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Balmoral Resources Ltd
Symbol BAR
Shares Issued 110,381,521
Close 2015-11-02 C$ 0.495
Market Cap C$ 54,638,853
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Balmoral drills 47.4 m of 1.2 g/t Au at Martiniere

2015-11-03 07:41 ET - News Release

Mr. Darin Wagner reports

BALMORAL CONFIRMS NEW GOLD BEARING FAULT SYSTEM ON MARTINIERE PROPERTY, QUEBEC

Balmoral Resources Ltd. has released results from the summer/fall 2015 drill program on the company's wholly owned Martiniere property in Quebec. In addition to results from infill and expansion drilling along the Bug Lake gold trend, the program has confirmed the discovery of a new, gold-bearing, fault system -- the Lac du Doigt (Finger Lake) fault zone -- which has the potential to extend for several kilometres across the property.

Bug Lake gold trend

The Bug Lake gold trend is a north-south-striking corridor of faulting, strong alteration and gold mineralization which can now be traced for a minimum of 1,800 metres on the Martiniere property. The trend is characterized by broad zones (18- to 175-metre-wide drill intercepts) of silica-sericite-pyrite alteration and anomalous gold mineralization. Within the broader trend, a number of steeply dipping, subparallel high-grade zones of gold mineralization are developed.

The recently completed drill program was successful in tracing the Upper and Lower Bug Lake zones throughout all areas tested. It also continued to confirm the presence of high-grade gold mineralization in the hangingwall to the Bug Lake fault along the northern segment of the trend. The hangingwall zone in this area had not previously been tested to depth and MDE-15-200 returned three high-grade intercepts -- 32.10 grams per tonne gold over 0.81 metre, 12.40 g/t gold over 1.03 metres and 13.95 g/t gold over 0.60 metre -- between 210 and 240 metres downhole depth.

                                      
              BUG LAKE GOLD TREND RESULTS  

Hole                  From       To Interval    Gold
                        (m)      (m)      (m)   (g/t)

MDE-15-194          221.50   231.00     9.50    0.29
                    265.00   273.40     8.40    0.23
MDE-15-195          159.00   177.50    18.50    0.21
MDE-15-196           33.55    41.35     7.80    0.77
including            36.18    37.26     1.08    3.13
                     54.50    61.95     7.45    0.66
                     86.45   119.80    33.35    0.72
including           107.00   115.48     8.48    1.46
MDE-15-197           63.50   110.90    47.40    1.20
including            65.30    66.00     0.70   57.70
and                  84.00    88.75     4.75    1.03
                    105.50   107.00     1.50    2.10
                    132.10   154.05    21.95    0.82
including           135.00   146.00    11.00    1.14
MDE-15-198           57.86    58.88     1.02    2.00
                    174.72   187.49    12.77    0.44
                    222.41   222.91     0.50    2.61
                    230.08   251.57    21.49    0.41
including           232.90   234.47     1.57    3.82
MDE-15-199           63.50    65.00     1.50    1.37
                     93.40   112.12    18.72    0.22
                    155.10   178.80    23.70    0.35
including           176.15   176.80     0.65    4.96
MDE-15-200           68.89    69.96     1.07    2.00
                     97.12   123.41    26.29    0.24
                    142.91   201.16    58.25    0.41
including           186.78   187.91     1.13    3.60
and                 200.51   201.16     0.65    5.71
                    210.22   218.52     8.30    3.36
including           211.20   212.01     0.81   32.10
                    227.13   233.92     6.79    2.14
including           229.01   230.04     1.03   12.40
                    238.40   239.00     0.60   13.95
MDE-15-201           56.45    73.50    17.05    1.68
including            57.10    58.80     1.70    3.49
MDE-15-202           67.00    86.50    19.50    0.63
including            74.58    82.52     7.94    1.16
                    105.58   134.50    28.92    1.44
including           118.22   121.15     2.93    3.96
and                 131.72   133.00     1.28   18.85
   
Reported drill intercepts are not true widths and 
are uncapped. At this time there are insufficient 
data with respect to the shape of the mineralization 
to calculate true orientations in space.

Drill holes MDE-15-194 and -195 were drilled 600 metres south of the previously known southern margin of the Bug Lake gold trend. Hole MDE-15-195 intersected a broad, 18.50-metre-wide interval of faulting, silica-pyrite alteration and anomalous gold mineralization, which is interpreted to represent the southern continuation of the Bug Lake gold trend. This extends the trend to over 1,800 metres along strike and it remains open to the south.

Lac du Doigt fault zone

The last exploration hole of the 2014 program at Martiniere -- MDX-14-46 -- was collared approximately 2.50 kilometres west of the current northern margin of the Bug Lake gold trend to test an east-west-trending structural zone interpreted from magnetic data. MDX-14-46 successfully intersected three occurrences of gold mineralization. The shallowest intercept, associated with quartz-tourmaline veining, returned 3.27 g/t gold over 3.64 metres, including 25.50 g/t gold over 0.43 metre at the bedrock collar. Two other anomalous intercepts farther down the hole are associated with sericite-pyrite alteration hosted by felsic porphyry sills developed within the Lac du Doigt fault zone.

Hole MDX-15-48 was collared approximately 185 metres east of MDX-14-46 and also intersected three intervals of anomalous gold mineralization, an upper vein zone and two lower porphyry-hosted intervals, suggesting local continuity to the gold mineralized occurrences within the fault zone. The porphyry 2 occurrence shows a significant broadening to the east over the 185 metres between the two holes. The Lac du Doigt fault is untested west of these two holes. It is also untested for a 2.3-kilometre span between the current drilling and the northern end of the Bug Lake gold trend, where there are indications of gold mineralization within the projection of this structure. The Lac du Doigt fault zone thus provides an extensive new, and largely untested, gold target on the Martiniere property.

                 LAC DOIGT FAULT ZONE RESULTS     
                                  
Hole                  From          To    Interval       Gold
                        (m)         (m)         (m)      (g/t)

MDX-14-46            18.36*      22.00        3.64       3.27       
including            20.71       21.14        0.43      25.50                
                    150.39      158.72        8.33       0.27   
including           150.39      151.82        1.43       1.14                 
                    197.54      205.91        8.37       0.31    
MDX-15-48           125.97      126.58        0.61       4.43        
                    237.95      246.00        8.05       1.08     
including           243.22      244.65        1.43       5.16           
                    265.45      300.70       35.25       0.32     
including           265.45      266.90        1.45       1.29              
and                 297.10      298.27        1.17       1.25              

Reported drill intercepts are not true widths and are 
uncapped. At this time there are insufficient data with 
respect to the shape of the mineralization to calculate true 
orientations in space.
* Collared into zone of mineralization.

Exploration of the Martiniere property is expected to resume in early 2016 with a focus on continued near-surface delineation of the Bug Lake and nearby gold zones, further examination and testing of the Lac du Doigt fault zone, and exploration of other gold targets on the property.

Quality control

Darin 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 Martiniere property, visited the property on multiple occasions, examined the drill core 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' analytical facilities in Val d'Or, Que. Gold analyses are obtained via industry standard fire assay with atomic absorption finish using 30-gram aliquots. For samples returning greater than five 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. ALS Minerals is ISO 9001:2008 certified and the Val d'Or facilities are ISO 17025 certified for gold analysis.

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