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Balmoral Resources Ltd
Symbol BAR
Shares Issued 65,537,555
Close 2011-08-23 C$ 1.12
Market Cap C$ 73,402,062
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Balmoral drills 21.47 m of 8.14 g/t Au at Martiniere

2011-08-24 08:17 ET - News Release

Mr. Darin Wagner reports

BALMORAL INTERSECTS 8.14 G/T GOLD OVER 21.47 METRES IN SHALLOW ANGLE INTERCEPT AT MARTINIERE WEST, QUEBEC

Balmoral Resources Ltd. has released results from the first six holes of its summer 2011 drill program on the Martiniere gold property located along the Detour gold trend in Quebec. Results were highlighted by broad, low-angle, high-grade gold intercepts of 8.14 grams per tonne gold over 21.47 metres in hole MDW-11-17 and 5.65 grams per tonne gold over 21.60 metres in hole MDW-11-19. The two high-grade intercepts are centred at 60 and 130 metres vertical depth, are surrounded by broader halos of lower-grade mineralization, and contain numerous occurrences of visible gold.

                          RESULTS

Hole                 From        To  Interval(i)     Gold
No.               (metres)  (metres)    (metres)     (g/t)

MDW-11-14           68.75    115.00       46.25      2.07
including           68.75     75.85        7.10     11.13
and including       75.00     75.85        0.85     71.93
including           91.80     92.70        0.90      5.00
including          110.00    111.00        1.00      3.44
MDW-11-15           No significant intercepts -- collared   
                                              behind zone               
MDW-11-16           17.30     18.63        1.33      5.95
                    39.86     40.42        0.56      5.29
                    56.80    103.00       35.36      1.17
including           57.80     58.30        0.50      4.67
including           79.00     79.48        0.48      3.29
including           95.00    100.55        5.55      5.79
and including       98.00     98.96        0.96     22.50
MDW-11-17           30.00    102.04       72.04      4.45
including           39.52     40.92        1.35     20.71
including           51.50     73.04       21.47      8.14
and including       66.87     72.23        5.34     21.05
including           80.00     80.94        0.94     44.00
including          101.04    101.54        0.50    131.00
                   138.27    140.76        2.49      4.35
                   174.00    174.36        0.36    165.00
MDW-11-18                              Lost in overburden            
MDW-11-19          107.00    165.00       58.00      2.70
including          135.50    160.42       24.92      5.60
and including      147.00    147.80        0.80    121.50
and including      158.13    159.00        0.87     13.30

(i) Insufficient drilling has been completed to date to 
determine the true thickness of the mineralized zones --
core angles for the veins comprising the West zone in 
holes 17 and 19 are 10 to 40 degrees to core axis.                                                 

The high-grade gold intercepts reported are located central to a broader zone of gold mineralization which ranges between 35.36 and 72.04 metres in thickness (see also the company's news release on April 15, 2011). Today's results extend the Martiniere West zone to a vertical depth of 130 metres. The zone remains open in all directions. Screen metallic gold assays remain pending for the intercepts announced today, and will be made available as they are received. Two drills remain active on the Martiniere property.

"The Martiniere West zone continues to demonstrate continuity and promising grade times thickness at shallow depths. It has now passed from a promising target to a significant gold discovery and is just one part of the larger Martiniere gold system," said Darin Wagner, president and chief executive officer of Balmoral Resources. "Ongoing drilling has recently intersected a second similar-looking zone of alteration and sulphide mineralization in the footwall to the West zone for which initial assays are pending."

Geology and orientation

Like many gold deposits throughout the Abitibi gold mineralization in the Martiniere West zone is structurally controlled and hosted within a broad zone of silicification, weak to moderate carbonate and sericite alteration which is cut by multiphase quartz veining. Gold mineralization is most commonly observed in association with trace to 5 per cent pyrite, arsenopyrite and/or chalcopyrite, and minor tourmaline. Traces of molybdenite and finely disseminated visible gold mineralization are observed locally within the multiphase quartz veins. A broad halo of lower-grade gold mineralization, associated with minor disseminated pyrite, narrower quartz veins and moderate alteration, surrounds the high-grade core reaching drill indicated thicknesses of up to 75 metres.

The gold-bearing corridor is hosted within a southeast-dipping multiphase gabbro body which extends for several hundred metres across the Martiniere property. To date the higher-grade gold mineralization in the Martiniere West zone has been most commonly observed cutting a distinct quartz gabbro unit.

Testing of the Martiniere West zone indicates that the high-grade core of the zone has an overall north-northeast strike, subparallel to the host gabbro, and a northwest 80-degree dip in the area tested to date. Both strike and dip appear to be subject to local variations of 10 to 20 degrees. As a result holes MDW-11-17 and MDW-11-19 appear to represent low-angle, and slightly oblique, cuts through the zone. Drill indicated thicknesses quoted above are anticipated to be two to three times true thickness for this portion of the zone. Holes MDW-11-14 and MDW-11-16 were drilled to test for a northeast plunge to the high-grade core of the West zone and are also oblique cuts through the zone. Additional drilling will be required to demonstrate continuity between the area tested to date and high-grade gold intercepts known from historic drilling to the northeast and southwest.

Balmoral's Martiniere property is part of the company's Detour gold trend project, which extends for 82 kilometres along the Detour-Sunday Lake deformation zone in central Quebec. In addition to the Martiniere gold discoveries the project also includes the near-surface Lynx and Rambo zones on the Detour East property, the high-grade Fenelon gold zone and the recent Grasset gold discovery.

Quality control

Mr. Wagner, PGeo, president and chief executive officer 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 properties, visited the properties on multiple occasions, examined the drill core from the holes summarized in this release, and reviewed the analytical and quality control results.

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