Majestic Gold Corp. announces that it has filed a technical report titled “Qualified Person’s Report for the Songjiagou Gold Project, Shandong Province, People’s Republic of China” (the “Report”) dated December 14, 2023 by SRK Consulting China Ltd.
The Report includes a updated resource estimate of Indicated and Inferred Resources as well as possible Reserves at Songjiagou Gold Project as of June 30, 2023 are as follows:
Resource Estimate in the Report dated June 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 the Report 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 dated January 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 categorized as Indicated and Inferred as defined by the CIM guidelines for reporting. Mineral resources do not demonstrate economic viability, and there is no certainty that these mineral resources will be converted into mineable reserves once economic considerations are applied. The Mineral Reserves are within the Mineral Resource and are not added to the Mineral Resource.
Differences between the 2023 and 2016 Resource Estimate included the following:
- The addition of Mineral Reserves within the Mineral Resource;
- Increase in the area of the mining license from 0.3421 sq kms to 1.0077 sq kms.
- More data from new samples of new exploration programs were used in 2023 model, including 51 new diamond drill holes, 29 new trenches, and 19 underground channel samples;
- Larger open-pit limit optimized from the new mineral resource basis
All technical information contained in this news release has been reviewed and approved by Stephen Kenwood, P. Geo., who is a director of the Company and a qualified person under the definitions established by NI 43-101.
About Majestic Gold
Currently focused in China, Majestic Gold Corp. is a British Columbia based company engaged in commercial gold production at 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, please contact:
Stephen Kenwood, P. Geo., President, CEO & Director
Telephone: (604) 560-9060
Email: [email protected]
Website: www.majesticgold.com
