pit | |||||
Probable | 22.6 MT @ 1.17 g/t Au (0.30 g/t Au cutoff ) | ||||
Underground | |||||
Probable | 530,000 T @ 1.39 g/t Au (0.70 g/t Au cutoff ) | ||||
Resource Estimate in the Report datedJanuary 19, 2016 | |||||
Open Pit | Underground | ||||
Indicated | Inferred | Indicated | Inferred | ||
(0.30 g/t Au) cutoff | (0.30 g/t Au) cutoff | (0.80 g/t Au) cutoff | |||
26.6 MT @ 1.40 g/t Au | 23/4 MT @ 1.35 g/t Au | 5.6 MT @ 2.6 g/t Au | |||
The resource estimate is categorizedas Indicated and Inferred as defined by the CIM guidelines forreporting. Mineral resources do not demonstrate economic viability,and there is no certainty that these mineral resources will beconverted into mineable reserves once economic considerations areapplied. The Mineral Reserves are within the Mineral Resource and arenot added to the Mineral Resource.
Differences between the 2023 and 2016 Resource Estimateincluded the following:
-
The addition of Mineral Reserves within the MineralResource;
-
Increase in the area of the mining license from 0.3421sq kms to 1.0077 sq kms.
-
More data from new samples of new exploration programswere used in 2023 model, including 51 new diamond drill holes, 29 newtrenches, and 19 underground channel samples;
-
Larger open-pit limit optimized from the new mineralresource basis
All technical information contained in this newsrelease has been reviewed and approved by Stephen Kenwood, P. Geo.,who is a director of the Company and a qualified person under thedefinitions established by NI 43-101.
About Majestic Gold
Currently focused in China, Majestic Gold Corp. is aBritish Columbia based company engaged in commercial gold productionat the Songjiagou Gold Mine in eastern Shandong Province, China.Additional information on the Company and its projects is available at www.sedarplus.ca and on the Company's website at www.majesticgold.com .
For further information, pleasecontact:
Stephen Kenwood, P. Geo., President, CEO &Director
Telephone: (604) 560-9060
Email: info@majesticgold.com
Website: www.majesticgold.com
CautionaryNotes
Certain statements contained hereinmay constitute forward-looking statements and are made pursuant to the"safe harbor" provisions of the United States PrivateSecurities Litigation Reform Act of 1995 and Canadian securities laws.Forward-looking statements are statements which relate to futureevents. Such statements include estimates, forecasts and statements asto management's expectations with respect to, among other things,business and financial prospects, financial multiples and accretionestimates, future trends, plans, strategies, objectives andexpectations, including with respect to production, explorationdrilling, reserves and resources, exploitation activities and eventsor future operations. Information inferred from the interpretation ofdrilling results and information concerning mineral resource estimatesmay also be deemed to be forward-looking statements, as it constitutesa prediction of what might be found to be present when, and if, aproject is actually developed.
In some cases, you can identifyforward-looking statements by terminology such as "may","should", "expects", "plans,"anticipates", believes", "estimates","predicts", "potential", or "continue"or the negative of these terms or other comparable terminology. Thesestatements are only predictions and involve known and unknown risks,uncertainties and other factors that may cause our or our industry'sactual results, level of activity, performance or achievements to bematerially different from any future results, levels of activity,performance, or achievements expressed or implied by theseforward-looking statements.
While these forward-lookingstatements, and any assumptions upon which they are based, are made ingood faith and reflect our current judgment regarding the direction ofour business, actual results will almost always vary, sometimesmaterially, from any estimates, predictions, projections, assumptionsor other future performance suggestions herein. Except as required byapplicable law, Majestic Gold does not intend to update anyforward-looking statements to conform these statements to actualresults
ProductionDisclaimer
The Company's production decisionwas not based on a feasibility study of mineral reserves demonstratingeconomic and technical viability. The Company's production decisionwas made based on the open pit optimization resource model set out inthe Preliminary Economic Assessment ("PEA"), which takesinto account the relatively low mining costs negotiated by theCompany. The pit optimization that was conducted in the preliminaryassessment generated a production schedule summary at grade cut-off of0.30 gram per tonne Au.
The PEA includes the inferredmineral resources that are considered too speculative geologically tohave the economic considerations applied to them that would enablethem to be categorized as mineral reserves. There is no certainty thatthe preliminary assessment will ever be realized. Mineral resourcesthat are not mineral reserves do not have demonstrated economicviability.
Copyright (c) 2024 TheNewswire - All rights reserved.