Wednesday 3rd June 2020

Resource Clips

Shock Waves

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Majescor owns about 72% of the SOMINE property, with the remainder held by Haitian private interests. “The property has been around for quite some time,” Hachey says. “It was first drilled in the 1970s by the UN Development Program, with some very good results. There was a feasibility study done by the Germans in 1980, and there was further drilling done in the 1990s by a Canadian junior. In as much as the property is pretty early stage from a general perspective, it’s not in terms of the work that’s been done on it.”

The three main areas of focus at SOMINE are the Douvray, Blondin and Faille B prospects, on which Majescor has completed roughly 4,000 metres of a two-phase, 10,000-metre drill program. April 11 assays from Blondin include

  • 0.45% copper over 96.5 metres
  • 154 grams per tonne silver and 0.3% copper over 12 metres(including 869 g/t silver and 0.61% copper over 1.5 metres)

March 13 results from Blondin include

  • 72.4 g/t silver over 15 metres
  • 16.9 g/t silver and 0.43% copper over 113 metres(including 6.2 g/t silver and 4.44% copper over 1.5 metres)

The geology is a little complex for a copper porphyry, but in a good way. The surprises that we’re getting are all good ones —Dan Hachey

February 1 results from Douvray include

  • 255 g/t silver, 0.35% copper and 0.02 g/t gold over 13.5 metres(including 2,069 g/t silver, 0.52% copper and 0.04 g/t gold over 1.5 metres)
  • 277 g/t silver, 0.18% copper and 0.04 g/t gold over 13.5 metres
    (including 1,428 g/t silver, 0.52% copper and 0.04 g/t gold over 1.5 metres)

Hachey comments, “What we’re most excited about is that we found some silver which was never really realized before. It’s the first silver discovery in Haiti. Part of the reason why it was never really discovered was that historically there was so much copper prevalent—there’s a lot of outcropping at surface. The people who did the work before did not do much testing, even for gold. The geology is a little complex for a copper porphyry, but in a good way. The surprises that we’re getting are all good ones.” Majescor has targeted 4Q of this year for SOMINE’s maiden resource estimate.

Hachey considers Majescor‘s role as project de-risker rather than eventual producer. He says that SOMINE has already received interest from majors; and Chen Lin noted in a December 2011 interview with the Gold Report that “Newmont has been very interested in Majescor‘s drilling program and even invited Majescor‘s company executives to its office when I was there.”

Hachey emphasizes that the worst consequences of the earthquake are confined largely to Haiti’s capital—Port-au-Prince—and that conditions in the north of the country are quite different. He cites as an example the construction of a deep-water port at Caracol, located 15 kilometres from SOMINE, near Cap-Haïtien. Hachey notes, “The president of our Haitian subsidiary said that if he was younger, he would be moving his family to Cap-Haïtien because that is where the future of Haiti will be.”

Hachey concludes, “It’s an excellent project with great potential. We’ve had a great experience from a work perspective; the political situation is good; and we’ve got good relationships with the Bureau of Mines and the government overall. But this is more than just a mining story to us. There’s a big human interest aspect to it. We really want to make this work because we’re seeing the difference we’re making for these people. We have close to 150 Haitians working for us now. We’re training people: doing the things that we should be doing and that can help the country. The country needs that kind of help: companies coming in and spending money and putting people to work. It’s a rare opportunity.”

At press time, Majescor had 72.2 million shares trading at $0.135 for a market cap of $9.8 million. The company completed a $2.7 million financing in March. Majescor has two other properties: Besakoa, in Madagascar, under option with Sunridge Gold TSXV:SGC, and Mistassini in Quebec, under option with Strateco Resources TSX:RSC.

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