Balmoral Confirms and Expands Three High-Grade Gold Zones in Bug Lake Area, Martiniere Property, Quebec
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Oct. 31, 2012) - Balmoral Resources Ltd. (“Balmoral” or the “Company”) (TSX VENTURE:BAR)(BALMF) today reported that the results for the remaining 17 holes from the summer drill program on the Company’s Martiniere Property have confirmed the very high-grade nature of the Footwall discovery, demonstrated continuity to the high-grade Hanging Wall Zone and have also continued to expand the broad Bug Lake Gold Zone. All three sub-parallel zones are located within a 100 metre wide, north-south (350 degree) trending corridor centered 600 metres east of the Company’s high-grade Martiniere West Zone.
“Over the course of the summer drill program at Martiniere we have gone from defining/expanding one high-grade gold zone (Martiniere West), to now having four zones contributing to the expanding gold inventory on the Property,” said Darin Wagner, President and CEO of Balmoral Resources. “With four zones now positioned to add shallow, high-grade ounces at Martiniere, and additional gold discoveries already identified throughout this large system, we have a clear growth path ahead of us and the financial means to drive that growth. Our exploration team is to be commended for the tremendous success of the summer drill program.”
With the definition of three new gold-bearing zones along the Bug Lake corridor, the Martiniere Property now hosts four high-grade gold zones. The Property also features two advanced prospects in the ME-16 and Central areas and a number of additional gold occurrences. All of these zones and prospects occur within a 1,500 metre long corridor and thus could potentially be developed as part of a single mine/mill complex on the Property.
Drilling continues to return individual multi-ounce gold assays from both the Footwall and Hanging Wall Zones (see table below). New longitudinal sections through the three gold zones in the Bug Lake area are now available on Balmoral’s website - www.balmoralresources.com
Highlights from each of the Zones tested include:
- High-grade intercepts from the Footwall Zone include 22.89 g/t gold over 4.10 metres (MDE-12-63) and 10.25 g/t gold over 3.65 metres (MDE-12-59).
- Intercepts of 135.00 g/t gold over 0.72 metres (MDE-12-58) and 6.05 g/t gold over 4.34 (MDE-12-48) metres highlight results from the Hanging Wall Zone.
- The Bug Lake Zone produced a number of broad mineralized intercepts including 15.66 metres grading 4.09 g/t gold (MDE-12-60) and 15.40 metres grading 3.20 g/t gold (MDE-12-61).
Balmoral’s Martiniere Property forms part of the Company’s Detour Gold Trend Project which covers 82 kilometres of the Sunday Lake Deformation Zone. The Sunday Lake Deformation Zone hosts what is slated to become Canada’s largest gold mine in 2013 (the Detour Gold deposit) 45 kilometres west of Martiniere. The majority of this district scale land package remains unexplored for Martiniere-type gold systems.
Bug Lake + Footwall
Bug Lake + Footwall
Bug Lake + Footwall
The three sub-parallel Bug Lake area zones occur within a 100+ metre wide corridor of deformation/alteration which surrounds the north-south trending Bug Lake fault. The Bug Lake fault cross-cut the north-east trending Martiniere shear system, which hosts the Company’s Martiniere West, Central and ME-16 gold discoveries, in an area approximately 600 metres northeast of the Martiniere West Zone. The interaction between these two gold bearing structures results in a unique geological environment allowing for the development of multi-stage vein/zone development, bonanza grade gold occurrences and a proliferation of gold bearing structures in the Bug Lake area.
To date the Bug Lake Zone has been intersected for 375 metres along strike and to a vertical depth of approximately 235 metres. Broadly spaced intercepts representing the Hanging Wall Zone indicate an initial strike length of 310 metres and vertical extent of 175 metres. Both zones remain open along strike and to depth. More closely spaced drilling has intersected the Footwall Zone for approximately 75 metres along strike and over an 80 metre vertical interval. The Footwall Zone remains open along strike, open to surface and potentially open to depth beneath what is currently interpreted to be a local fault with minimal offset. Twenty additional diamond drill holes have now been completed in the Footwall/Bug Lake/Hanging Wall area.
Additional geological details on each of the major gold bearing zones on the Martiniere Property are available at http://www.balmoralresources.com/s/Martiniere.asp?ReportID=555378_Type=Martiniere_Title=Gold-Mineralization.
Mr. Darin Wagner (P.Geo.), President and CEO of the Company, is the non-independent qualified person for the technical disclosure contained in this news release. Mr. Wagner has supervised the work programs on the Martiniere Property, visited the property on multiple occasions, examined the drill core and/or photographs from the holes summarized in this release, discussed and reviewed the results with senior on-site geological staff and reviewed the available analytical and quality control results.
Balmoral has implemented a quality control program for all of its drill programs, to ensure best practice in the sampling and analysis of the drill core, which includes the insertion of blind blanks, duplicates and certified standards into sample stream. NQ sized drill core is saw cut with half of the drill core sampled at intervals based on geological criteria including lithology, visual mineralization and alteration. The remaining half of the core is stored on-site at the Company’s Martiniere field camp in Central Quebec. Drill core samples are transported in sealed bags to ALS Minerals Val d’Or, Quebec analytical facilities. Gold analyses are obtained via industry standard fire assay with atomic absorption finish using 30 g aliquots. For samples returning greater than 5.00 g/t gold follow-up fire assay analysis with a gravimetric finish is completed. The Company has also requested that any samples returning greater than 10.00 g/t gold undergo screen metallic fire assay. Following receipt of assays visual analysis of mineralized intercepts is conducted and additional analysis may be requested to ensure the accurate representation of mineralized zones. ALS Minerals is ISO 9001:2008 certified and the Val d’Or facilities are ISO 17025 certified for gold analysis.
About Balmoral Resources Ltd. – www.balmoralresources.com
Balmoral is a Vancouver-based precious metal exploration and development company focused on district scale gold opportunities in North America. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery.
On behalf of the board of directors of BALMORAL RESOURCES LTD.
Darin Wagner, President and CEO
This press release contains forward-looking statements and forward-looking information (collectively, “forward looking statements”) within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, and business and financing plans and trends, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company’s expectations include those related to weather, equipment and staff availability; performance of third parties; risks related to the exploration stage of the Company’s projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to the Company’s ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company’s ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company’s ability to produce minerals from the properties successfully or profitably. Trading in the securities of the Company should be considered highly speculative. All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company’s mineral properties.
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company’s properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
Balmoral Resources Ltd.
Manager, Corporate Development
(604) 638-5815 / Toll Free: (877) 838-3664